Metallica drummer sells painting for $12m

A painting owned by Metallica drummer Lars Ulrich went for $12 million on Wednesday (November 12th) at an auction held by Christie's on Wednesday (November 12th). According to the New York Times, the 1982 painting by late artist Jean-Michel Basquiat, called "(Untitled) Boxer," was purchased by an unnamed buyer over the telephone for a total of $13.5 million, including $1.5 million in commissions. The picture, a highlight of a 2005 retrospective of Basquiat's work held at the Brooklyn Museum, was expected to fetch between 12 and 16 million.

Although the economy has been on a steep downward slide recently, Ulrich told the Times last month, "I have a lot of faith in the art market."

Ulrich continues to purchase art, although he now mostly buys the work of up-and-coming artists instead of collecting famous painters.

Ulrich sold five paintings at a Christie's auction in 2002, including a Basquiat that earned him $5.5 million. The artist died of a drug overdose in 1988 at the age of 27.

Metallica is touring behind its latest album, Death Magnetic, and next plays on Monday (November 17th) in St. Louis.