Oct. 10 (Bloomberg) -- Lars Ulrich, the drummer for the heavy-metal band Metallica, is selling a nearly 8-foot wide Jean- Michel Basquiat portrait of a boxer at Christie's International in New York on Nov. 12.

Christie's said the 1982 painting is estimated to sell at about $12 million.

``Untitled (Boxer)'' was among the highlights of a 2005-2006 Basquiat retrospective that toured several museums, including the Brooklyn Museum.

Basquiat's fighter, with a black skeletal face topped with a white crown, raises his gloves in victory.

``It's a proxy self-portrait,'' said Brett Gorvy, Christie's international co-head of postwar and contemporary art. ``The black artist as defiant hero.''

Raised fists are a reference to black empowerment, Gorvy said. The painting will adorn the cover of Christie's contemporary art auction catalog.

The Danish-born, San Francisco-based Ulrich is a longtime collector, favoring colorful expressionist art inspired by primitivism. He sold a group of paintings at Christie's in 2002, including Basquiat's 1982 ``Profit I'' which fetched $5.5 million.

Metallica's new album, ``Death Magnetic,'' released last month, features tunes like ``Broken, Beat & Scarred,'' and ``Cyanide.''

Rock-Star Tastes

Basquiat appeals to rock-star taste. In July, Irish rock band U2 sold ``Untitled (Pecho/Oreja)'' for $10.1 million at Sotheby's in London. Other well-known Basquiat collectors include billionaire investor Eli Broad and paper magnate Peter Brant.

Despite the global financial meltdown, dealers remain bullish on marquee artworks.

``The very sliver at the top of the market will probably remain attractive to people as a better place to put their money than the stock market,'' said Miami-based art adviser Lisa Austin. ``Basquiat is solid gold. I expect the piece will get snapped up.''

Dealers said the painting may set a new record for the artist.

``It has the potential to sell for $15 million to $20 million,'' said dealer Christophe Van de Weghe, who specializes in Warhol and Basquiat. ``This is a broad market. You have people who have been collecting art for 30 years and also the 20-year- old rich guy.''

Basquiat's $14.6 million auction record was set last year at Sotheby's in New York with the 1981 ``Untitled,'' a ferocious full-length self-portrait. A 1982 portrait of boxer Sugar Ray Robinson fetched $7.3 million in 2007 at Christie's in New York.

The artist painted a series of black athletes, including boxers and baseball players. He died in 1988 of a drug overdose.

Experts say Basquiat was at the height of his talent in 1982. ``He had a breakthrough,'' said New York collector Larry Warsh, who owns Basquiat's work. ``His energy popped in those years.''

(Lindsay Pollock writes on the arts for Bloomberg News. The opinions expressed are her own.)

To contact the writer on the story: Lindsay Pollock in New York at lindsaypollock@yahoo.com.

Last Updated: October 10, 2008 02:00 EDT