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The best of times, the worst of time ...and a $12,616,000 painting

Luxury Art: It was 1963; times were both good and bad ... the Vietnam War was in full swing and JFK was assassinated but Jim Morrison and John Lennon were still alive and music still had soul. Andy Warhol was the artist of the era, with his celebrity portraits, one of the most famous being the portrait of Elizabeth Taylor, which just sold for $12,616,000 at a Sotheby's auction in New York. Can we say "discretionary income"? The fortuitous buyer was English collector Laurence Graff, who also is a London-based jeweler. The Warhol silkscreen definitely stole the spotlight of the auction, which took in just over $68 million, $5 million above the low pre-sale estimate.

For LxM Amy Covington