Insights

 

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Andy Warhol's influence on the auction world continues to remain. In  2022, he had an astonishing turnover of $590 million. Despite the passage of over thirty years since his demise, this remarkable accomplishment highlights the timeless allure of his creations and reinforces his standing as one of the most sought-after artists of our era.

  

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In 2022, the rarity and value of Andy Warhol's artwork were once again demonstrated as more than 2,100 pieces were sold at auction. This puts him in the esteemed company of Pablo Picasso, who has had over 3,400 works sold, and Salvador Dali, with over 2,500 transactions, making him the world's third most coveted and collected artist. Notably, his high-end market continues to deliver impressive results, with two of his works surpassing the $100 million mark.

 

In May 2022, Christie's auctioned off the Ammann collection, where one of Andy Warhol's iconic works, 'Shot Sage Blue Marilyn' (1964), was sold for a whopping $195 million. This sale became a significant moment in the contemporary art market, highlighting the lasting value and popularity of Warhol's art.

 

In 2022, an artwork from the 20th century was sold for the highest price ever in an auction. The artwork was an iconic piece featuring Marilyn Monroe, created by Andy Warhol, a renowned artist. However, the high price also rewarded a somewhat exaggerated legend about Dorothy Podber. According to the story, she had fired a gunshot at the artwork in Warhol's studio after asking for permission to "shoot" it. Warhol used this incident to his advantage and made the few paintings in this series more 'exceptional' than all the others.

 

Warhol's artwork, White Disaster (White Car Crash 19 Times), which was sold at Christie's in May 1987 for just $660,000, was later sold for $85.3 million at Sotheby's in the late 1980s. This impressive sale price was nearly 130 times higher than its original price, making it an extraordinary record for the artwork that multiplied its value in just 35 years. The artwork had passed through Thomas Ammann's Zurich gallery before being sold at Sotheby's.

 

In 2022, the global reach of Warhol's art was once again demonstrated as two of his major works alone contributed to more than half of their annual auction turnover. Both of these works were sold in New York, the epicentre of the Warhol market. While the artist's work is popular among major collectors worldwide, it has also garnered remarkable results in Asia. For instance, in March, a portrait of Liz Taylor was sold for $20.8 million in Tokyo, marking Japan's highest-ever auction result for a work of art.

 

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In the 1980s Warhol and Basquiat 

The 1980s was a decade of vibrant personalities and artistic movements spanning music, fashion, and art. Among the creative collaborations of that time, the partnership between Andy Warhol and Jean-Michel Basquiat stands out for its significant cultural value. Over a period of two years, from 1983 to 1985, the duo produced 160 works of art, a testament to the richness and depth of their artistic partnership. These works were recently exhibited at the Fondation Louis Vuitton in Paris and later at the Brant Foundation in New York.
 
In the spring of 2024, Sotheby's will hold an auction for an important piece of art from two exhibitions. The artwork, called "Untitled", created in 1984, is considered one of the most significant works that the two artists made together during that time. The painting was created using the Surrealist technique called "exquisite corpse," where both artists took turns adding layers to the artwork. Warhol started by adding baseball mitts, tennis rackets, and various corporate logos, and then Basquiat added totemic figures and scribbly colour fields.
 
According to Lucius Elliott, Head of Contemporary Marquee Auctions at Sotheby's, "Untitled" is one of the greatest examples of Warhol-Basquiat's works from their brief and productive moment. The painting displays the full range of their artistic abilities. It is a masterpiece of contrast and contradiction, with Warhol's cool and mechanical imagery layered with Basquiat's energetic and improvisational technique. Throughout the painting, Warhol and Basquiat perform a call-and-response, building on each other's work to create a radical and harmonious symphony of colour, imagery, and form.
 
The anticipation is high as 'Untitled' is set to auction for the first time in 15 years as part of Sotheby's Contemporary Evening Sale. This artwork, a part of the Warhol-Basquiat series, is expected to fetch around $18 million USD, potentially breaking previous records. The painting will be displayed in Hong Kong from April 2-6, followed by London from April 11-12, Los Angeles from April 17-19, and finally in New York for an exhibition in early May, adding to the excitement and significance of this event.
 

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