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| Andy Warhol Dollar Bill Painting sold for $43.7 Million |
Directed with the precision of an Academy Award winning film, Sotheby's demonstrated it is the leading auction house for contemporary and impressionist art. Sotheby’s Evening contemporary auction thrived along with Andy Warhol; the $134 million total considerably exceeded the $97.7 million projection.
- 7 of the top 10 Contemporary Part I lots were auctioned by Sotheby's.
- Andy Warhol comprised $55 million or 42% of Sotheby's Part I tally.
- Andy Warhol 200 Dollar Bill, achieved $43.7 million, second highest Warhol price ever.
- Sotheby's Part I sale had average lot price of $2.6 million vs. Christie's $1.9 million.
Sotheby's Contemporary Sale showed buyers were eager to purchase quality art if estimated correctly, as long as the material is fresh to the market and the quality outstanding.
Estimated at $8 to $12 million, the Andy Warhol, 200 Dollar Bill Painting achieved $43.7 million, making it the second highest price ever paid for a Warhol at auction, in between the $71.7 million achieved by the Andy Warhol, Green Disaster; 5/16/07 and ahead of $32.5 million achieved by Double Marlon Brando 5/13/08.
Sotheby’s performance was strong two weeks in a row with a 65% share of the Contemporary, Impressionist and Modern art auctions; Sotheby's realized $390.5 million vs. Christie's $205.9 million.
Sotheby’s performance was strong two weeks in a row with a 65% share of the Contemporary, Impressionist and Modern art auctions; Sotheby's realized $390.5 million vs. Christie's $205.9 million.
Warhol’s outstanding Sotheby's performance was in sharp contrast to the doom and gloom at Christie’s the night before when the Tuna Disaster painting failed to sell, Brett Gorvy, Christie’s International Co-Head contemporary art, stated was “too sophisticated, too intellectual for most collectors."
Fast forward 24 hours, the painting was over-estimated and would have benefited in the better paced and more successful auction at Sotheby's.
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