An Andy Warhol portrait of Mao Zedong looks set to become the artist’s most expensive work ever when it goes on sale at auctioneer’s Christies for $120 million.

The auctioneer’s are offering the painting as part of a private sale in Hong Kong, rather than through a public auction. They claim with the pending Olympics in Beijing, the time is perfect to sell a painting of this stature in the area.

It’s helped by the fact that the popularity of Andy Warhol has significantly increased in Asia recently.

Christies also hope the sale of the Warhol painting will help to build attention around art with a spate of major New York art auctions coming up. There have been fears of a slowdown in the art market.

It is hoped that some wealthy art dealers will bid on the work, which includes contemporary, modern and impressionist. Some experts are more pessimistic though predicting that much of the work will go unsold.

Art prices have fallen in the first quarter of 2008 by 7.5%, which has come as something of a shock after prices had risen constantly for the past several years.

Brett Gorvy is the deputy chairman at Christies:

If anything, the market has become more selective, so they’re chasing masterpieces.

The painting Christies are looking to sell for $120 million is of the former communist leader Mao Zedong, and stands at a staggering 14 foot tall.