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Warhol painting goes for US$44m
Source: Agencies |
November 13, 2009, Friday
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ANDY Warhol's monumental silkscreen "200 One Dollar Bills" sold for US$43.76 million at Sotheby's contemporary art auction in New York on Wednesday, quelling fears that deep-pocketed collectors remain skittish during the weak economy.
The 1962 Warhol painting, which sold for more than four times the estimate, became the second-highest price at auction for the late pop artist.
The auction totaled an astonishing US$134.4 million in sales including commission, exceeding the estimate by more than 50 percent as bidders snapped up all but two of the 54 lots.
Records were set for several other artists, including Jean Dubuffet.
Saying collectors had responded to a "recalibrated market," Sotheby's head of contemporary art Tobias Meyer noted the strong results showed that "after a year of not buying ... collectors have started buying again."
"The desire to have great things will make (them) step up and pay more than US$40 million" for a work of art, Meyer said.
Baird Ryan, managing partner of the art-related financial services firm Art Capital Group that had expressed reservations ahead of the fall auctions, said "there is more money on the sidelines, and the patient players will ultimately contribute significantly to the art market's recovery."
"Overall, the results this season are a surprise to the upside," Ryan added.
Another high-profile Warhol, a self-portrait the artist gave to a teenager at The Factory in the 1960s, fetched US$6.13 million, four times the high estimate.
The 1962 Warhol painting, which sold for more than four times the estimate, became the second-highest price at auction for the late pop artist.
The auction totaled an astonishing US$134.4 million in sales including commission, exceeding the estimate by more than 50 percent as bidders snapped up all but two of the 54 lots.
Records were set for several other artists, including Jean Dubuffet.
Saying collectors had responded to a "recalibrated market," Sotheby's head of contemporary art Tobias Meyer noted the strong results showed that "after a year of not buying ... collectors have started buying again."
"The desire to have great things will make (them) step up and pay more than US$40 million" for a work of art, Meyer said.
Baird Ryan, managing partner of the art-related financial services firm Art Capital Group that had expressed reservations ahead of the fall auctions, said "there is more money on the sidelines, and the patient players will ultimately contribute significantly to the art market's recovery."
"Overall, the results this season are a surprise to the upside," Ryan added.
Another high-profile Warhol, a self-portrait the artist gave to a teenager at The Factory in the 1960s, fetched US$6.13 million, four times the high estimate.
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