Miami Beach
Who is the most represented artist at Art Basel/Miami Beach this year? Andy Warhol. His work is on offer on at least 20 stands and he is represented in depth on several.
This proliferation of works at ABMB follows an extraordinary set of results for the artist at the New York contemporary auctions last month where an astonishing $100m was spent on his work.
Since 1997, prices for the artist have almost quadrupled. “They’ve gone exponentially nuts,” says Andrew Fabricant of Richard Gray.
One of the reasons for this is that Warhol has become a universal brand name—one of the very few artists, like Picasso, who is as well known in the East as he is in the West. Like Picasso, Warhol was prolific and most of his work is instantly recognisable. This has made him intensely appealing to a new generation of collectors who are radically changing the way the art market works.
Many of today’s buyers are hedge fund managers, Wall Street traders or entrepreneurs who have made their money in business. Robert Mnuchin of L & M (F8), says, “Their interest in art starts with Warhol.”
Financial buyers think in terms of investment and they are used to consulting charts and indices to make financial decisions. Because of the sheer number of Warhols sold—artnet records 12,777 auction prices since the mid 1980s—his works are relatively easy to value—a bit like stocks and shares. And buyers who are new to the market are reassured by the presence in museums and major collections of pieces that are almost exactly comparable to the ones they are thinking of buying.
Collectors used to prize rarity and uniqueness in art and followed their own taste, but buyers from a financial background often feel the need to “tick all the boxes” by buying “brand name” artists—and this then boosts prices for similar works.
With prices spiralling upwards, interest in later works by the artist has increased. The Warhols on offer at ABMB include a number of “shoe” paintings, including a large Workboots, 1985, at Van de Weghe (J2, $1.2m), and two Diamond Dust Shoes from 1980 and 1982, at Acquavella (J9, priced at $2.5m and about $1.5m respectively), while Jablonka (F5) has a great display including a large Shoes. Van de Veghe (J2) has a Dollar Sign on paper from 1981, tagged at $185,000.
L&M (F8) has a broad selection including a Mao portrait, a pink electric chair silkscreen and a diamond dust shoes and a rare complete set of the ten silkscreen prints of Marilyn Monroe from 1967, priced at $1.5m (number 58 in an edition of 250).
“We price as fairly as we can,” says Mr Mnuchin. The last complete set sold at auction in 2004 for just under $800,000.
Paul Kasmin (J16) has a remarkable display of portraits dating from the late 1960s to the mid 1980s, and including a Dennis Hopper (1970, over $2m), four “society” portraits (between $475,000 and $800,000) and a multiple Happy Rockefeller (1968), while Richard Gray (J10) has a four-part portrait of Bobby Short, 1963, at $1.25m and a small pair of Flowers, 1964, at $1.4m. And finally Leslie Waddington (J7) says he didn’t bring any Warhol works to the fair, “I couldn’t buy any, I didn’t have enough money!” he complains.
Prices for Warhol
1997 100 0%
1998 144 +44%
1999 164 +13%
2000 208 +26%
2001 189 -9%
2002 269 +42%
2003 239 -10%
2004 257 +7%
2005 346 +34%
Nov 2006 387 +12%
This table shows how prices have fluctuated since a base rate was set in 1997. Source: artprice.com
Originally appeared in The Art Newspaper as 'The Warhol effect'