Amoeblog


Big Night for Andy Warhol!

Posted by Whitmore, November 12, 2009 10:07pm | Comments (2)

Well somebody out there has money to burn ... shit, crisis what financial crisis? The pathetic and mostly lifeless contemporary art market was suddenly re-animated on Wednesday at Sotheby's New York when a silk-screen painting by Andy Warhol, produced in 1962, sold for a $43.8 million, the second highest price ever for a Warhol piece. (In 2007 his painting, Green car Crash (Green Burning Car 1), sold for a mind blowing $71.7 million.) The amazing thing about all this is that the pre-auction estimate of for the silk-screen was expected to pull in only about $8 - $12 million.
 
Sotheby's contemporary art auction as a whole sold $222.8 million worth of art, more than doubling the auction house's high estimate of about $98 million in sales.  
 
The bidding for the piece 200 One Dollar Bills opened at $6 million, but instantly doubled with the very first bid from the floor – those in the biz called it “an unusually aggressive move;” I call it just weird, ego driven conspicuous consumption. Five more bidders joined in the battle before an anonymous buyer won the painting via telephone bid.
 
Described as a "hugely important work for American art history," its one of Warhol’s earliest silk-screens. The 80¼ x 92¼ inches canvas comprises of 200 $1 bills reproduced in black and gray with a blue treasury seal. The painting's anonymous seller bought the piece back in 1986 for $385,000. Nice profit!

Relevant Tags

Auctions (6), 1960's (83), Art (75), Andy Warhol (9)

Recent Posts From Whitmore

Comments

Wow, I guess you're not really feeling contemporary art since you've classified it as "pathetic and lifeless".

Posted by steve on November 13, 2009 at 08:29am

I wrote -- The pathetic and mostly lifeless contemporary art 'market'-- sales and interest in buying modern art has plummeted in the last few years, due in part to the economic turndown. Personally I'm far more interested in contemporary art, mid to late 20th century and on, than most any era.

Posted by whitmore on November 13, 2009 at 11:55am

Post a Comment

******