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According to a report in The Independent, the expensive art on sale currently displayed at Grosvenor House Hotel in West London has a signature of Shakespeare and is dated 1608 on the image.
As per the exhibitors, the portrait was made by Robert Blake, court painter to King James I.
The current portrait owner, who wished to remain anonymous said that the art is made available for private treaty sale without holding an auction.
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Since then, the portrait is privately owned.
The Independent reported that those behind its sale claim to have connections with Shakespeare and Peake extensively. It said that Peake was regularly commissioned to paint the portraits of high-ranking members of the Court and Jacobean society.
The report further mentions that only two posthumous paintings of Shakespeare are accepted as legitimate.
Duncan Philips, an expert who investigated the artwork ahead of its sale told The Independent that there was more evidence of the art on sale than any of his other paintings.
The portrait is believed to survive for almost four centuries.