Art and Collectibles News: The Vered Gallery in East Hampton, New York, has taken an Andy Warhol portrait of Michael Jackson off the auction block. The 30-by-26-inch portrait was originally slated to sell via a silent auction by July 12. The art gallery's auction has been extended to August 18 due to all the inquiries received from prospective buyers for the painting.
The portrait is expected to sell for as much as $10 million. The Telegraph reported that this is the same painting that sold in May 2008 for $278,000 with no reserve price. The starting price on bidding for the painting this time is $800,000.
There are five differently colored portraits by Andy Warhol of Michael Jackson that were commissioned by Time magazine in 1984. Each painting features Jackson wearing his famous red military tunic from the Thriller album cover. Another of the five Jackson portraits by Warhol went unsold at an auction held by Sothebys during the summer 2008. The portrait with the yellow background, which appeared on the cover of Time magazine, is in the permanent collection of the National Portrait Gallery in Washington, DC.
These days all things related to the deceased King of Pop are selling quite well. From record sales to collectibles to artwork, the Los Angeles Times reported sales of more than 9 million albums since Jackson's death and anticipate that number to increase significantly.
Prospective buyers must register with the Vered Gallery to bid on the painting. For more information, visit VeredArt.com.
For JustLuxe James Rothaar
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