From Heritage Auctions:
"The original promotional art for Steven Spielberg's masterpiece "E.T. the Extra-Terrestrial"
sold for $394,000 at Heritage Auctions' Oct. 12 Illustration Art
Auction in Dallas. Buyer and under-bidders were willing to pay well over
the artwork's $150,000 opening price.
Total prices realized for the entire auction surpassed $1.78 million.
The "E.T." painting by renowned movie poster artist John Alvin has been
used to promote the film for nearly 35 years. The acrylic on board spent
the last 13 years hanging on the office wall of Hollywood writer and
producer Bob Bendetson."