Raphael's portrait of the Florentine ruler Lorenzo de' Medici went to a telephone bidder for 16.5 million pounds ($33.2 million) before commission, beating its top estimate at Christie's International in London on July 5. Christie's high estimate was 15 million pounds for the portrait of the member of the Italian banking family. The seller was the dealer Ira Spanierman, who said he bought the painting for $325 at a 1968 New York auction when scholars didn't believe it was by Raphael. Rarely auctioned Raphael had his previous record set in 1996, when a drawing of an apostle's head sold for 5.3 million pounds at Christie's, according to sale tracker Artnet AG. The sale on King Street was part of a week of old-master auctions in the U.K. capital estimated by Christie's and Sotheby's at as much as 117 million pounds, or about twice as much as last year. The valuation of Raphael's Medici picture, almost five centuries old, shows how art that has survived for hundreds of years is losing ground as new millionaires opt for contemporary works. Andy Warhol's 1962 "Lemon Marilyn"sold for $28 million in New York in May, including commission. The top old-master paintings have appreciated 6.4 percent this year and stand below their 1998 peak, according to the index-maker Art Market Research. Prices for the most expensive contemporary paintings rose 50 percent this year and are above their 1990 peak before the art market crashed. Works by Raffaello Sanzio, known as Raphael, are mostly in museums, so there are few opportunities to buy them. Lorenzo de' Medici was the ruler of Florence in the early 16th century.Goudstikker Collection Christie's valued its sale at 30 million pounds to 44 million pounds pre-commission, including pictures from the collection of Jacques Goudstikker, estimated at 3.2 million pounds to 5 million pounds. Goudstikker lost his property following the Nazi invasion of the Netherlands. The Dutch government returned 200 old masters to an heir in February 2006. Buyers pay a 20 percent commission on the first 250,000 pounds and 12 percent on the rest of the hammer price. Estimates are pre-commission and records are calculated after adding fees.