In theory they can be divided, but its not an easy task - lupins form a long taproot, so its a risky business trying to split that. You can take basal cuttings though, more info here, though its a bit late to do it now, usually done in March/April

http://www.saga.co.uk/magazine/home-garden/gardening/plants/perennials/how-to-grow-lupins.aspx

Saving any seed it makes might be useful, but generally, they don't come true from seed anyway.

As for digging it up and potting it later in the year, not a great idea, because of the tap root...

Problem with basal cuttings in march Bamboo is they don't normally last to march in my garden, I know about the seeds normally reverting to purple, That's why I thought divide it keep one in the garden and one in a pot, Increase the chances of one lasting, I have about 15 lupin seedlings doing quite well at the moment. but I was wanting to grow them on till they made a big plant, Growing new every year there never going to hit there maximum potential.

That one in the pic looks pretty good, not small either. Might be an idea to buy a couple of smaller plants early in the year, pot them into deep but not necessarily large pots, grow them on in pots, then plant them out the following year, that might work, not sure.

I bought that For £15 don't want to be spending that on a single lupin every year just because there bigger, I'll do a search on ebay for deeper pots thanks Bamboo

Precisely - you can buy lupins usually around April at the garden centre (or at Waitrose, actually!) at a much smaller size, probably cost about £4...

If I started Lupin seeds earlier say in January would they flower in the summer? as they would be a much bigger plant come planting out May/June would this work.

this site suggests sowing in March but check it out, info re growing from seed or plugs is lower down the page

www.gardenfocused.co.uk/shrub/lupin.php

Thanks Baamboo

This lupin is not available in seed form yet as it is PBR (Plan breeders rights) protected. As soon as the flowering spikes die back prune the stem back to where you can see a new bud coming. It will continue to flower. I would not try and collect too much seed - leave one spike to set seed in the autumn and save the seeds to plant. It may or may not come true but you should get a mixture of colours. I would not try to split it until it is at least three years old. To pay the premium price you did, suggests it is a well grown plant. I happily split my lupins. If I have time and some dry days I will dig one up so you can see the roots. There are so many flowers on your one that I think you could split it. If you have failed with these in the past I wonder if your soil gets a bit water logged and the roots rot over the winter.

Hi Scotsgran thanks for your reply, It's in a border that's half in clay, The part it's in is free draining, We get lots of rain in winter, I paid more than I would normally have, Thinking a bigger more established plant would have a better chance of survival, I've tried to help the drainage for years now with little to no difference. The plant has 10 spikes on it now and looks great, if i where to split it when would be the best time to do this, or would you advise to take seed and leave it in situ see what happens.

Have a look at this link. http://www.gardenersworld.com/forum/plants/how-long-do-lupins-live/4149.html
Gardening is always about the garden you look after and it takes time to know it and how the weather impacts on it. I would definitely collect seed and plant immediately in a pot of multipurpose compost mixed with grit. I'm assuming you would collect the seeds in the autumn. If I buy any plant I go for a small plant because I have found that they settle in better. I also dig out the original soil and fill the hole with mpc with some bonemeal added to help it get established. I tend to leave all my seed pots outdoors to take their chances and you might find there is no movement until the following spring. Slugs and snails might be eating your plants before they get a chance to reappear. I don't use slug pellets as I think they encourage the neighbours snails to join the party. Instead I use a liquid called slug clear or you could just use a jar of beer to entice them away from your plants. I have been gardening in the same garden for over forty years so feel I have the time to take things at a slower pace. I have had a few disasters. It took me seven years and seven new plants before I found a place to grow a plant my OH decided we needed. I also took years to work out how to grow that easiest of all plants, clematis montana. I read all the articles and took lots of advice before I planted one in a howling gale area and it survived. Its sods law really. I have succumbed to the temptation to buy a plant I really wanted like the snowdrop which cost me £26, it is still living, but I cannot pass the crash and bash area without checking out what needs my help. That trend started with lupins. I was in charge of the plant stall at the church fete. I was in a big diy place to buy compost when I spotted a trolley full of dying??? lupins. I asked the assistant if I could buy them and explained that I felt I could give them the TLC needed to revive them. His manager said I could have them for nothing as they were beyond saving. A few weeks later the village was full of beautiful plants with spikes of many colours.
The tricky question on whether to dig it up has to be your decision. As it has just gone in you probably could dig it up and replant in a much bigger pot. One big enough to last for at least a couple of years. It could be decanted and split after that time. It will have spread out and you should be able to peel off the new plants or as the gardeners in the website above found out, by splitting it with a spade.

First of all thanks for taking the time to reply Scotsgarn you help and advice is very much appreciated, I think ill leave the large lupin in situ and take seeds, I have for the first time tried growing Lupins from seed this year, I bought a few so I can still have the flowers this year, As I know my seedling probably wont flower in the first year, I now have about 18 in total, So I intend to plant them all over the garden and keep 2 or 3 in 10ltr pots to see what grows and stays, As in any garden it can differ greatly in in soil quality from place to place, If after this none survive I think its time to give up on keeping lupins. Ps ill check that link out.

I hope I helped. As someone already said it is possible that the seeds will not produce more 'Towering Inferno'. Lupins are great flowers.

You have Scotsgran and your help is much appreciated, I do love them to, Lupins & foxglove I just love them i'd have a garden just filled with them lol.