Andy Warhol, “the King of Pop Art”, “Self-Portrait,” a four-panel acrylic silk-screen from 1963-64 in hues of blue depicting the pop artist wearing a trench coat and sunglasses. It was sold by the family of Detroit collector Florence Barron, who commissioned the work for $1,600 nearly half a century ago, making payments on an installment plan.
A private European collector won the painting in a 16-minute bidding war.
Ms Barron’s daughter-in-law, Nora, said: “I really believe my mother-in-law would have been ecstatic.
“She loved the picture, she loved Andy and I truly believe she would have loved tonight.”
The $38.44 million sale price was the highest ever for a Warhol portrait.