Billy the Kid photo fetches $2 million

Ocimnet - DENVER, June 26 (UPI) -- The only known surviving original photograph of legendary outlaw Billy the Kid has sold at a Denver auction for $2 million, officials said.

The small tintype was sold Saturday to retired industrialist William Koch, 71, whose collection contains everything from Wild West memorabilia to paintings by Picasso, The Denver Post reported Sunday.

The photograph was sold during Brian Lebel's 22nd Annual Old West Show & Auction, where organizers had expected it to sell for between $300,000 and $400,000.

"I love the Old West," said Koch, who now lives in Palm Beach, Fla. "I plan on enjoying it and discreetly sharing it. I think I'll display it in a few small museums."

Koch owns handguns once owned by Frank and Jessie James and he owns a rifle that belonged to Indian fighter George Custer.

The bidding on the Kid's tintype jumped from $300,000 to $2 million in about 2 minutes, the Post said. Koch must also pay a buyer's premium of about 10 percent to the auctioneer.

"All you need is two serious bidders," collector Bob McCubbin said. "A billionaire just walked by."

The tintype is the only surviving, authenticated portrait of Billy the Kid. It shows him standing, wearing rumpled clothes with a six-shooter strapped to his waist and holding a rifle.

[via - UPI]