The Everson Museum of Art in Syracuse sold perhaps its most valuable piece of artwork.
The Everson's board ecently voted unanimously to auction off the Jackson Pollock painting, "Red Composition." It's worth an estimated $12-18 million.
It sold Tuesday for $12 million. The bidding started at $9 million.
The painting was donated to the museum by a former board member, but the Everson said its sale will change the future for the museum.
They plan to use the proceeds to buy works by artists of color, female artists, and other underrepresented groups.
They also still have one other Jackson Pollock still on display. An ink on paper drawing from 1951, called "a banner year."
Tuesday night, Christie's Auction House will be auctioning off the "Red Composition" on its website. The event will be live streamed.