Warhol Self Portrait Bought by Gagosian in $99 Million Auction
2011-02-17 00:35:26.718 GMT
By Scott Reyburn Feb. 17 (Bloomberg)
The rediscovered Andy Warhol self portrait that hadn’t been seen
in public for more than 30 years last night helped a London sale
raise the highest total in the U.K. capital since June 2008.
Christie’s International made 61.4 million pounds ($99
million) with fees as the auction market for contemporary art
continued its rehabilitation process. Dealer Larry Gagosian,
bidding in the room, paid 10.8 million pounds for the crimson
acrylic and silkscreen Warhol portrait, dating from 1967.
Buyers from a widening geographical range are joining sales
as the value of contemporary works rises. Bidders came from 21
different countries, said Christie’s.
“More wealthy people are diversifying their assets and
putting 5 percent into art,” the Montreal-based collector
Francois Odermatt said. “A lot more of them are buying for
their own private museums. There’s now a market for big works.”
Warhol’s 6-foot square portrait was estimated to fetch a
hammer price of as much as 5 million pounds. Gagosian was
underbid by Andreas Rumbler of Christie’s on the phone and New
York collector and dealer Jose Mugrabi, also in the room.
The painting, showing the Pop artist looking pensive with
his hand over his mouth, was one of a series of 11 large-scale
self portraits, five of which are now in museums, including the
Detroit Museum of Arts and the U.K.’s Tate collection.
Offered by what the London-based auction house described as “an
American estate,” it had been acquired from Warhol’s New York
dealer, Leo Castelli, in 1974.
No comments:
Post a Comment