CLOSE to US$2-million (S$2.9-million) worth of Andy Warhol prints were snapped up during the private preview of an exhibition of the late American pop artist's work.

Among the works sold at the ongoing exhibition, A Is For Andy, was a portfolio of Mao Zedong, comprising 10 prints of the late Chinese leader done in different colours.

The portfolio was sold to an unnamed buyer for an undisclosed sum within the first hour of the preview on Tuesday at TheatreWorks' 72-13 space in Mohamed Sultan Road.

Three other individual prints were sold during the preview, including a portrait of actress Marilyn Monroe.

The exhibition is presented by an art investment fund, Cannonball Art Fund (CAF), which buys works by important, 'blue chip' artists at low prices and sells them off at a profit for its 45 investors.

Attended by 200 people, the preview was open to developer SC Global's clients and business associates. The company sponsored the exhibition to the tune of $500,000.

The 116 Warhol prints are worth some US$15 million, and were bought by the fund from all over the world in the last five years. The show is held in conjunction with the 20th death anniversary of the artist.

Warhol, an influential artist of the pop art movement in the 1960s and 1970s, made thousands of prints of iconic images such as the Campbell Soup Can. He died in 1987 of a heart attack at the age of 58.

Priced as little as US$500 when they were made, the value of the prints has shot up over the years. Prices start at US$55,000 for a single Campbell Soup print at this exhibition.

Some other works are facing fierce bidding, says Mr Federico Moccia, CAF's founder. They include a Shadows portfolio - a set of six abstract prints - and a single Elizabeth Taylor print. Starting bids are US$420,000 and US$92,000 respectively.

He says that he is confident of a sell-out show, and adds that he might pull some works out or raise their prices due to the booming Warhol market.

The Italian fund-manager says: 'My prices are super attractive. The works are priced at wholesale level and not retail level.'

'It's a crazy market now,' he adds, referring to the sale of a Warhol painting of Taylor by Hugh Grant at a Christies' sale for US$23.6 million. The actor had bought it for US$3.6 million at Sotheby's in New York six years ago.

But for those whose coffers might not be deep enough to buy anything, Mr Moccia says to go and see the exhibition anyway.

'Just come to enjoy the extent of the collection and realise why Warhol is considered one of the leading artists of the 21st century.'