The skull, guns and roses image was painted by renown artist R.K. Sloane, and featured on everything from album art and posters to the bass drum skin at some shows.
R.K. Sloane was born in the 1949 and became a legend in the so-called "low brow" art scene. He died in 2006, possibly from a heart attack (though details on Sloane and his passing are scarce), but it seems that many rock fans and those in the alternative art world remember him well.
His art can be terrifying, but his technical ability is remarkable and it's worth browsing his online gallery if you have a strong stomach. As noted by Ultimate Classic Rock, Sloane "had a raw talent for revealing the beautiful side of ugly."
The buyer has not revealed their identity, but they now own one of the most iconic pieces of art in both the alternative rock and art worlds.
Here's the Guns N' Roses painting that sold for $5,000: