Metallica drummer Lars Ulrich is set to sell a Jean-Michel Basquiat painting worth a staggering $12million next month.

The 44-year-old is keen collector of fine art and has now announced he will sell the 1982 painting, called 'Untitled (Boxer'), at Christies in New York on November 12.

Ulrich bought the painting in 1999, but says now is the time to put it back out to the public: "As a collector I view myself as a caretaker of works of art, rather than simply an owner.

"I've been fortunate enough to have shared 10 great years with this truly iconic painting by Basquiat and it's time to put it back into circulation and let someone else enjoy it as much as I have over the last decade."

In his prized art collection, Ulrich owns works by Jean Dubuffet, Sam Francis, Asger Jorn and Basquiat amongst others.

'Untitled (Boxer') is on display at Christies in London for the next week before being shipped out to New York for the sale.

(by Scott Colothan)