The Vered Gallery brought a portrait of Michael Jackson by Andy Warhol to ArtHamptons. At first no one wanted it and the auction had to be halted. Now the dealers are claiming they have so much interest that the painting might reach $10 million, according the Agence France Presse:

“We had an overwhelming response,” said Janet Lehr, owner of the East Hampton, New York gallery.

“We stopped the auction. It was supposed to close on July 12th, but there were too many people making inquiries,” said Lehr, who said bidding already is up to 800,000 dollars — three times what the anonymous owner paid for the work in May.

Of course, the source for that ridiculous valuation is unnamed and the whole story has the air of farce, including the fact that the painting was purchased recently for a reported $300,000. And they say speculators have left the art market . . . .

Rising Interest, Pricetag for Warhol Portrait fo Jackson (AFP)