Tuesday, July 14, 2009

So many buyers inquired about the sale of a portrait of Michael Jackson by Andy Warhol that the auction had to be postponed, the gallery said. The unidentified seller paid less than $300,000 for the painting in May, but in light of Jackson's death, the auction of the 1984 portrait was expected to fetch somewhere between $1 million and $10 million. The painting, which is 30 by 26 inches, shows a smiling Jackson in a red jacket from his "Thriller" days. The sale was supposed to end Sunday, but will now be postponed for several weeks, said Janet Lehr, co-owner of Vered Gallery in East Hampton. Demand for everything Jackson -- from music to memorabilia -- has skyrocketed since the King of Pop's death. Given the large amount of interest from corporate buyers, Lehr said the gallery decided it was "better not to be hasty." "We've had interest from corporate people very involved with Warhol -- at the Gap, J. Crew and Sony," she said. "And everyone wants to do their due diligence." The details of the new auction, which will be a single lot, will be announced in coming weeks, Lehr said. -JEREMY OLSHAN, NY Post

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.