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U2's painting to make big bucks at auction

A painting by Jean-Michel Basquiat, bought by U2 at a New York gallery nearly twenty years ago, will be on auctioned next month at Sotheby's. By Madeline O'Connor - 13/06/08

The piece is expected to fetch anything up to £6m. The record at auction for a Basquiat currently stands at $14.6m.

The work 'Untitled (Pecho/Oreja)' – discovered in 1989 by bassist Adam Clayton – by the late American artist is listed at the London auction house as "property from the collection of U2".

The 1982 painting, which goes under the hammer on July 1, is described as "truly astounding as the sublime combination of imagistic cacophony and compositional economy".

Basquiat (1960-1988) is largely considered New York's first graffiti artist and became a successful Neo-expressionist.