The panel of six men and six women in Los Angeles reached a verdict Thursday. Their decision has not yet been announced.
O'Neal is being sued by the University of Texas at Austin, which is seeking possession of the portrait because the actress left the school all her artwork upon her death in June 2009.
Warhol created two portraits of Fawcett for a television special in 1980. O'Neal has testified the artist gave him one version and Fawcett the other.
Jurors heard roughly three weeks of testimony in the case, which began with opening statements Nov. 25.
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