Big Law

Andy Warhol’s ‘Marilyn’ Sets a Record With Its $195 Million Sale

Andy Warhol’s 1964 portrait of Marilyn Monroe sold for $195 million at Christie’s Monday night, becoming the most expensive work of American art ever sold.

The price suggests that the art market, at least at the very high end, is largely holding up to the pressures of falling stocks and rising interest rates. Christie’s and Sotheby’s plan to sell more than $2 billion worth of art in the next two weeks, and the historic price for the “Marilyn” could boost the confidence of wealthy buyers for other works.

While slightly below the $200 million estimate, and well below the $250 million to $300 million whisper prices many dealers had been hoping for, the sale is still seen as a vote of confidence for art as a long-term store of value amidst volatile market cycles. The buyer was not identified.

Read the source article at cnbc.com

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