Liz nets Hugh £9 million (that's his Taylor by Warhol)

Actor Hugh Grant is £9 million wealthier today after the sale of his Andy Warhol portrait of Elizabeth Taylor in New York in an auction that defied widespread predictions of a market crash.

The actor, who is in New York was not at the sale, should be pleased with the result: he bought the 40 inch by 40 inch picture in 2001 for just $3.6 million - £2 million at the time.

But even at a total selling price of £11.4 million, the "Liz" was not one of the highlights of a Christie's auction where 17 records were broken for contemporary art.

Lucien Freud exceeded his record price by £1.9 million when bidding pushed a portrait of one his daughters and her husband from 1992 to just over £9.3 million.

A 1955 blue-and-orange canvas by Mark Rothko sold for £16.5 million and shattered his previous record.

But Grant will be celebrating today especially since the "Liz" is considered to be a clumsy example of Warhol's famous series of the actress.

Christie's had estimated the work at up to £14.4 million and had guaranteed him £9.6 million in case it did not meet its reserve. Bidding was brief and slow, and included Alberto Mugrabi, a New York dealer thought to possess several hundred Warhols.

Evening Standard art commentator Godfrey Barker said the "Liz" result was still astonishing. "Tonight's price is a rise of 650 per cent in six years and if you can think of any other asset bar art that rises like that, let me know!"

He said the biggest surprise was Warhol's portrait of Muhammed Ali, which nearly four times above its estimate to sell for £4.8 million.

Speaking about the predicted demise of the market, he said: "The art party will go on for as long as the Fed allows cheap money. That's what I've learned on this market over 28 years and reasonably cheap money is still to be had out there. The rest of the world may be in credit crunch but art is dreamland. The price of a Warhol is just not tied to reality."