A portrait of Michael Jackson that sold for $278,500 on May 13 at Sotheby's has found a new owner, who this time around paid over $1 million dollars for the piece.

The 1984 portrait by Andy Warhol was offered for auction by Vered Gallery in New York’s East Hampton. The portrait was originally put on the block in July, but pulled, then given an extension, in order to give a wider audience access to it. As is evident by the jump in selling price, Jackson memorabilia increased in demand after the singer’s premature death in June. Vered co-owner Janet Lehr has declined to name the buyer, but called him a "speculator" who will likely sell the portrait back to the gallery to consign.

Read more at Bloomberg.