Tuesday, March 20, 2007

Warhol bought for $250 in 1962 may fetch $15 mln

A U.S. collector who bought an Andy Warhol portrait of Marilyn Monroe in 1962 for $250 is offering the painting for sale in May and can expect to fetch over $15 million, auctioneers Christie's said on Monday.

"Lemon Marilyn" was one of 13 portraits the celebrity-obsessed artist made of Monroe after she committed suicide in August, 1962. "Orange Marilyn," another painting in the series, was sold for $16.3 million in 2006.

Christie's did not reveal the identity of the private collector, who bought the painting at Eleanor Ward's Stable Gallery in New York where Warhol held his first one-man exhibition that included eight paintings in the series.

The work will be on public display at Christie's in London from Monday until Wednesday, and will go on sale at auction on May 16 in New York.

Copyright © 2007 Reuters Limited

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