Andy Warhol (1928 – 1987) was born to Slovakian immigrants in Pittsburgh, Pennsylvania, who became the most popular American artist of his time and one of the most prominent figures of the Pop Art Movement. Besides being a highly paid commercial illustrator he attempted a wide variety of art forms including painting, photography, sculpture, performance art, film-making, video installations and writings. Warhol earned a Bachelor’s degree in Fine Arts in 1949 from Carnegie Institute of Technology and later moved to New York to begin a career in magazine illustration and advertising.Warhol joined Glamour Magazine and became one of the most successful commercial artists of the 1950s. He won accolades for his unique style of using blotted line technique and rubber stamps to create his drawings. Warhol started painting in the late 1950s using silk screen printmaking process for making paintings which became synonymous with Pop art. Some of his best known silkscreen paintings include Campbell’s Soup Cans (1962), Coca Cola bottles, vacuum cleaners and hamburgers. He also painted portraits of celebrities like Marilyn Monroe, Elizabeth Taylor and Mick Jagger in vibrant and bright colors. From 1960 onward, Warhol devoted more time to filmmaking, producing films like “Chelsea Girls” (1966), “Eat” (1963) and “Blue Movie” (1969), to name a few. During the 1970s and until his death in 1987, he continued to produce prints portraying political and Hollywood personalities and undertook various other commercial projects.On September 21, Christie’s will feature one of his artworks at the 20th Century & Contemporary Art (Evening Sale) in Shanghai and nine lots at its Post-War to Present on September 29 Sotheby’s will also feature his 19 creations at Prints & Multiples on September 26 in London.Here is a performance analysis of Andy Warhol’s creations in the auction market:1. Sales Trend in the Past 20 YearsWarhol ranks as the No.1 artist of all time in the global market for revenue of art sold in the Post-War and Contemporary genre with total sales of $4.96 billion.2014 and 2015 saw record highs for Warhol: over $666 million worth of works sold in 2014 (1,575 lots) and over $524 million worth in 2015 (1,747 lots). His top lots of 2014 occurred at Christie’s New York: "Triple Elvis [Ferus Type]" sold for $81.9 million – was his second highest and “Four Marlons” fetched $69.6 million.In 2016, his annual sales shrank to $164.4 million for 1,145 works sold during the year — because most (75 percent) of his works were sold for below $50,000. This was a significant underperformance, as the artist’s annual sales fell by 75.3 percent, and were actually lower than 10 years ago in 2006, which still amounted to $197 million.But in 2017, sales climbed to a total $279.3 million, bolstered by the sale of his iconic works like: “Sixty Last Suppers” (at $60.8 million), which was the largest painting by the American Pop artist ever to come to auction and “Mao” (at $32.4 million) both occurred at Christie’s New York.2. Volume of Artworks on Offer vs. Bought-in RateTrend reveals that there continues to be a high demand for Andy Warhol’s work in the past decade and reached its peak at 2,423 lots in 2015 – was second highest grossing year as well. While 2015 had the highest ever volume of artworks featuring in auctions, the bought-in rate was at an all-time high at around 28 percent.In the past two years, lots offered at auction remained steady but in 2017 registered all-time high bought-in rate of 38.8 percent. 3. Bought-in by Auction HousesThe graphic below represents the artist’s lots and bought-in rates at the top two auction houses. Overall, the lots offered at Christie’s and Sotheby’s both were low as compared with the other auction houses. Since 2015, the artist’s works have been offered more at auction houses other than Christie’s and Sotheby’s combined. Whereas, the bought-in rate overall at Sotheby’s and Christie’s were low in the range of 6 percent to 15 percent in the same period.4. Average and Median Sale Price Trend in the Past 20 YearsWarhol’s average sales price surpassed $400,000 four times in the past 20 years: in 2007, when it reached $426,239; in 2010 at $497,064; in 2011 at $478,416; and 2014 at $423,252. While 2014 was his best year but his sale price average reached peak in 2010 because in that year six of his artworks crossed $10 million blotch and the maximum was $63.4 for “Men in Her Life” at Phillips New York.The median prices of the artist in between 2014 to 2016 remained low (at $12,500 to $15,000), as more than 78 percent of his works did not exceeded $50,000 in that year.5. Highest-Priced Artworks “Silver Car Crash (Double Disaster),” a 1963 serigraph, Warhol’s highest-sold painting, fetching $105.4 million on November 13, 2013, at Sotheby’s New York, amid a spending frenzy in the art world. The 8-by-13-foot painting depicts a twisted body sprawled across a car's mangled interior.The second highest sale was “Triple Elvis [Ferus Type],” a 1963 silkscreen ink and silver paint on linen, which realized $81.9 million at Christie’s New York on November 12, 2014. On May 16, 2007, his third-highest sale occurred in New York, when “Green car crash, green burning car I, 1963,” fetched $71.7 million. The work shows a suburban street transformed into a horrific disaster scene.6. Price Band in Which His Works Have Sold in the Past 20 YearsMore than 80 percent of Warhol’s artworks were sold for below $100,000, a significant 12.8 percent or 2,072 lots, sold in range of $100,000 to $1 million and 3.5 percent, or 576 lots, in the $1 million to $10 million range. A total 78 lots exceeded the $10 million threshold in the past two decades.7. Where Have His Works Sold the Most in the Past 20 YearsChristie’s and Sotheby’s accounted for 87.5 percent of the artist’s total sales in the past two decades. In terms of volume, while over 65 percent of the artist’s work is being sold at Christie’s, Sotheby’s and Phillips, a significant 34.5 percent is being sold at other auction houses.From a geographical perspective, the United States leads with $3.6 billion, followed by the United Kingdom at $922.5 million, and France, China and Germany accounting for the rest.8. Performance: High vs. Low Estimate in the Past 10 YearsThe estimated sale for each year in the past decade is shown in the graph below. Overall, most of his artworks go beyond their high estimates – indicating many of his creations are very collectible and highly valuable.9. Top Selling Media in the Past 20 YearsWarhol’s top three media are highlighted in the graphic below, showing that his screenprints sold most in the past 20 years and provided a return of $321.7 million for 5,887 lots.http://www.blouinartinfo.comFounder Louise Blouin
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