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Andy Warhol’s iconic portrait of Elvis Presley pointing a gun will go to auction later this year. Of the forty most expensive paintings ever sold, the Pop artist is responsible for four of them. His Eight Elvises moved for one hundred million dollars a few years back, and Turquoise Marilyn, Green Car Crash and Men In Her Life have all changed hands for more than sixty million dollars each. Early estimates indicate the bidding might be slightly lower here (in the range of thirty to fifty million), but you never know once motivated bidders begin trying to one up each another.

According to The Los Angeles Times, the sale won’t occur until later this year to allow for Double Elvis (Ferus Type) to traverse its way around the world for various exhibits. It will be featured in London, Los Angeles and Hong Kong before winding up at Sotherby’s in a few months. Warhol would have been pleased with that. He had a healthy appreciation for hype and anticipation.

Thanks to his huge popularity and mass appeal, Warhol is often considered a good indicator for the strength of the art market. His works tend to attract a wide range of buyers including art fanatics and casual rich people looking to start a collection. No doubt potential sellers deciding when to unload a painting of their own will be watching to see what happens here. If Double Elvis (Ferus Type) pushes near fifty million or actually goes over, it could set off a string of auctions. If it barely reaches thirty million, the market for super high end art may dry up for a few years. We shall see.

You can take a look at the portrait below...

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