Tuesday, 17 May 2011

Andy Warhol: Famous For $15 Million

“What is a cynic? A man who knows the price of everything and the value of nothing” - Oscar Wilde.

"Yet it was still Warhol’s week. Altogether, some $179 million (£110 million) was paid for 54 Warhols – an exceptionally high 25 per cent of the week’s takings. At Sotheby’s, 16 small portraits of Jackie just reached its estimate to sell for $20 million, thanks to supportive bidding from the biggest Warhol dealer, Jose Mugrabi. It was a big week for him, too. He bid again on a late painting of shadows by Warhol until it sold for five times its estimate to a private collector for $4.8 million.
"At Christie’s, two other bidders competed for a four-part Warhol self-portrait which went for $38.4 million – a record for a Warhol portrait and the highest price of the week. Californian collectors Norman and Norah Stone were asking $30 million for a large “fright wig” self-portrait, which was mopped up by Mugrabi for $27.5 million. Mugrabi was also a seller: a Sixties self-portrait that he bought in 1998 for $370,000 sold for $6.8 million..."

The Daily Telegraph reports from the "four-day marathon" contemporary art sales in New York at Sotheby’s, Christie’s and Phillips de Pury & Co.
Andy would of course be more than happy that he is now mainly discussed in terms of how much his art makes at auction; “Making money is art and working is art and good business is the best art.”
In March a 10 foot statue of Andy Warhol was unveiled in New York - the statue depicts Warhol going shopping.

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