Queen Elizabeth II (F. & S. II.334) © Andy Warhol 1985
After the groundbreaking sale of Andy Warhol’s Shot Sage Blue Marilyn in 2022, Warhol’s market has attracted even more attention. Our Warhol Q1 market analysis for 2023 indicated that his market is not only stable but thriving. In Q1 of 2023 Sotheby’s evening sale featured Debbie Harry (1980), fetching nearly £7 million, and Christie’s evening sale included Little Electric Chair (1964), selling for £3.7 million. These top-tier works contributed to 54% of Warhol’s Q1 2023 sales value, totaling £10.3 million. While canvases traditionally command high prices and contribute to a large portion of the overall market share, Q1 demonstrated that the demand for Warhol’s printed works has surged, constituting 44% of his market performance in Q1 alone.
Discover Warhol's dominant presence in the 2023 art market, delving into his highest-selling prints from his iconic series. These works have elevated his art into a blue-chip commercial brand, making him one of the most coveted artists in the industry. Download our latest market report, The Print Report: The Market's Most Wanted in 2023.
OCTOBER 2023: THE MARKET'S MOST WANTED
TOP WARHOL PRINT SALES IN 2023
In the early months of 2023, Warhol’s Mick Jagger series made a significant impact, with five entering the market in Q1, achieving an average selling price (ASP) of £118,632. In Q3, three Jagger prints were offered, maintaining strong interest with an ASP of £99,048, just 19% below the Q1 ASP for these works, showcasing the enduring value of Warhol’s celebrity prints.
Q2 hinted at the prints in high demand for the latter part of the year. Warhol’s complete set of Flowers (1970) sold at Christie’s for $1.9 million (USD), indicating a rising interest in complete sets among collectors as predicted in our Ultimate Print Market Report. As reported in our April auction report, the Ads series also gained momentum, particularly Chanel (F. & S. II.354) (1985), which surpassed estimates, realising £215,900 at Sotheby’s. Also in April, Christie’s featured Warhol’s Queen Elizabeth II (F. & S. II.335) portrait, which sold for $327,600 (USD). These same prints reappeared in the September sales, setting new records: Chanel achieved £215,900 with fees, and Queen Elizabeth II (Royal Edition) (F. & S. II.334A) (1985) reached £378,000 with fees. Likewise, Marilyn prints continued to captivate is Q2. Our June auction report featuring Phillips Evening Editions sale saw Marilyn (F. & S. II.27) (1967) and Marilyn (F. & S. II.28) greatly exceed their high estimates. In Q3’s September auction, Marilyn (F. & S. II.26) (1967) set a new record, realising £138,600, surpassing its previous high of £109,480 set in October 2021, emphasising their enduring appeal.
WARHOL MARKET TRENDS IN 2023
The increasing demand for Warhol’s print works is evident throughout 2023. This demand stems from Warhol’s unique ability to turn recognisable images into culturally significant pieces, appealing to both seasoned and young collectors, solidifying his market dominance.
A significant factor driving this demand are trending special editioned prints flooding the market. We’ve extensively researched Warhol’s Trial Proofs (TPs), with more than 20+ entering the market in Q2, totalling over £750,000 (hammer) in sales. MoonWalk (TP) (1987) secured the tenth spot in our top 10 print sales of Q1 and Q2 2023 as seen in our American Pop Print Report, selling for £212,561. In April, Black Rhinoceros (TP) (1983) from Endangered Species sold for $252,000 (USD) at Christie’s and in September sales of Q3, Superman (TP) (1981) from Myths set a new record at £317,500.
The surge in demand for TPs has been a defining trend in Warhol’s market this year, particularly in his iconic Ads and Myths series. While the anticipated Endangered Species works didn’t surface in Q3, we’re closely monitoring their potential appearance in Q4. Another unexpected rise in demand is seen in Warhol’s Cowboys And Indians series, an emerging trend we are closely following. John Wayne ( F. & S. II.377) (1986) sold for £176,400 and Annie Oakley (F. & S. II.378) (1986) sold for £53,340. Both of these works set new records.
Warhol’s artworks and the icons within them reflect contemporary culture, shaping what sells in the art market. MyArtBroker anticipates further sales within these acclaimed series, showcasing Warhol’s enduring collectability and recession-resistant status. His transformative impact on the art world, turning mundane objects into coveted commodities, solidifies his position as a lucrative branded artist.
TOP FIVE SELLING WARHOL PRINTS IN 2023
Examining Warhol's best-selling pieces reveals a notable trend: complete sets are in high demand. These sets feature celebrity portraits or reproductions of everyday consumer items, embodying Warhol's artistic brand and shaping his unyielding influence and legacy in the art world.
Flowers (F. & S. II.64-73) (complete set)
Warhol's Flowers series, a collection of ten iconic prints in various hues, emerged as an extension of his Flower paintings. Based on a magazine depiction of hibiscus flowers against a grassy backdrop, these prints challenged traditional notions of ”fine art.’’ Their continued popularity is evident, with complete sets in matching edition numbers becoming a significant trend. In April, a full set sold for £1,888,053 (with fees), setting an auction record and establishing itself as Warhol's top-selling print in 2023.
Campbell's Soup I (complete set)
Crafted in 1962, Warhol's Campbell's Soup Cans captured consumerism, replicating tin packaging with his screenprinting technique. Debuted at Ferus Gallery, it faced criticism, but Warhol embraced banality. Initially unsold, owner Irving Blum repurchased the series, preserving its legacy. In 1996, he sold it to MoMA for $15 million (USD). This work epitomises Warhol's brilliance, turning the mundane into timeless art. In 2023, trends show collectors, both young and established, invest in familiar names and relatable imagery. Following the Flower trend, Campbell's Soup I (complete set) (1968) set a record, selling for £1,522,170 (with fees) in March, ranking as Warhol's second top-selling print in 2023.
Mao (complete set)
Warhol was renowned for celebrity portraits, often of friends and controversial figures, unafraid to convey political messages. In 1972, amid United States President Nixon's visit to China, he created Mao, merging celebrity interest with political commentary. Fascinated by Chinese propaganda and the lack, or prohibited amount, of creativity, Warhol made this portrait. Despite controversy, complete sets like this break competitive prices in the market. This Mao set sold for £718,762 (with fees) in March, ranking third among Warhol's top-selling prints in 2023.
Goethe (complete set)
Warhol depicted the iconic German philosopher, Johann Wolfgang von Goethe, in these four colour-variant screen prints from 1982. Warhol appropriated a famous image by Johan Tischbein for this series, with only four distinct colourways, each limited to 100 editions, making them rare finds in the secondary market. In 2023, individual prints from this series started to reemerge, showcasing the enduring appeal of Warhol's extensive body of work. Once again, a complete set, Goethe (1982) made it to Warhol's top-selling works for 2023, fetching £604,800 (with fees) in March, marking its sole appearance in 2023 YTD.
Ten Portraits Of Jews Of The Twentieth Century (complete set)
Warhol's Ten Portraits Of Jews Of The Twentieth Century (complete set) (1980) surfaced as Trial Proofs (TP) in March, presenting unique colorways and exceptional rarity in the market. Paying homage to prominent Jewish figures including Albert Einstein, Sigmund Freud, Gertrude Stein and others, this series is a tribute to the 20th-century Jewish legacy. Complete sets of these works are incredibly scarce, appearing only seven times, making this sale at £585,966 (with fees) in March 2023 a testament to their desirability. This set ranks among Warhol's top 10 selling prints for 2023, underscoring the growing demand for comprehensive collections.
Written by Sheena Carrington
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