Bloomberg’s Linda Sandler reveals that the Warhol Foundation spent $7 million to defend itself against the owner of a so-called Red Self Portrait who had his work rejected by the foundation’s authentication board:

U.S. District Judge Andrew Peck dismissed the case yesterday in Manhattan without awarding costs, based on a settlement agreement with the parties, according to court documents. The defense by law firm Boies Schiller & Flexner LLP against collector Joe Simon-Whelan cost almost $7 million, Joel Wachs, the foundation’s president, said in a statement yesterday.

Warhol Foundation Wins Lawsuit with $7m Defense (BusinessWeek.com)