NEW YORK (AP) – The Material Girl has lost some of her glitter – at auction, anyway.

A full-frontal nude photo of a 20-year-old Madonna sold for just $37,500 Thursday, a sharp drop from the $96,000 auction record set in 2005 during flusher times.

On Thursday, Christie’s said Lee Friedlander’s explicit black-and-white image of Madonna may have been the highest price ever paid at auction for a photograph of the singer.

But after further research, the auction house said Friday the record belonged to a print taken by fashion photographer Helmut Newton. In that image, Madonna, wearing a bowler hat, vest and hot pants, is dancing on top of a bar with a beer bottle in her mouth.

The photograph, which appeared in Playboy in 1985, had carried an estimate of up to $15,000. It was taken in 1979 when the singer, then known as Madonna Louise Ciccone, was a dancer trying to make ends meet and answered an ad for a nude model.