Andy Warhol's "Lemon Marilyn" is going to be put up for auction by its owner. It is expected to fetch upwards of $15 million.
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 a 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.
So, let's see. With a basis of $250 and an estimated selling price of $15 million at the long-term capital gains rate of 15%, it looks like the anonymous collector will owe estimated quarterly taxes of $2,249,962.50, leaving him with a nice after-tax profit of $12,749,788. Not bad at all.
Andy Warhol's "Lemon Marilyn" is going to be put up for 
