FT News Briefing FT Weekend: What Warhol’s Marilyn tells us about the art market
Jun 18, 2022
Join art market columnist Melanie Gerlis and Christie's auction head Alex Rotter as they dive deep into the record-breaking sale of Andy Warhol's 'Shot Sage Blue Marilyn' for a staggering $195 million. They discuss the electrifying auction atmosphere and Christie's strategic marketing. The duo unpacks the shifting dynamics of the art market, including the impact of outside investors and the rising speculation around young artists. They also explore how provenance and cultural significance drive art valuations, shedding light on the future of high-value sales.
AI Snips
Chapters
Books
Transcript
Episode notes
Record-Breaking Warhol Sale
- Andy Warhol's "Shot Sage Blue Marilyn" sold for $195 million at Christie's, becoming the priciest 20th-century American artwork.
- The auction's electric atmosphere resembled a live show, with bids escalating rapidly.
Christie's Auction Strategy
- Christie's meticulously prepared for the Marilyn sale, using marketing and intelligence gathering.
- They aimed for a record-breaking spring season, ultimately achieving $2.5 billion in New York sales alone.
Art Market Trends
- Two parallel trends dominate the art market: established blue-chip art fetching high prices and speculative buying of young artists' work.
- The latter trend, with works selling for exorbitant sums, is deemed more extraordinary than blue-chip sales.
