Arguments wrap up in legal fight over Warhol's Farrah Fawcett portrait

This photo released by courtesy of the Blanton Museum of Art shows Andy Warhol's painting of "Farrah Fawcett," 1980. The painting was bequeathed by Fawcett to the University of Texas at Austin in 2010. The university is suing Oscar-nominated actor Ryan O’Neal to gain possession of a second Fawcett portrait done by Warhol. Attorneys for the University of Texas at Austin and O’Neal each made their arguments to a Los Angeles jury on Monday Dec. 16, 2013 that their clients are rightful owner of a disputed Andy Warhol portrait of the late Farrah Fawcett.

Andy Warhol's portrait of Farrah Fawcett.

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AP Photo/Blanton Museum of Art, Copyright The Andy Warhol Foundation for the Visual Arts

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"Farrah Fawcett", a Polaroid portrait by artist Andy Warhol, is displayed at Sotheby's during a preview of The Polaroid Collection, in New York, June 16, 2010. It was the basis for the Warhol painting in dispute.

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Emmanuel Dunand/AFP/Getty Images

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An Andy Warhol portrait of the late actress Farrah Fawcett is at the center of bitter legal fight that has wrapped up legal argument phase this week.

The silkscreen on canvas piece by Pop Art luminary Andy Warhol has attracted celebrity testimony from Fawcett's friends and a tearful plea by actor Ryan O'Neal, but it's also raised questions about artistic control and academic access.

The University of Texas, where Fawcett attended, says the portrait belongs to the institution, along with the rest of Fawcett's art collection, but O'Neal says the portrait holds sentimental value and it should be with him.

For more, we're joined by AP reporter Anthony McCartney, who has been covering the case.