Warhol Boosts Sotheby’s Sale – May 20, 2010

Andy Warhol sells for $32.5 million at Sotheby’s in New York

Total sales of $190 million from the Contemporary Art Auction held at Sotheby’s in New York last week surpassed the auction house’s original estimate of $161 million.  The Wall Street Journal reported that” the wall-sized Andy Warhol painting titled “Self Portrait” sold for $32.5 million asserting the Pop artist’s dominance over the recovering contemporary-art market”. Mark Rothko’s, untitled red abstract from 1961, sold for 31.4 million again exceeding its original estimate of $25 million. 

Further detail on some of the other artwork sold is included in the Wall Street Journal’s article, “Warhol Boosts Sotheby’s Sale”, written by Kelly Crow.

This is not only a positive signal for the contemporary art market but exciting news for Sotheby’s Auction House and Sotheby’s International Realty affiliates worldwide.  It is refreshing hear that art collectors are once again beginning to feel confidence building in the market.