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The 30-by-26-inch painting shows a smiling Jackson in a red jacket from his "Thriller" days. Pre-sale estimates ranged anywhere from $1 million to $10 million.
There's renewed interest in all things Jackson since his death. His albums are back at the top of the charts.
Gallery co-owner Janet Lehr says in a statement she wants to offer the 1984 work to "the greatest number of prospective purchasers." She did not immediately return inquiries for comment Monday.
The portrait is reportedly owned by a New York collector.
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