Hugh Grant Reported To Be Seller Of Warhol, Eyes $25M Profit

Only a few people knew that when Gerald Fagginato, a London dealer, bought one of Warhol's famous 1963 paintings of Elizabeth Taylor at Sotheby's in New York in November 2001 for $3.5 million, he was bidding on Mr. Grant's behalf.

Measuring 40 inches square, the painting is from a series of 13, each with a different-colored background. Mr. Grant's "Liz (Colored Liz)" is set against a vibrant turquoise blue. Now Mr. Grant has decided to sell his "Liz" at Christie's in New York. While the auction house will not confirm that he is the seller, experts familiar with his collection have identified it as his painting.

Amy Cappellazzo, one of the heads of Christie's postwar and contemporary art department, would say only that "the seller of the 'Liz' is taking advantage of the strength of today's market and turning his attention to work by younger artists." It turns out Mr. Grant made a good investment. The highest price paid for any of the "Liz" series at auction is $12.6 million, set in May 2005 when Laurence Graff, the London jeweler, bought one with a deep-red background at Sotheby's. But prices have risen considerably since then, and Christie's estimates this "Liz" should fetch $25 million to $35 million at the sale planned for Nov. 13.

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