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September 6, 2012

WSJ: Andy Warhol Estate To Sell Off 20,000 Pieces

By Spear's

Andy Warhol’s estate is cashing out. A quarter-century after the Pop artist died, his art foundation is about to upend the Warhol market by auctioning off the rest of his estate—including more than 20,000 works it expects to sell for a total of more than $100 million

Andy Warhol’s estate is cashing out.

A quarter-century after the Pop artist died, his art foundation is about to upend the Warhol market by auctioning off the rest of his estate—including more than 20,000 works it expects to sell for a total of more than $100 million.

The Andy Warhol Foundation for the Visual Arts said Wednesday that it has enlisted Christie’s to help sell off its remaining inventory of silk-screen paintings, drawings, prints, collages, photographs and archival materials because it no longer wants to broker occasional sales of these objects on its own.

Chairman Michael Straus said the foundation aims to use the proceeds to increase its $225 million endowment and expand the scope of its art-related grant programs. “We’re converting art into money,” Mr. Straus said.

Warhol is one of the art market’s top commodities, and this selloff could significantly recalibrate his prices because the foundation is putting so many pieces into broader circulation for the first time. These include at least 350 paintings and 1,000 prints, plus thousands of drawings and unique photographs the artist took during his four-decade career. 

To read the full story, visit wsj.com

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