Warhol Soars

If you read the previous post about a secretary who discovered an Andy Warhol self portrait in her closet and put it up for auction, you will be pleased to know that she has been amply rewarded for her services (she had worked for the artist for free). The painting just sold tonight at Sotheby’s Contemporary Art Auction for $6,130,500. That is 4 times the original sales estimate of 1.5 million.

Another Warhol in tonight’s auction titled, “200 Dollar Bills” had a high estimate of $12,000,000 and sold for an astounding $43,762,500.

Overall the art market has been gathering some steam over the past few months and Sotheby’s sale tonight was a huge indication that the market is poised for a resurgence. A vast majority of the works sold at estimate or above their high estimates.

Warhol Comes Out Of The Closet

A former receptionist for Andy Warhol in the late 1960’s recently found a Warhol self portrait that had been stored in her closet for over 40 years. The painting was a gift to her and will be auctioned November 11 at Sothebys. It is estimated to sell for between 1 – 1.5 million dollars.

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