Nude Madonna photo goes for a song

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 at a sale in New York yesterday, a drop from the $96,000 auction record set in 2005 during flusher times.

The Lee Freidlander photograph was purchased by Italian businessman Fabrizio Masoni.

He is the owner of a leather products company in Tuscany.

The photo will be added to the company’s art collection and exhibited in its showroom.

Yesterday, Christie’s had said that Friedlander’s explicit black-and-white image of Madonna may have drawn the highest price ever at auction for a photograph of the singer.

But after further research, the auction house said today that the record belonged to a print taken by fashion photographer Helmut Newton which sold for $96,000.