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LONDON - A portrait Francis Bacon painted of his lover has sold for $27 million at a London auction.
| BID | 12.25 |  0.63 |
Sotheby's auction house spokeswoman Poni Ujlaky said Tuesday that "Study for Head of George Dyer" was painted by Bacon in 1967 when he was at the height of his powers.
Another painting, "Untitled (Pecho/Oreja)" by the late artist Jean-Michel Basquiat, sold at the auction for $10.1 million on behalf of the rock band U2. In other bidding, an iron sculpture by artist Antony Gormley sold for a record $4.55 million.
Sotheby's and rival auction house Christie's both say the market for contemporary art remains strong, despite global economic problems.
Investor Julian Roberts believes the poor economy could last as long as 10 to 15 years, according to CNBC.
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