Andy Warhol Market Watch 2023

Queen Elizabeth II (F. & S. II.334) by Andy Warhol - MyArtBrokerQueen Elizabeth II (F. & S. II.334) © Andy Warhol 1985
Rebecca Marsham

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Following the groundbreaking sale of Andy Warhol's Shot Sage Blue Marilyn in 2022, Warhol's print market gained even more attention, further strengthening its position. In the same year, Warhol dominated the top-selling prints and editions, and this trend continued in 2023. In this comprehensive market report, we offer a retrospective analysis of Warhol's 2023 market performance, highlighting his most investable prints and market trends. As we navigate into the dynamic art market landscape of 2024, we can expect to witness the rise and increasing impact of other artworks within Warhol's extensive portfolio.

Discover Warhol's dominant presence in the 2023 art market in The Art Investment Report. Explore the most investable prints from Warhol's trending series on the MAB100 Print Market Index.


The Warhol Market Recap 2023

In 2023, Andy Warhol’s print market performance was nothing short of remarkable. He began the year on a high note in Q1, with a significant 54% growth in total sales at the end of Q2. Although Q3 saw a contraction due to summer sales, Q4 came back strongly, achieving total sales exceeding £10.3 million (hammer) in prints across 143 sales. Warhol consistently delivered exceptional results throughout 2023. His print market generated a total of £33 million in sales at the hammer and £41 million including fees, spanning across a total of 517 sales. The sustained popularity of Warhol’s works is evident when examining the quarterly Average Sale Price (ASP). The highest quarterly ASP was achieved in Q1, reaching nearly £74,000 across 99 sales. Remarkably, Q4, traditionally known as the strongest quarter for artists’ markets, yielded an almost equivalent ASP of £72,000 across a significantly larger volume of works, totalling 143. This demonstrates a rising price trend for his works alongside a higher volume of output.


Evaluating Warhol’s 2023 performance proves to be an intriguing task, considering his consistent and significant presence throughout the year. Within his dynamic market, we can identify three notable trends: Celebrities, Trial Proofs, and Complete Sets.


Throughout 2023, Rolling Stones frontman and legend, Mick Jagger,
traded the rock n’ roll stage for the art auction stage with Warhol’s Jagger prints, a series of 10 created in 1975. In total, 22 prints from this series successfully sold resulting in a sum of £2.2 million. Auction records were established for Mick Jagger (F. & S. II.138), which fetched an impressive £110,500 at Roseberry’s in Q2, and Mick Jagger (F. & S. II.143), which achieved $215,900 (USD), the highest selling price for this print in 2023.

Hollywood glamour icon Marilyn Monroe overshadowed Jagger’s presence with her timeless allure, as evidenced by 22 sales that amassed a total of £2.7 million for Warhol’s iconic Marilyn portraits created in 1967. New auction records were established for various Marilyn pieces, such as Marilyn (F. & S. II.29), which achieved £157,500 in January during Q1 at Phillips, and Marilyn (F. & S. II.27), sold for £127,000, also at Phillips in June during Q2. Furthermore, Marilyn (F. & S. II.26) set a new record in September during Q3, realising £138,600 and in October during Q4, Marilyn (F. & S. II.28) achieved £201,600.

The royal legacy of the late monarch, Queen Elizabeth II, also set new auction records. Queen Elizabeth II (F. & S. II.335) (1985) fetched $327,600 (USD), while the Royal Edition, Queen Elizabeth II (Royal Edition) (F. & S. II.334A) (1985), reached £378,000 during Q3 September sales.

A rare and remarkable appearance was witnessed from Warhol’s representation of the legendary American boxer and activist, Muhammad Ali, bringing the boxer’s innate competitiveness to the forefront of the auction stage. Muhammad Ali (F. & S. II.179) (1978) set a new record by achieving $165,100 (USD) at Phillips New York. This achievement nearly doubled the previous record that had been set in 2022.

Rebel Without A Cause (James Dean) (F. & S. II.355) by Andy Warhol - MyArtBroker Rebel Without A Cause (James Dean) (F. & S. II.355) © Andy Warhol 1985

Trial Proofs

Trial Proofs (TPs) have emerged as a prominent force in the world of art sales, particularly in the context of Warhol’s work. In H1 2023, TPs delivered noteworthy outcomes, with more than 20+ entering the market in Q2, totalling over £750,000 (hammer) in sales. Their desirability remained strong into H2 2023, with rare-to-the-market works from various series consistently achieving record-breaking results.

Moonwalk (TP) (1987) ranked in Warhol’s top 10 print sales of H1 2023, selling for $262,600 (USD). In April, Black Rhinoceros (TP) (1983) from Endangered Species sold for $252,000 (USD) at Christie’s. TPs from Warhol’s Ads and Myths series set various new records in H2 2023. From Myths, Superman (TP) (1981) with a rare yellow backdrop, exemplified his legendary status in September - setting a new record at £317,500. In October, another rare TP depicting the superhero flying over a light blue background emerged at Sotheby’s London October marquee sales, achieving £508,000, a 1.6-fold increase in sales value from the previous yellow colourway.

Various records were also set in the October print sales for TPs. Rebel Without a Cause (James Dean) (TP) (1985) fetched $222,250 (USD) at Phillips New York, while Mobilgas (TP) (1985) left its mark at Sotheby’s, selling for £158,750. From the Cowboys and Indians series, Buffalo Nickel (F. & S. II.374) (TP) (1986) achieved $277,200 (USD) at Christie’s New York.

Complete Sets

Finally, it’s worth noting the resounding success of Warhol’s complete sets in 2023, with growing demand for complete sets with matching edition numbers. A prime example of this trend’s strength was evident in the sale of Warhol’s complete set of Flowers (1970) sold at Christie’s, where it achieved a remarkable price of $2.3 million (USD) in April. Moonwalk Suite (1987) broke its record twice in two consecutive sales, first at Sotheby’s and then again at Christie’s New York, ultimately achieving a record high of $693,000 (USD) in October. In the November New York sales, complete sets continued to trend, with a highly anticipated set of Endangered Species (1983) selling for $3.4 million (USD) at Christie’s Day Sale, showcasing the series’ resurgence and bolstering Warhol’s market presence, even amidst the 2023 economic backdrop.

“The idea is not to live forever; it is to create something that will.”
Andy Warhol


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.


Endangered Species (complete set)

The complete collection of Warhol's Endangered Species (1983) made a notable appearance at Christie's November marquee sale in 2023. This set, which rarely surfaces in the market and has consistently emerged once a year since 2021, lived up to the high expectations in the final round of post-war and contemporary sales for the year. With immense anticipation, the ten iconic screenprints, designated as edition 83 out of 150, achieved a sale price of £2.8 million. This sale not only marked the second-highest price ever attained for this collection but also secured its position as Warhol's highest-selling complete set of prints in 2023. The same editioned set was originally sold in 1991 for a modest $45,000, underscoring an astonishing 76-fold increase in value over the years.


Flowers (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.

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