Update on Christie's auction this week
A portrait of Conrad Black was sold for $240,000 (£116,000) at Christie’s in New York on Wednesday to help pay off the former media baron’s debts.
Christie's is holding its bi-annual Post War and Contemporary Art Sale
A Los Angeles art dealer, Michael Kohn, bought the portrait, one of four which Andy Warhol made in 1981, when Black was 37.
Portrait of Conrad Black", measuring 40 inches square, was part of a sale by the world’s largest auction house that has confounded fears of a collapse in the contemporary art market as the credit crunch in the US has hit the spending power of even the very rich.
In the first session, on Tuesday night, a Warhol portrait of Elizabeth Taylor, owned by the actor Hugh Grant, went for $23.6m after Christie’s had predicted a sale price of at least $25m. [more]
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