Portrait by the Artist: Andy Warhol’s portrait of Elizabeth Taylor brought in $26,962,500 at an auction conducted by Phillips de Pury & Co. on Thursday. (CNN)

Sending Regrets: Two of the Metropolitan Opera’s star singers have backed out of the upcoming tour to Japan, the Met said on Thursday. Some members of the company are concerned about safety risks following the nuclear emergency in Japan. (New York Times)

Ventures: French flash sale pioneer Vente-Privée.com announced a 50-50 venture with American Express to create an unnamed U.S. flash sale site launching in early 2012. (WWD)

Ain’t Talkin’?: Bob Dylan posted a statement on his website Friday concerning his recent performances in China, saying that he shared the set list he intended to play with the Chinese government. The statement comes amidst reports of censorship. (Rolling Stone)

Redesign: Designer Michelle Smith opened the brand Milly’s first freestanding boutique in New York on Friday. (WWD)

Taxman Cometh: Washington’s Shakespeare Theatre Company sent an email to subscribers and past ticket buyers objecting to a proposed D.C. ticket tax and urged patrons to sign an online petition to the council. (Washington Post)

From Washington Post: Reporting from Cannes, Ann Hornaday reviews Woody Allen’s “Midnight in Paris.”