Andy Warhol Foundation to liquidate 20,000 works

posted by – 09/11/12 @ 10:51am

The Andy Warhol Foundation recently announced that it will be selling off its entire collection of over 20,000 Warhol paintings, drawings, photographs, prints and graphics at Christie’s starting this fall. The Foundation hopes to earn at least $100 million, which they will use to increase their endowment and bolster philanthropic programs. The initial sale will be on November 12th, and subsequent online auctions will continue for the next few years until all the pieces are sold. In addition, the Foundation will donate some works to museums. Of the numerous pieces in the Foundation’s collection, most are smaller and less important works. The piece expected to fetch the highest price is “Three Targets”, c. 1985-86, estimated at $1,000,000-1,500,000. This is in stark contrast to “Green Car Crash,” which Christie’s auctioned for $71.7 million in 2007. Although this sale will provide collectors with opportunities to acquire works that have never before been seen by the public, many worry that this sale will flood the market and drastically lower prices. However, the fact that the sale is spread over several years and that the works are not the most expensive out there might mean that this sale will not have as devastating an impact as expected. The Warhol market has proven exceptionally strong over the past several years, and with any luck it will continue to display resilience.

 

Andy Warhol, "Three Targets"

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