Tue, 06 November 2007 21:39:02 ET
Hugh Grant is expected to gain profit from auctioning the Andy Warhol portrait of Elizabeth Taylor he bought six years ago.
Hugh Grant is set to make 15 million pounds from the sale of his Andy Warhol portrait of
Elizabeth Taylor.
The 'Four Weddings and a Funeral' actor bought the iconic work from Sotheby's auction house in New York for 2 million pounds six years ago and it is now expected to feetch 17 million pounds when it goes under the hammer next month.
The turquoise 'Liz' - which is one of 13 images of the 'Cleopatra' actress that Warhol made from a publicity photograph in 1963 - will head Christie's Post War and Contemporary Art Sale at New York's Rockefeller Center on November 13.
The sale comes at a time when the international art market is struggling because of financial uncertainty owing to the collapse of the US housing market. However, insiders say Hugh has made sure his investment will be well looked after as he has managed to secure a 10 million pounds sale guarantee with Christie's.
Critics of the work have complained it is "heavy-handed" and not as sharp as the other 12 'Liz' portraits in the series. Hugh's representative has refused to comment on why the actor has decided to sell the piece. In 2005, the scarlet 'Liz' sold for 6.7 million pounds at Sotheby's in New York.
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