A PAINTING depicting political elites as they pose at an Oxford University dinner is set to fetch thousands at auction.

The famous Bullingdon Club 'class of 87' portrait starring David Cameron and Boris Johnson will be auctioned off by Mallams next month at an estimated price of £5,000-£7,000.

It was painted by an Oxford artist known as 'Rona' to exactly replicate a photograph that the media were unable to use due to copyright law, which Mr Cameron labelled 'desperately embarrassing'.

Rona, who was commissioned by BBC Newsnight to produce the painting in 2007, said: "I was approached to paint in great haste a likeness of the Bullingdon Club portrait. I happened to have a canvas primed and ready to use in my studio in Oxford, so I began that night.

"I am not political at all but loved the image and it was similar to other work I've done. The subjects seemed to exude confidence and entitlement, despite their youth. In under 24 hours I finished the painting and the crew arrived around noon the next day to begin filming.

"I agreed only if I could go with it and was whisked to London with the wet painting lying in the back of a car."

Her painting shows the future Prime Minister and Mayor of London posing in tails and waistcoats on the steps of Christ Church.

It is set for auction at the salesroom in St Michael's St, Oxford, on December 8.