An exhibition of Baselitz's final works is due to open in Venice next week.
The gallery went bankrupt earlier this year.
The estate of the Czech self-taught painter is now represented by Gladstone Gallery and Cavin-Morris Gallery.
Khalif Tahir Thompson is now represented by Victoria Miro in partnership with Zidoun-Bossuyt Gallery. The Brooklyn-based artist's paintings will be presented by his new gallery at Frieze New York.
The painting was picked out by the staff who dealt with more than 1,000 entries for the Archibald Prize.
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