A spectacular but rarely seen Canaletto painting of Westminster Abbey is to go on public display in the building it depicts for probably the first time in more than two centuries.

Since 1792 it has hung in the the private living and entertaining quarters of the dean. It has been loaned a handful of times over the past 100 years to exhibitions but is thought never to have been on public display in the abbey itself.

“It is one of the finest works of art which the abbey has,” said curator Susan Jenkins. “We are very excited.”

The 1749 painting, Westminster Abbey with a procession of the Knights of the Bath, is the earliest work of art to depict the abbey’s famous west towers, which were completed in 1745.

The knights were a military order revived by George I in 1725 and its members were the great and good of Britain’s armed forces. Every four years they have a ceremony if there is a new knight to be installed, and in the 18th century they would process from the abbey to to the Prince’s Chamber in parliament.

It is that arcane scene which Canaletto has painted. Jenkins said: “It’s beautifully painted and I always think the more you know about it, the more fascinating the painting it is.”

For example, in the doorway of the abbey is a table behind which the sovereign’s master cook stands, wearing an apron and brandishing a chopping knife.

His job, according to an account in the London Gazette, was to say to each of the knights processing past: “Sir! You know what great oath you have taken, which if you keep it will be a great honour to you, but if you break it I shall be compelled, by my office, to hack off your spurs from your heel.”

The painting was commissioned by Joseph Wilcocks, the dean of Westminster, and was bequeathed to the Abbey by his son in 1792.

Planned refurbishment of the deanery and the opening of purpose-built gallery spaces in 2018 has now allowed the abbey to put one of its jewels on public display.

Jenkins said there would have been drummers and trumpeters playing at the 1749 procession and the painting conveys that sense of spectacle and excitement.

“I love the fact that the people watching the scenes in 1749 are very like now, the abbey has always been a place which drew crowds and put on wonderful spectacles. [It] still has that national focus.

“It is beautifully painted and it is almost as if you are hovering above in a drone, your focus is on the top of the towers but you’re aware of this great red procession going on. It lifts your spirits up.”

Canaletto remains one of the most celebrated painters of the 18th century. Mainly known for his pictures of Venice, he lived in England during 1746-55 and painted many London views, the majority of which were bought by George III and remain in the Royal Collection.

• Westminster Abbey with a procession of the Knights of the Bath will be on display from 5 March until autumn 2020 in the Queen’s Diamond Jubilee Galleries.