Andy Warhol’s portrait of the former communist leader, Mao Zedong, is set to become the artist’s most expensive ever work. Auctioneers Christies are hoping to net $120 million for the giant 14-foot tall painting.

Rather than being part of an auction, Christies are selling the painting in Hong Kong, in a private sale. Christies are hoping that Olympic Games in Beijing will prove a suitable draw to enable them to sell a painting such as this for a new record amount.

Asia has recently emerged as an improving market for the American pop art icon.

As we approach a new season of art auctions in New York, Christies are hoping that the profile of this painting, and its subsequent sale, will improve interest in the art world amidst recent price drops in the market. The New York art shows will be featuring some interesting work, which includes a mix of impressionist, modern and contemporary art.

There is a lot riding on the sale of Andy Warhol’s painting at the moment. Especially as many art experts are pessimistic about the upcoming New York art shows. They believe that the slow down in the market will result in much of the art remaining unsold.

Prices have recently dropped by 7.5% in Q1 2008, which was surprising, as the art world had benefited from consistent rises over the last few years.

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