Rare Warhol Silkscreen Fetches $43.7 Million at Sotheby Auction

Warhol Silkscreen

It was a normal evening at a Sotheby auction on Wednesday night in New York City, when the auctioneer, Tobias Meyer, when one of Warhol’s first silk-screen painting appeared on the block. Meyer opened the bidding at $6 million, but to his shock, the price was instantly doubled.

Five different collectors battled for the “200 One Dollar Bills” Warhol original. It ended up selling for $43.7 million, a little more than three times its already high estimate of $12 million. The winner of the auction big by telephone through Bruno Vinciguerra, the company’s chief operating officer.

Even though the art market was thought to be failing due to the economic crisis, buyers proved they are willing to step up and pay the big bucks for their favorite artists. The sale topped all of Sotheby’s expectations for the night, their total profits going up to $134.4 million.

New Yorkers are always willing to pay big money for another New Yorker, and Warhol is one of the artists that put New York City on the map as the art capitol. In perfect condition, “200 One Dollar Bills” was the perfect addition to any Pop Art collection. This particular painting has once belonged to the celebrated collector Robert C. Scull, which added to its price.

Warhol painting and drawings have always been able to draw out big money. A 1965 self-portrait was recently sold for $5.4 million to Laurence Graff, a London jeweler. That painting was given to Cathy Naso, a teenager who worked after-school in Warhol’s “Factory” studio, by Warhol himself. Another Warhol drawing (a 1962 sketch of a roll of cash) fetched $4.2 million, well above it’s estimate.

Nights like these just prove that the art market isn’t dead yet!

Leave a Reply




You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>