The Investment Guide To Andy Warhol

In this investment report, we examine Warhol's print market performance spanning the past seven years. Leveraging auction and sales data from our dedicated database focused on prints and editions, our objective is to provide valuable insights to help you determine whether investing in Andy Warhol is a wise decision for 2024.

Is Buying A Warhol Print a Good Investment?

Warhol's performance in the prints and editions sector has consistently proven it's dominant market share. This trend has been evident since 2020, with successive increases leading to a peak performance in 2022. This peak resulted in a £52 million in sales value (hammer), marking a 143% surge compared to the £21.4 million (hammer) achieved in 2021. This impressive growth can largely be attributed to the popularity of complete sets and a 47% increase in the number of lots sold.

What Happened In Warhol's Print Market In 2023?

Our comprehensive market database, encompassing both public and private sales, indicates a decrease in Warhol's print market performance from 2022 to 2023. However, it remains a strong year with a total sales value of £37 million (hammer) as the second-highest performance over the seven year period. 2023 is marked by a record-breaking number of lots sold, surpassing 2022's total by +9%. The average selling price (ASP) reached £65,000.

In 2022, Warhol's total sales value peaked, coinciding with the highest ASP for his print works. This period was marked by the dominance of complete sets, consistently achieving seven-figure results and playing a pivotal role in maintaining the elevated ASP. For instance, 2022 saw three consecutive million-dollar sales of the complete set of Warhol’s Marilyn portraits, with the highest sale setting a current auction record at just over £4 million with fees. Similarly, the complete set of Ads (1985) achieved a record sale of £1.5 million with fees, and the Mick Jagger complete set (1975) secured £1.6 million with fees in 2022.

This trend continued into 2023, where Warhol's most investable prints were exclusively complete sets, with the Endangered Species (complete set) (1983) leading with a sale price of £2.8 million with fees, marking the second-highest buyer-paid value for this set. Other record-achieving complete sets in 2023 included Flowers (1970), Goethe series (1982), and a, rare, complete set of Trial Proofs (TP) for Ten Portraits of Jews (1980), significantly enhancing the value of individual prints and making them appealing choices for art investors.

Top Performing Print Series in Warhol’s 2023 Print Market

The chart above illustrates the demand for individual works and complete sets from Warhol's prominent series, contributing to the record-breaking number of lots sold in 2023. Among these series, Flowers stood out with the highest number of lots sold. Additionally, perennial favourites like Marilyn, Jagger, and Campbell's Soup I & II achieved notable positions.

The most surprising revelation was the popularity of Warhol's Ladies and Gentlemen series (1975), ranking second in the number of works sold within an individual series in 2023. Prints from this series initially entered the market with sales values ranging from £2,000 to £20,000. Over the past seven years, these works consistently demonstrated growth in both sales value and demand. Ladies and Gentlemen (F. & S. II.132) (AP) set a record sales value for an individual print within the series, realising £19,919 with fees. This trend suggests the Ladies and Gentlemen series as a promising long-term investment with potential for appreciating sales value.

Collector Demand And Investment Interest In Warhol's Trial Proofs

During 2023, the sales of TPs in Warhol's print market emerged as a noticeable trend, establishing themselves as significant investments. TPs' uniqueness and sustained demand became increasingly evident in public auctions, consistently surpassing previous records of individual artworks.

The chart above illustrates the market pattern of Warhol's TPs over the past seven years. From 2017, TPs experienced continuous growth in sales value and lots sold for three consecutive years. However, in 2020 the sales value of these unique prints decreased by -35%, with an additional -18% drop in 2021. Nevertheless, in 2022, demand for these works began to rise again, mirroring the growth pattern of 2017-2019. In 2023, their sales value surged by an impressive 207% compared to the previous year setting a record sales value of £3.7 million (hammer) and 37 lots sold. This notable increase could be attributed to Warhol's resilience in the art market, collector adaptability across different mediums, and investors recognising the investment potential in more affordable mediums compared to billion-dollar paintings among the challenging economic backdrop of 2023.

The ASP of Warhol's various editioned proofs prints provides valuable insights into the dynamics of editioned prints, as well as the rarity and demand for different types of proofs in the print market. In our dedicated article detailing Warhol’s printing techniques, we delve into the significance of each type of proof. The chart above compares the performance of Warhol's special edition proofs to his regular edition prints over the past seven years. Trial Proofs (TP), Hors de Commerce (HC), Exhibition Proofs (EP), Artists Proofs (AP), and Printer’s Proofs (PP) are all considered rare prints due to their unique printing techniques and limited availability to the public and investors. In contrast, regular edition prints were created for public buyers, which is why rare edition proofs command higher price points in the market.

The graph indicates that EPs and PPs had the highest ASP among all proofs in 2022, although this is primarily influenced by their very limited sales volume. What's particularly noteworthy is the consistent year-on-year (YoY) increase in the ASP of Warhol's TPs since 2021, offering results comparable to regular edition proofs, which are more commonly available in the market. Even more impressive is the fact that in 2023, the ASP for Warhol's TPs surpassed the ASP of regular edition prints, which remained at £45,000, while TPs achieved an impressive ASP of £91,629. This positions them as the most valuable and promising investment-worthy prints in Warhol's 2023 market.

The Most In-Demand Warhol Prints Within Our Network

In 2023, Warhol's auction house presence remained robust, with demand stretching across private sales and our live trading floor platform. While iconic series such as Campbell's Soup Cans, Flowers, and Marilyn maintained their appeal, there was a noticeable uptick in interest for pieces from other Warhol collections.

During a live panel discussion hosted by MyArtBroker, our American pop Specialist Rebecca Marsham underscored this trend, citing inquiries for artworks from the Cowboys and Indians series (1986), including John Wayne (F. & S. II.377) and Annie Oakley (F. & S. II.378). Despite the rarity of these works, they gained momentum in the latter half of the auction year, with increased activity in standard prints and TPs. Explore our September and October 2023 auction reports for detailed pricing insights.

The Ladies and Gentlemen series also captured attention in 2023, with sustained demand evidenced by the sale of 36 prints, including a complete set. Prices for these artworks reached £20,000, offering relatively affordable entry points. As Rebecca noted, while some collectors favour Warhol's iconic pieces, there's a growing appreciation for these lesser-known works, which are currently enjoying a strong moment in the market.

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Seven Blue Chip Artists Markets To Know

Comparing the ASP of Warhol's prints to other renowned artists with similar market demand reveals remarkable strength. Despite a slight downturn in 2020, Warhol's ASP demonstrated an overall upward trend from 2017 to 2019. This performance outshines most other artists with comparable print volumes, except for Jean-Michel Basquiat, whose shorter career resulted in a lower print output. In 2021, Warhol's ASP bounced back, aligning with Banksy's peak year. Since then, Warhol's market has shown consistent growth and impressive resilience, remaining strong even in 2023.

For further in-depth market insights on blue chip artists read our Basquiat and Banksy Investment Guides for 2024.

Where To Start When Looking To Buy A Warhol Print?

Warhol, an iconic figure himself, found inspiration in other cultural icons, using his art to further elevate their status. Despite representing a small portion, approximately 1%, of Warhol's print market in terms of lots sold in 2023, this segment comprises complete sets priced at £1 million and above. While these complete sets are priced similarly to paintings, they offer collectors a unique opportunity to own an entire series rather than just a single work.

While certain print series associated with cultural icons by Warhol achieve seven-figure prices, the majority of his print market, comprising 68%, falls within a more affordable range, typically below £50,000. In this price bracket, lesser-known artworks from various series carry the potential for value appreciation, providing collectors with an accessible entry point into the art market and opportunities for investment.

For instance, Warhol's Martha Graham series (1986) is a notable example, with its three works valued at £50,000 or less. This series portrays the renowned dancer and choreographer as the subject and, despite a slower pace of sales, presents a compelling option for investment and value appreciation. The subject's celebrity status, albeit relatively lesser-known compared to others, and the appealing theme and activity depicted contribute to the artwork's desirability and potential for increased value. Letter To The World (The Kick) (F. & S. II.389) appeared once in 2023 and sold for £42,897 with fees setting a new auction record for the rare print and demonstrating an increase in sales value.

Warhol Prints To Invest In Below £20,000: Portraits, Landmarks & Industrial Objects

Warhol Portraits

Warhol's celebrated artworks may command high prices at auctions, but a considerable selection of prints from diverse series is accessible for under £20,000, presenting appealing investment prospects. MyArtBroker's Rebecca, highlighted a wide spectrum of price ranges that cater to various collectors. These pieces, while perhaps less recognised, still hold iconic value and are within reach for the average collector we engage with.

Take Saint Apollonia, for example, a subject from the 2nd century reimagined in Warhol's Pop Art style. Various individual prints from this series sold in the 2023 market with prices ranging from £8,000 to £20,000 with fees. Certain prints from Warhol's fictional portrait series, Myths can also be acquired for below £20,000.

Listen to MyArtBroker's Live Panel Discussion Unleashing The Power of Prints and Editions: Art Market Insights and Investment Strategies

Warhol Landmarks & Industrial Objects

While Warhol's portrait prints often command high prices at auctions, there's a considerable number of his series featuring landmarks, industrial objects, and fruits available for £20,000 or less. Individual works from the Cologne Cathedral series entered the market in 2023, with a TP selling for under £20,000, offering a more accessible entry point for a highly sought-after unique print.

Likewise, Sidewalk is a distinctive print featured in a collaborative portfolio called Eight by Eight, aimed at fundraising for the Museum of Contemporary Art in Los Angeles (MOCA). This piece carries cultural significance and charitable intent, and it's available for acquisition for under £20,000.

Also in 2023, 16 prints from Warhol's Electric Chair series sold, all but one, for under £20,000 with fees. Prints from Warhol's Space Fruit series, featuring his take on still life, are also accessible for under £20,000. Despite affordability, these prints maintain considerable value, showcasing the depth of Warhol's artistic portfolio and emphasising the scarcity of specific pieces in the market. This makes them attractive from an investment standpoint, with the potential for retaining value over time.

The Most In-Demand Warhol Prints From Investors

Complete Sets

Warhol's compete sets stand out as unparalleled rarities in his print portfolio. In 2023 the hammer price of complete sets in Warhol's print market amounted to £14.2 million hammer accounting for 38% of his print market share. Complete sets from iconic series like Flowers, Endangered Species, Marilyn, and Campbell's Soup Cans are continually sought after, boasting significant cultural importance and widespread recognition. These artworks typically command prices ranging from £500,000 to £1 million or higher. Despite their premium valuation, there was a notable surge in demand for these complete sets in 2023. Rebecca Marsham, discussing the current investment landscape and appeal to high-net-worth individuals (HNWIs) and millennial collectors, highlights the increasing interest in these sets. As time passes, complete sets become scarcer due to edition numbers and sizes, driving up their rarity and desirability.

For those contemplating short-term versus long-term investments in prints, it's worth noting that complete sets are likely to retain their value even over a relatively brief period, and they are even more likely to appreciate in value over extended durations. Moonwalk Suite, a complete set of two gained considerable attention throughout 2023, celebrated for its cultural relevance and profound impact, depicting the historic first steps on the moon. Even with slight market saturation, appearing three times throughout 2023, this set continies to prove its demand and worth increasing in value upon each consective sale.

When considering the art investment potential of prints, it's essential to weigh the advantages of short-term versus long-term strategies. Complete sets often offer stability and the potential for appreciation, making them attractive options for both short and long investment horizons. Take, for example, the Moonwalk Suite, a two-piece set renowned for its cultural significance, depicting the historic moon landing. Despite appearing multiple times in 2023, indicating some market saturation, this set consistently demonstrates strong demand and value appreciation with each subsequent sale.

While the past year highlighted the appeal of certain works as a competitive investment opportunities, staying informed about market trends is paramount. Conducting thorough research and consulting with experts is advisable. Additionally, leveraging advanced online technologies like MyArtBroker's value indicator, which derives real-time values from past auction histories and private sales data, can provide valuable insights for investors.

Discover the insights from our latest Case Study, where seasoned art traders share the invaluable benefits of MyArtBroker's online value indicator for art collecting and investing.

Listen to MyArtBroker Talks Podcast with Charlotte Stewart and Richard Polsky, Warhol's Marilyn: Value, Legacy & Authentication.

Celebrities

In 2024, Warhol prints featuring iconic figures continue to attract significant attention from investors. Demand remains strong for Warhol's portraits of Mick Jagger, while interest in his depictions of Queen Elizabeth II has surged following her recent passing. Despite their controversial nature, prints featuring Mao Zedong remain highly sought after, with Warhol's portrayals of Jewish figures also gaining momentum in the current market. In a recent episode of the MyArtBroker Talks podcast featuring Richard Polsky discussing the Value, Legacy & Authentication of Warhol's Marilyn, Charlotte Stewart succinctly captures the enduring fascination with Warhol's portrayal of Marilyn Monroe, highlighting its significance in capturing a specific moment in celebrity culture.

Liquidity of Warhol’s Artwork

In the domain of art investment, the term "liquid artwork" signifies the ease and swiftness with which a piece can be bought or sold. Such artworks, highly sought after and widely appealing, are crucial for effective selling. For instance, Warhol's Ads series (1985) is a prime example, as seen in the record-breaking sale of Chanel (F. & S. II.354) (AP) for £215,900 in September 2023. Combining a prestigious fashion brand with luxury allure and iconic personalities like Warhol and Coco Chanel, it becomes immensely desirable across a diverse audience, solidifying its status as a liquid asset.

Similarly, Warhol's celebrity portraits, featuring film and music icons, possess significant liquidity owing to their broad appeal, as highlighted by Richard Polsky in his recent analysis of Andy Warhol & The Rock World Connection. Additionally, Warhol's depictions of political figures are regarded as liquid assets, albeit subject to value fluctuations influenced by political climates. Furthermore, an integral aspect of liquidity pertains to preserving value over time. Artworks that maintain their worth are generally more liquid, facilitating easy sale without considerable depreciation. With Warhol's extensive market presence, even his lower-valued pieces retain value, rendering them both liquid and lucrative investments.

Recent Market Performance and Current Opportunities

Our thorough seven-year analysis of Warhol's market performance reveals a consistency in the number of lots sold closely mirroring the growth in sales value, except for an anomaly in 2023 due to market expansion.

In 2023, Warhol's market the United States remained the epicentre of Warhol's market, closely followed by the United Kingdom. While these two transactional countries continue to dominate amidst rising interest rates, it wouldn't be surprising to see Warhol's influence expanding into other European countries in the coming years, especially those with more favourable tax and VAT regulations.

What Makes a Warhol Print Desirable?

Warhol's prints enjoy unwavering desirability in the art market, driven by iconic imagery, rarity, provenance, thematic relevance, and auction records. The recognition of legendary subjects, along with their cultural significance, captivates collectors. Rarity, whether in limited editions or unique colour variations, adds to their allure, especially with early editions. Provenance and ties to significant collections enhance their appeal. Alignment with current market trends and themes creates a connection for collectors. Impressive auction records further solidify their desirability, reflecting Warhol's iconic status and enduring influence in the art world, making them a compelling choice for investors and collectors alike in 2024.

Warhol's Most Investable Print Works

Complete Sets

Individual Prints

Read The Full Market Watch Report Of Andy Warhol's Most Investable Prints