Warhol Foundation Will Sell Off, Donate All Its Works
Tags: Andy Warhol, Christie's, Endowments, Foundations, Online Auctions, Upcoming Auctions
In an attempt to increase its endowment, the Andy Warhol Foundation for the Visual Arts will sell off or donate its entire collection of works by the artist over the course of several years.
The foundation needs an increase in its endowment to stay afloat; over the past 25 years, it has donated some $250 million in grants to museums and nonprofit organizations. Currently set at $225 million, the foundation hopes the sales and donations will increase its endowment by $100 million. A series of live auctions hosted exclusively through Christie’s will begin November 12, followed by online auctions beginning in February 2013.
The works will be valued at a wide range of prices, with some expecting to fetch over $1 million each, while others will be available for less than $10,000. Included will be Self-Portrait with Fright Wig from the 1970s (left) and a silkscreen work of Jacqueline Kennedy from the 1960s (right).
Some are worried that the sale might saturate the Warhol market. Alberto Mugrabi, whose family owns one of the largest private collections of Warhol, told the New York Times:
“I don’t think it’s going to hurt prices because none of the stuff is of great significance,” he said. “But still, it’s irresponsible. It’s like sending masses of cattle to be slaughtered.”
Christie’s disagrees, asserting that the global demand for works by Warhol will only drive the prices higher:
“Andy is singularly one of the most important artists of the 20th century and arguably the most important artist in our market,” Amy Cappellazzo, the chairwoman of postwar and contemporary development at Christie’s said, adding of the many works, “We feel confident that the market will absorb them.”
The auction house is anticipating an expansion into the online world of auctions with the 2013 sales.
[via The New York Times]
Photos courtesy of the Andy Warhol Foundation for the Visual Arts, Inc.