Vered Gallery in East Hampton, New York auctioned the 1984 portrait of Michael by Andy Warhol. Bidding reached more than one million dollars.
It was sold to a ‘speculator’ according to Janet Lehr, a gallery partner. She refused to name the buyer, or exactly how much was paid for the portrait, which had been shown in Los Angeles and London before the auction. She said that the buyer may consign it back to the gallery to re-sell.
The piece, commissioned by Time magazine, was done with synthetic polymer paint and silkscreen ink.