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The painting of Arthur, who never sat for the portrait, was controversial when it was unveiled in 1991, with critics calling it misogynist and supporters labeling it a feminist statement about confidence and age.
Christie's spokesman Koji Inoue called the painting "visually lasting."
"It's historically significant -- it's radical to sexualize someone people think of as asexual," spokesman said. "The painting has a visual toughness to it -- but it's also fun."
Arthur died at age 86 in April 2009.