It's part of a larger exhibition of Peyton's work that opened last month at the New Museum on Manhattan's Lower East Side. Many of the more than 100 works are portraits in the artist's trademark brilliant colors.
Though the show went up in October, the artwork, which was painted in August from a photograph, was added to the exhibition Wednesday, a day after Obama was elected president. The image also appears in this month's W magazine.
Senior curator Laura Hoptman acknowledged that it's unusual to add a painting to an existing show but noted that it was appropriate considering the historic nature of Obama's victory.
Corinna Durland, director of Gavin Brown's enterprise, which represents Peyton, said the painting was not commissioned. The Manhattan gallery had informed the Obama campaign that Peyton planned a portrait but never heard back.
The portrait, an oil on board, has already been sold. Durland declined to disclose the price or the buyer's name.
The show will run through Jan. 11. It will travel to Minneapolis, London and the Netherlands.