2012
Feb
22
The painting has belonged to the Madrid museum since it was founded in 1819.
Proceeds from the sale would go towards building a new museum, art centre and hotel at the owners's farm in Norway.
Artists who grew up after his death are tackling the legacy of his decades-long dictatorship through irony and satire.
The 1982 work by Jean-Michel Basquiat depicts a figure emblazoned with the artist's iconic crown motif.
The German artist's "Abstraktes Bild (numbered 768-4)", executed in 1992, fetched $9.8 million.
Art lovers can look forward to a month of various viewings, some with the theme of love.