With Monday’s record-breaking $195 million sale of Andy Warhol’s “Shot Sage Blue Marilyn” by Larry Gagosian, the renowned art dealer and collector has sparked global media attention.
While the appetite remains, it has been dampened by political winds and buffeted by “what is happening in the equities market to a degree,” Fabricant said. That said, the absence of the upper-end of the spectrum is “definitely noticeable.” Uncertainty about what regime changes might be coming isn’t the only factor for the low-profile spending. “It’s also difficult to get money out of China,” he said.
If someone bought a Mark Rothko painting for $40 million, it may now be worth between $30 million and $35 million, but that wouldn’t be the same delta, if someone bought Netflix last year and had to sell it this year, Fabricant said. “I don’t see the vicissitudes in the high-end, quality material, I see the vicissitudes in a lot of the speculative, young stuff that comes and goes with alarming frequency.
Before Monday’s Warhol sale shattered the former American record — a canvas of an untitled skull by Jean-Michel Basquiat that sold for $110.5 million five years ago — the two late artists remain lasting powers on the art scene. The “Basquiat l King Pleasure NYC” exhibition has been reeling in visitors to see 200 works that are being shown publicly for the first time. Fabricant said Warhol’s longevity “is already assured.
Warhol was constantly changing and although a lot of people used to not be fond of his late work, now it has taken on a resonance of its own, according to Fabricant. That was spurred particularly by the Whitney Museum of American Art’s “Andy Warhol: From A to B and Back Again” exhibition that curator Donna De Salvo did a few years ago, he added.
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Andy Warhol’s ‘Marilyn’ Portrait Sells for Record-Setting $195M“Shot Sage Blue Marilyn” was sold to dealer Larry Gagosian after a four-minute bidding battle.
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Andy Warhol’s $195 Million Portrait Of Marilyn Monroe Breaks Record For Most Expensive American ArtworkI am a Texas native covering breaking news out of New York City. I was previously an editorial assistant at the Forbes London bureau. Follow me on Twitter reporterfield.
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