Online Warhol auction raises $20 million

The first in a series of live and online auctions to raise money for the Andy Warhol Foundation for the Visual Arts in New York collected over US $17 million ($20.8 million) Monday.

The auction at Christie's featured 354 works by Warhol ranging from prints to photographs, some of which have not been seen by the public. Online auctions will begin in February.

Leading the sale was "Endangered Species: San Francisco Silverspot," a print that fetched over US$1.2 million, Christie's said. Other highlights included "Jackie," a screen print and paper collage of Jacqueline Kennedy that sold for over US$626,000, more than double its high estimate of $300,000.

Christie's said the auction saw a strong demand for unique photographs and prints with many exceeding their high estimates, including "Self-Portrait in Fright Wig," estimated at US$12,000 to $18,000, which sold for US$50,000.

The foundation said the money raised for its endowment from the sales would allow it to expand support of the visual arts, fulfilling Warhol's purpose in establishing it.

"The new level of global access to Andy Warhol's work that this series of sales makes possible, along with the bolstering of our philanthropic base, makes this an important moment for the Foundation and indeed for the world of art," said Joel Wachs, president of The Andy Warhol Foundation for the Visual Arts.

Michael Straus, the foundation's chairman of the board, welcomed the results of the first auction.

"It has allowed us to increase our grant-making capacity at a time when the arts community needs support and has engaged an ever-expanding audience with the art of Andy Warhol," Straus said.

-AP

© Copyright 2014, APN New Zealand Limited

Assembled by: (static) on red akl_n6 at 30 Sep 2014 23:48:14 Processing Time: 1297ms