Australia's trophy painting, Jackson Pollock's Blue Poles, is now worth about $350 million, an appreciation of more than 300-fold on the $1.3 million paid for it in 1973 under the Gough Whitlam government, a world record price at the time and one that caused a huge controversy.

Last year the near 5 metre wide work was insured for $258 million but according to sources this was upgraded to $350 million for the painting's move overseas, a complex logistical exercise.