November 13, 2008 16:40

Metallica's Lars Ulrich makes $13.5million on picture Metallica Tickets

Drummer has sold off a valuable painting

Photo Gallery: Metallica

Metallica drummer Lars Ulrich has made $13.5 million (£9.1 million) by selling a Jean-Michel Basquiat painting he owned.

The painting attracted a lot of interest at auction held by Christie's in New York yesterday (November 12).

The lot was one of 75 art pieces that went under the hammer - however, around a third of the items up for sale failed to attract buyers.

Marc Porter, president of Christie's, was bullish despite the drawbacks, telling BBC News that "the market is continuing, but clearly at a different price level".

He added that he believed the international art market was not in crisis.

"There's no panic in the market, but there is an adjustment," Porter suggested. "While it had declined, you've seen it find a stable level, with a lot of support."