Entitled, "American Fantasy," the original watercolor appeared in the March 1957 issue of Playboy as the introduction to a feature story about Vargas girl pin-up art. The 29-inch by 20-inch drawing depicts a partially clad woman in a sultry, reclining pose.

"Playboy readers responded so enthusiastically that the magazine soon commissioned Vargas to produce a masterwork for each issue beginning in September 1960," said John E. Petty of Heritage Galleries. "Playboy officially appointed Vargas as its High Priest of Va-Va-Voom."

The auction also included original works by illustrators Maxfield Parrish, Gillette Elvgren and frequent Saturday Evening Post cover artist, J.C. Leyendecker. There also are fine art works by Mary Cassatt, Louis Tiffany, Maurice Prendergast, Reuven Rubin, Walter Kuhn, Albert Bierstadt, and acclaimed Texas artist, David Michael Bates.