From the New York Times (link):
In a decision that is stirring wide debate in Chinese Internet chat rooms, a Chinese-American collector plans to sell a renowned official portrait of Mao at auction in Beijing on June 3.
Some argue that the 1950 portrait, the model for a big painting of Mao in Tiananmen Square, should go to a national museum.
The owner has not been identified. The state-controlled Huachen Auction Company in Beijing has said the auction is open to anyone, and that the buyer would be allowed to take the painting outside the country. The auction house estimates that it will sell for at least $120,000.