N.Y. art dealer hits masterpiece jackpot

LONDON, July 6 (UPI) -- American art dealer Ira Spanierman bought a "filthy, dirty" portrait for $300 in 1968 and now has sold it at auction in London for $37 million.

The painting of a bearded man went for a record price for a work by Renaissance master Raphael, The Telegraph reported Friday. The portrait of Lorenzo de' Medici, duke of Urbino, went to an anonymous telephone bidder at the conclusion of spirited bidding by four parties at Christie's auction house Thursday.

Spanierman, 72, said he had "felt good" about the painting before buying it 40 years ago. Even though he made other discoveries through the years, "this is a miracle," he said.