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Record bids expected in auction for Warhol's Jackson portrait

Text by NEWS WIRES

Latest update : 2009-08-18

The auction of Andy Warhol's portrait of Michael Jackson has been extended to take advantage of post-mortem Jackson mania. The hammer is due to fall Tuesday, with bids expected to be the millions of dollars.

AFP - The hammer was to fall Tuesday in the marathon auction of a Michael Jackson portrait by Andy Warhol, with bids expected to be in the millions of dollars.
   
The Vered Art gallery on Long Island, New York, said the auction, conducted online and by telephone, would close at 8:00 pm (0000 GMT Wednesday).
   
The auction had been due to end a month ago but was extended to take advantage of Jackson mania in the wake of the so-called king of pop's death June 25.
   
The 30-inch by 26-inch (76-centimeter by 66-centimeter) Warhol silkscreen and synthetic polymer paint portrait shows a smiling Jackson decked out in red and gold-tinged military garb.
   
The 1984 work was bought for 278,500 dollars in May at Sotheby's by an anonymous purchaser, who now stands to make a huge profit. After Vered extended the auction bids reached 800,000 dollars and were widely predicted to head many times higher, bucking strong downward pressure on contemporary and modern art prices.

Date created : 2009-08-18

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