2019 Andy Warhol Market Report (free download) | Revolver Gallery by Revolver Gallery

2019 ANDY WARHOL MARKET REPORT Prints and Multiples

Prepared By

TABLE OF CONTENT TABLE OF CONTENTS

Foreword......................................................................5 Becoming Warhol........................................................8 The Print Market.........................................................10 The Andy Warhol Foundation.....................................12 Exhibitions in 2018.....................................................14 Warhol Prints and Multiples Index............................16 Top Forty Prints 2003-2018.........................................18 Top Ten Portfolios 2003-2018.....................................20 Year in Review...........................................................22 Top Forty Prints 2018.................................................24 The Future of Warhol.................................................26

PHOTO CREDIT: Marshall Swerman

Photo Credit: Marshall Swerman

PHOTO CREDIT: David Holmes

â&#x20AC;&#x153;Being good in business is the most fascinating kind of art. Making money is art and working is art and good business is the best art.â&#x20AC;? Andy Warhol

FOREWORD FOREWORD

Revolver Gallery

Andy Warhol was not just one of the most avant-garde and influential visual artists of the twentieth century. He was also an enterprising businessman who unapologetically capitalized on his celebrity to make money. “Being good in business is the most fascinating kind of art,” he wrote, and we agree. At Revolver Gallery, we deal exclusively in Andy Warhol paintings and prints, so it is important to us that we understand our market—one we are invested in professionally, financially and even philosophically. By understanding the Warhol market in the context of the contemporary art economy, and by investing in that market, we explore the duality between art and commerce that characterized Warhol’s career, and we subscribe to the mythos of the “business artist” that he created around himself. Sharing our Warhol knowledge with clients and the public has been an integral part of Revolver Gallery’s business model since our inception. Since we first opened in 2013, we have curated numerous high-profile exhibitions, hosted academic lectures, and fostered educational initiatives in the public sphere, all while offering to clients our expertise and advice on buying and selling Warhol artwork. To help our clients remain up-to-date with trends and insights that can be used to make informed decisions, we are now offering an annual report on this corner of the art market. My staff and I have spent the last five months synthesizing publicly available art market data with records of our own interactions with buyers and sellers in order to develop a nuanced, analytical understanding of the Andy Warhol print market. The result, our first annual report, focuses on the drivers and performance—past, present, and future—of the Warhol market. 5

When asked to explain why the Warhol market continues to thrive, generating returns for collectors, I have always provided the same aphoristic response: “Supply and demand.” But the past five years have witnessed both an extraordinary expansion of knowledge about the art market and a proliferation of specialized art advisory companies as wealth management firms turn their collective attention toward art and collectibles; if the gallerists of yesteryear were cultural experts first and investment advisors second, those roles are now commonly reversed. In this context, the question as to why Warhol’s paintings and prints are excellent investments for both novice and experienced collectors now demands a fuller answer. Although this report uses investment terminology, the metrics that the financial sector uses to assess market health are not necessarily the same ones that we look at when trying to understand the Warhol market. To create this report, we have pulled from over 20,000 records and publicly available resources; we have drawn on comprehensive internal data based on hundreds of Warhol print acquisitions and sales made while we have amassing the largest collection of Warhol prints in the world; and we have analyzed extensive interactions with buyers, sellers, and art industry experts. Together, our findings add invaluable context to Warhol market discussions, provide original insights, make value-added projections, and help guide crucial decisions in the buying and selling of Warhol’s work. In this premier edition of the Revolver Gallery Andy Warhol Market Report, we first lay the foundation for our market analysis, providing an overview of Warhol’s painting and examining each of the moving parts in the demand for his work. We then present key findings that showcase the long-term stability of the Warhol print market as it adjusts to an incredibly dynamic art world landscape. Finally, we showcase the artwork that has performed spectacularly on the print market in 2018 and over the past fifteen years. The Revolver brand combines unparalleled Warhol expertise, an understanding of fair market value, and a staunch belief that anyone can own a Warhol. We are confident that this and future editions of this report will reflect our commitment to these values.

Ron Rivlin Founder, Revolver Gallery

“I just happen to like ordinary things. When I paint them, I don’t try to make them extraordinary. I just like to paint them ordinary-ordinary.” Andy Warhol 7

BECOMING

After finishing studies in commercial art and design at the Carnegie Institute of Technology in early 1949, Andy Warhol moved to New York, determined to make a career for himself. He had come from a family of working-class Slovakian immigrants in Pittsburgh, Pennsylvania, and had absorbed his artistic sensibilities from the world around him throughout his youth. Warhol found his first success as a commercial illustrator when he was commissioned to illustrate an article bearing the prescient title “Success Is a Job in New York” for Glamour Magazine. That first published illustration proved serendipitous for his future: In crediting the artist, the editor misspelled his last name, omitting the letter “a” and Andy Warhola became Andy Warhol. He enjoyed regular work in commercial illustration, delighting his clients with whimsical drawings and blotted-line compositions, creating images for other magazines such as Harper’s Bazaar, Mademoiselle, and Vogue. With a distinctly original eye for fashion and glamour, he produced advertising and window displays for a number of New York retailers, and took on commissions from Tiffany & Co., Lord & Taylor, and Bergdorf Goodman. He became especially famous for his shoe illustrations for I. Miller and Sons, who took out weekly half-page ads in the New York Times. Through his training as a commercial artist, Warhol developed very structured, formal rules to image making and developed a keen eye for identifying and painting powerful symbols of Americana. His goal in commercial illustration was not to realistically portray the product, but to add value to a commodified good and to channel people’s thoughts and desires into purchasing it.

G WARHOL

PHOTO CREDIT: Marshall Swerman

He would later explore this goal in a paradoxical way, first by realistically depicting commodities, such as Campbell’s Soup cans and Coca-Cola bottles, and later by commodifying his own signature and brand, turning the images he produced into desirable consumer products. Through his work, Coca-Cola, Campbell’s Soup, Del Monte peaches and Brillo pads entered American mythology, insofar as anyone living in America could recognize them. But what made America great in Warhol’s view was that everyone could take part in that mythology via consumption.

THE PRINT

In 1963, Gerard Malanga introduced Warhol to the technique of silkscreening. What was previously considered a commercial practice became Warholâ&#x20AC;&#x2122;s primary form of art making. The silk screening process that Warhol used on paper, canvas, or objects was all the same, and it was not only an expeditious method of painting, but also an integral part of his aesthetic. Warhol discovered that he could delegate the silkscreening to other people, Gerard Malanga and Rupert Jasen Smith among them, in order to expand his prolificacy. Because the Warhol print market is primarily comprised of limited edition prints and unique variations, neither supply nor demand can be measured with complete accuracy. The easier variable to determine, though, is demand. During his lifetime, Warhol thrived on art as business. He broadcast himself through worldwide partnerships with galleries and publishers; they, in turn, marketed his artwork on a local, regional, and international scale. His incredible promotional powers transcended borders as he publicized his persona through his artwork, indie films, Factory parties, Interview Magazine, commissioned album covers, and a TV show. Thanks to his own work and the indefatigable efforts of the Andy Warhol Foundation, Warhol has become the de facto leader in the print market, with his prints averaging among both the highest sales prices and the highest yearly transaction volume. Demand for his work is transparent: It is based on the continuing popularity of his work and the understanding that his art is a blue-chip commodity. The bigger mystery, however, is supply. How many prints still exist? Andy Warhol released 448 separate editioned prints (including special sub-editions). Some prints were part of larger portfolios (e.g., Soup I & II, Marilyns, and Maos), while others were sold individually. In total, approximately 85,311 editioned artworks were created, excluding unique silk screen works on paper and pencil drawings. This means each editioned image was printed an average of 190 times. 10

T MARKET

Before Warholâ&#x20AC;&#x2122;s meteoric rise in popularity, his prints, excluding trial proofs, were sold for $100-$1,500. Works on paper were considered accessible and even disposable. Though $100 was not an insignificant value for a limited edition artwork, it would be safe to conclude that this price did not engender the same level of care as artwork of higher value and rarity, especially in comparison to the meticulous care Warhol prints receive today. Based on the deterioration of neglected prints over time, we estimate that less than half of total prints are still extant. Six variables determine the pricing of remaining prints: subject matter, color usage, historical relevance, edition size, dimensions, and condition. The lowest-priced Warhols are typically less appealing in their imagery, or lack the inherent qualities and esthetic for which Warhols are celebrated. Other prints, such as Committee 2000, have a large edition size with a vast supply on the secondary marketplace, making them more affordable. The ultimate determinant of price is what people are willing to spend, and the trending values of past transactions that help to establish future values. Although the rising demand for Warhol artwork and its limited supply are the primary drivers behind the global collector market, they are not the only ones. In his lifetime, Warhol produced portraiture of celebrities and politicians, icons and iconoclasts, buildings and landscapes. He represented the tumultuous American culture of the â&#x20AC;&#x2DC;60s, then transcended his own work to capture the international zeitgeist. The continuing cultural relevance of Warhol prints, along with his growing brand recognition, serve to significantly boost demand and drive market growth. While Warhol prints are accessible, their availability is still far more limited than the demand of collectors who are willing to purchase. Prints that are not being cared for continue to deteriorate, which will cause the supply to decline. Assuming demand remains relatively constant, economic theory dictates that prices will likely increase for the foreseeable future. 11

ANDY WARHOL

THE ANDY WARH

Andy’s will stipulated that his estate be used for the advancement of the visual arts, so after his death in 1987, the Andy Warhol Foundation took possession of the estate. The Foundation has picked up the mantle of maintaining Andy’s legacy, a responsibility they are skillfully accomplishing through a variety of partnerships with brands that are respected for their craftsmanship, quality, and history. The Foundation has kept Warhol both current and valuable through judicious licensing ventures with major and boutique brands, extending the artist’s influence into fashion, books, and novelties. These companies’ marketing campaigns transcend national markets, reaching consumers around the globe. Several notable collaborators in the sartorial realm have successfully aligned their brand identity with the tenets of Warholism, offering large and publicly accessible lines of Warhol-themed clothing to consumers. The Andy Warhol Foundation agreed to a four-year collaboration with Calvin Klein, which was created in order to “celebrate American artists.” Another international clothier, UNIQLO, has partnered with the Foundation for the past three years as part of UNIQLO’s larger commitment to bringing the arts and fashion together. UNIQLO’s “clothing for the people” approach expresses Warholian factory ideals, while the company magnifies the Warhol brand on a global scale. Happy Socks, a fashion apparel brand known for its colorful and trendy socks, launched its Warhol line in October 2018, which was well-timed to coincide with the launch of the Whitney exhibition.

L FOUNDATION

HOL FOUNDATION

The Andy Warhol Foundation continues to diversify its partnerships across industries and brands. Since 2016, the popular Japanese toy company Kidrobot has partnered with the Andy Warhol Foundation to produce a variety of Warhol-themed collectibles, such as a Brillo Box “Dunny” (the company’s flagship figurine). Other Warhol-branded novelty items include pillows, posters, flatware, and skateboards. Although the diversity of Warhol-themed goods achieves the goal of keeping Warhol in the public consciousness, the Foundation is highly selective, seeking to maintain his relevance and engagement in the collector market while taking steps not to oversaturate the consumer market. This effort is directly related to Warhol’s continued success in the art market, and the playful energy the Foundation brings to Andy’s legacy helps keep the most famous American artist of the last halfcentury in the spotlight, both today and for the generations to come. 13

EXHIBITION

Public exhibitions, which serve to educate people and create new forums of public interest, are one of the most prominent factors contributing to Warhol’s current popularity and relevance. The most notable public exhibition in 2018 was The Whitney Museum’s Warhol retrospective, Andy Warhol: From A to B and Back Again. The first comprehensive retrospective of Warhol’s corpus by a major U.S. museum in thirty years, it won accolades from critics in the press and rave reviews on social media. When New York Times art critic Holland Cotter saw the exhibition on opening day, he wrote: Mr. Paradox, who never left, is back…. He’s the most important American artist of the second half of the 20th century. The Whitney show vividly restores him to full, commanding view, and reasserts his importance for a new generation, but does so in a carefully shaped and edited way. The show featured work from every period of Warhol’s life, but emphasized work from the latter part of his life. It sought not only to remind the old guard why Warhol’s name remains ubiquitous, but also to provide younger viewers who had never seen Warhol in his proper context an avenue into Warhol fandom. Peter Schjedahl, The New Yorker Magazine’s art writer, speaking of the show’s timeless appeal to generations past, present, and future, wrote: Trends in art come and go like the weather. The several that Andy Warhol initiated six decades ago constitute a climate unabated by time. Its steady state is a scintillant, cold drizzle of the artist’s fascinations: money and celebrity, of course, but also democratic consumerism (Coca-Cola, Campbell’s soup), tabloid disaster (fatal car crashes, electric chairs, police attacks on black demonstrators in Birmingham), business as an art (and vice versa), reality as spectacle (and vice versa), and a kaleidoscope of social and sexual personae, all in a spirit that forgets the past and ignores the future. Those factors persist. 14

NS IN 2018

The Whitney retrospective ended on March 31, 2019, but it will continue as a touring exhibition first to the San Francisco Museum of Modern Art, then to The Art Institute of Chicago. The Cantor Arts Center at Stanford University hosted an exhibition of over 130,000 Warhol exposures that ran until January 9, 2019. “What [the exhibition reveals] to an unprecedented degree is Warhol’s social world, which was often dazzling,” said co-curator Richard Meyer, professor of art history. “By the late 1970s, he was the most famous artist in the world. I’m not talking about the level of greatness. I’m talking about influence and recognition.” Also in 2018, the Dia Art Foundation and Calvin Klein collaborated to present Andy Warhol: Shadows, featuring 102 of Warhol’s Shadow paintings, and the Palm Springs Art Museum showcased Warhol prints from the Jordan D. Schnitzer and Family collection until May 2018, after which the collection was put on display at the High Art Museum in Atlanta. Overseas, the curators at Vittoriano, a public landmark in Rome, assembled over 150 of Warhol’s works for an exhibition that will end in May 2019. 15

PRINTS AND

WARHOL PRINTS AN

Given Warholâ&#x20AC;&#x2122;s self-promotion, the loss of a large portion of his work, the shifting cultural landscape, the efforts of The Andy Warhol Foundation, and the ongoing Warhol exhibitions, the Warhol print market has experienced periods of volatility for the last fifty years, with an overall trajectory of high growth. To get a clear picture of how the performance of Warhols compares to that of financial markets, we contracted Artnet Analytics to create an index for the Warhol print market. The index was calculated based on a linear regression of the logarithm of all public sales records of art, removing the inherent variability between pieces with different characteristics. Figure 1 compares the performance of the Warhol Prints and Multiples Index (WPMI) to the Dow Jones, NASDAQ, and S&P 500 over the same period. The calculation used to create the WPMI accounts for both the number of sales within a year, as well as the price of each sale. For example, there was almost the same number of public sales in 2007 (1,102) as there was in 2018 (1,064); the spike in the index in 2018 versus 2007 is due to the increased adjusted average sales price. Visualization of the data according to our methodology shows that the WPMI generally tracks the movements of the major market indices, while outperforming them over the long term. In 2007, with the global market booming, the Warhol print market saw a massive spike in sale prices and activity. Record sale prices were reported throughout the year, with the overall market reaching unprecedented levels. The global financial crisis followed shortly thereafter, and a correction in the Warhol print market accompanied it. The Warhol market stabilized in 2010, with average prices and volumes similar to those of 2006. In that year, the average adjusted sale price of a Warhol print was $29,267, and in 2010 the average adjusted sale price was $33,003. Since 2010, the Warhol market has fully recovered and even grown, with the average adjusted sales price in 2018 more than $7,000 higher than the 2007 average adjusted sales price of $48,488. 16

D MULTIPLES

ND MULTIPLES INDEX

Andy Warhol Prints & Multiples Index (2001-2018)

Analytics

In collaboration with

Figure 1

-5.97% +30%

-6.59%

-4.36%

+10.6%

2018 Warhol vs Fine Art Market, Dow Jones, S&P 500, Nasdaq Figure 2

TOP FORT

2003 -

1. 2827.2% Apple F.S. II 359

2. 2276.6% Albert Einstein F.S. II 229

3. 1156.3% Queen Elizabeth F.S. II 335

4. 1150.8% Sunsets F.S II 85-88 *

5. 1065.4% Tomato Soup F.S. II 46

6. 851.4% Saint Apollonia F.S. II 330

7. 779.5% Dollar Sign (4) F.S. II 281

8. 778.7% Muhammad Ali F.S. II 182 *

9. 694.1% Black Rhino F.S. II 301

10. 665.7% Superman F.S. II 260

11. 625.3% Dollar Sign (9) F.S. II 286

12. 567.9% Mick Jagger F.S. II 143

13. 566.7% Sidewalk F.S. II 304

14. 548.3% Shoes F.S. II 255 *

15. 511.1% Orangutan F.S. II 299

16. 497.3% Geronimo F.S. II 384

17. 475.5% The Witch F.S. II 261

18. 459.7% Moonwalk F.S. II 404-405

19. 453.2% Beef F.S. II 49

20. 451% Paramount F.S. II 352

TY PRINTS

- 2018

23. 423.3% Bighorn Ram F.S. II 302

21. 433.6% Red Lenin F.S. II 403 *

22. 431.6% Beethoven F.S. II 391 *

24. 422.9% Chicken Noodle F.S. II 45

25. 411.9% John Wayne F.S. II 377

26. 392.5% Truck F.S. II 367-370 *

27. 392.5% Karen Kain F.S. II 236

28. 374.6% Mick Jagger F.S. II 146

29. 374.2% Giant Panda F.S. II 295

30. 365% Northeast Coast Mask F.S. II 380

31. 351.4% After The Party F.S. II 183

32. 349.7% Ted Kennedy F.S. II 240

33. 346.6% Mobil F.S. II 350

34. 335.7% African Elephant F.S. II 293

35. 333.3% Jimmy Carter F.S. II 150

36. 331.8% The Marx Brothers F.S. II 232

37. 331.4% Camouflage F.S. II 378 *

38. 331.3% Dollar Sign (Quadrant) F.S. II 283

39. 325% Golda Meir F.S. II 233

40. 308.3% Goethe F.S. II 272

For years where no data was available, the following yearâ&#x20AC;&#x2122;s data was used. If this data was not available, then the previous yearâ&#x20AC;&#x2122;s data was used. If data from before or after the year in question was unavailable, the data was omitted. Condition, among other factors, can also affect the price. An asterisk (*) denotes that the works measured within that portfolio were measured cumulatively as opposed to individually.

PORTFOLIOS TOP TEN PORTFOLIOS 2003 - 2018

1. 1600% Mao F.S. II 90-99

2. 1182.9% Muhammad Ali F.S. II 179-182 *

3. 1040% Skulls F.S. II 157-160 *

4. 951.9% Soup I F.S. II 44-53

5. 800.2% Marilyn Monroe F.S. II 22-31

6. 660% Electric Chairs F.S. II 74-83 *

7. 655.4% Cowboys and Indians F.S. II 377-386

8. 466.7% Myths F.S. II 258-267

9. 463.9% Flowers (1970) F.S. II 64-73

10. 307% 10 Jews F.S. II 226-235

For years where no data was available, the following yearâ&#x20AC;&#x2122;s data was used. If this data was not available, then the previous yearâ&#x20AC;&#x2122;s data was used. If data from before or after the year in question was unavailable, the data was omitted. Condition, among other factors, can also affect the price. An asterisk (*) denote that the works were measured within that portfolio measured cumulatively as opposed to individually.

YEAR IN

The Warhol print market experienced an extraordinary year in 2018. The average adjusted sales price of a Warhol print increased 30.6%, from $42,403 to $55,377 (see Figure 3) for a total of more than 242% growth in the average adjusted sales price from 20032018 (see Figure 4). According to Artnet, the Warhol print market saw a total of $43 million in combined sales from 1,064 recorded transactions in 2018. This represents an increase of 43.5% over the 2017 combined sales of $30 million from 1,015 recorded transactions (see Figure 5). Several of Warhol’s prints were especially notable performers. Warhol’s Sunset series appreciated 104.2%, securing its position as 2018’s greatest gainer. The Soup I and Soup II portfolios performed well this past year, with four prints and two prints making the top forty bestsellers, respectively. One of the most iconic Warhol prints of all time—Tomato Soup, from Campbell’s Soup I series—nearly doubled in value over the last year, shooting up 94.2%. Celebrities also performed very well, as an unlikely Marilyn print and three Mick Jagger prints were among the top ten highest gains in value. According to publicly available sales records, the ten most valuable Warhol print sales in 2017 totaled $6.1 million, whereas in 2018 the top ten sales amounted to $9.9 million—a healthy 62% increase (see Figure 4). ANDY WARHOL

Prints & Multiples between $2,000 & $3.4 mil USD

Adjusted Average Sale Price Figure 3

Adjusted Average Sale Price in 5 Year Intervals Figure 4

REVIEW

This result is largely due to the high demand for several of the portfolio sales that took place in 2018. Nevertheless, it has been an exceptionally good year for Warhol prints, considering that over the last 20 years the average marginal growth rate has been 12.5% per year. Wealth management firms, art galleries, private collectors, and art advising firms concur on Warhol’s blue-chip status in the global art market, his continuing worldwide cultural relevance, and his first-rate investment value. As wealth management firms recommend art to their clients with greater frequency, art as an asset class is growing in popularity. In 2016, Deloitte and ArtTactic released a joint study in which they found that 76% of art buyers viewed their purchases as investments, up from 53% two years previous. Andy Warhol is both one of the world’s most celebrated and recognizable American artists, and one of the most diverse and trackable blue-chip artists in the global art market. Several hundred Warhol prints are on the market at any given time, making Warhol eminently accessible to collectors and investors. Warhol’s vision of business as the most fascinating kind of art continues to be fulfilled through the compounding value of and growing market for his work.

Global Public Sales Volume In One-Year Intervals (USD)

ANDY WARHOL

Prints & Multiples between $2,000 & $3.4 mil USD

$33 mil $9.9 mil $23.8 mil $6.1 mil

Top 10 Lots Sold 2017 - 2018

Figure 5

Figure 6

TOP FORTY P

1. 104.2 % Sunsets F.S II 85-88

2. 94.2% Tomato Soup F.S. II 46

3. 79.3% Marilyn Monroe F.S. II 25

4. 79.2% Apple F.S II 359

5. 71.7% Truck F.S. II 364 - 367 *

6. 60.4% Mick Jagger F.S II 146

7. 53.6% Mick Jagger F.S II 138

8. 49.9% Mick Jagger F.S II 144

9. 46% Hot Dog Bean F.S. II 335

10. 44.1% Queen Elizabeth F.S. II 335

11. 42.6% Space Fruit: Cantaloupes II F.S. II 198*

12. 42% Mick Jagger F.S. II 143

13. 40% Kiku F.S. II 307

14. 37.3% Karen Kain F.S. II 236

15. 35.8% Chicken Noodle F.S. II 45

17. 33.7% Mickey Mouse F.S. II 265

18. 33% Cows F.S. II 11 - 12 *

19. 31.5% Van Heusen (Ronald Reagan) F.S. II 355

16. 34.9% Queen Margrethe F.S. II 342 - 345 *

20. 30.8% Green Pea F.S. II 50

PRINTS 2018

21. 29.4% Dracula F.S. II 264

22. 29.3% Vesuvius F.S. II 365

23. 26.8% Martha Graham F.S. II 387 - 389 *

24. 26.3% Life Savers F.S. II 353

25. 24.6% Marilyn Monroe F.S. II 30

26. 23.9% Tomato Beef Noodle-O’s F.S. II 61

27. 23.8% Rebel Without A Cause (James Dean) F.S. II 355

28. 23% Marilyn Monroe F.S. II 26

29. 19.8% Jane Fonda F.S. II 268

30. 19.5% Chicken N’ Dumplings F.S. II 58

31. 19.5% Mick Jagger F.S. II 142

32. 19.2% Mao F.S. II 90 - 99 *

33. 19.2% Mobil F.S. II 350

34. 18.2% Marilyn Monroe F.S. II 23

35. 18.2% Pepper Pot F.S II 51

36. 18% Queen Ntombi F.S. II 346-347 *

37. 16.5% Volkswagen F.S II 358

38. 16% Electric Chairs F.S. II 81 *

39. 15.4% Bald Eagle F.S. II 296

40. 14.7% Annie Oakley F.S. II 378

For years where no data was available, the following year’s data was used. If this data was not available, then the previous year’s data was used. If data from before or after the year in question was unavailable, the data was omitted. Condition, among other factors, can also affect the price. An asterisk (*) denotes that the works were measured within that portfolio measured cumulatively as opposed to individually.

THE FUTURE

Warhol’s staying power and broad appeal lies partially in the diversity of his imagery. His celebrity artist oeuvre and his range of interests celebrated people, places, and themes—the celebrities of our time, the landscapes, the soup we eat—containing something for every time and every generation. Warhol’s legacy has remained atemporal, a beacon of forward thinking in an otherwise dreary period of art history, which has served to make his artwork appealing to every generation since his death. According to the 2019 Art Basel & UBS Art Market Report, approximately 69% of high net worth millennials purchased art in 2019, making the millennial generation the most active demographic in the art market today. While the report indicates that about half of current collectors are baby boomers or older, the percentage of millennial buyers rose 8% year over year. As confirmed by our experience in the market, the millennial generation is assuming responsibility for the stability and growth of the Warhol print market. The Warhol print market presents a highly attractive option for incipient collectors and investors alike. As an art form, it is uniquely accessible. Former director of the Warhol Museum in Pittsburgh Eric Shiner said, “Warhol created the most democratic art market the world has ever seen.” Works between $5,000-$250,000 account for 35% of the total value of the art market and 51% of the transaction volume, putting them well within the reach of collectors and investors.

This, combined with vast international demand, means that there will always be a certain amount of baseline activity in the Warhol market, making it unlike any other blue-chip artist’s market. The Warhol print market is one of the only places in the field of art in which liquidity is sufficient to treat the art as an investment vehicle. The market experienced a record year in 2018, further demonstrating the artist’s dominance in contemporary culture and proving the investment value of his art.

OF WARHOL

As Allan Schwartzman, the chairman of Art Agency Partners, said: “There has been no greater artist since Andy Warhol than Andy Warhol. He changed what art is, who sees it, how we look at it (and at ourselves), and where it resides within culture. Andy redefined the very presence of fine art as well as how it functions commercially and societally. He fused this country’s greatest contribution to the history of art—popular culture—with fine art, forever repositioning both.” Warhol’s legacy, both as an artist and as a man in the business of art, continues to enthrall art admirers and investors worldwide. The next generation will buy a Warhol to own a Warhol. His unique ability to capture and market timeless Americana did not just make him popular. It changed the definition of art itself.

PHOTO CREDIT: David Holmes

REFERENCES REFERENCES

Art Trading & Finance. (n.d.). Art is an asset Class. Retrieved March 4, 2019, from http://artradingfinance.com/art-is-an-asset-class/ Ballantyne-Way, D. (2018). The Long-Lost Art of Andy Warhol and its Ever-Growing Market. Retrieved from https://fineartmultiple. com/blog/andy-warhol-art-market-growth/ Del Vecchio, J. F. (2018, July 10). Andy Warhol as The Art Market’s Dow Jones – Masterworksio – Medium. Retrieved from https:// medium.com/@masterworksio/andy-warhol-as-the-art-markets-dow-jones-dc164813a9e6 Deloitte and ArtTactic (2017). Art and Finance Report 2017, 5th edition. Retrieved from https://www2.deloitte.com/lu/en/pages/ art-finance/articles/art-finance-report.html Dow Jones - 100 Year Historical Chart. (n.d.). Retrieved March 13, 2019, from https://www.macrotrends.net/1319/dow-jones-100-yearhistorical-chart Cotter, H. (2018, November 8th). Meet Warhol, Again, in this Brilliant Whitney Show. Retrieved from https://www.nytimes. com/2018/11/08/arts/design/warhol-review-donna-de-salvo-whitney-museu m-celebrity-portrait.html Ehrenfeld, J. (2018). 2018 U.S. Trust Insights on Wealth and Worth. Retrieved from https://ustrustaem.fs.ml.com/content/dam/ust/ articles/pdf/insights-on-wealth-and-worth-2018/ Detailed_Findings.pdf Feldman, F., Defendi, C., Danto, A. C., & De Salvo, D. (2003). Andy Warhol prints: A catalogue raisonné: 1962-1987 . New York: D.A.P./ Distributed Art in association with Ronald Feldman Fine Arts. Golovina, M. (2019, January 10). The Best Investments of 2018? Art, Wine and Cars. Retrieved from https://resources.masterworks. io/2019/01/08/the-best-investments-of-2018-art-wine-and-cars/ Makarechi, K. (2011, December 21). Richer Than Rich: Art Outperforms S&P. Retrieved from https://www.huffingtonpost. com/2011/12/21/art-investment-warhol-hirst_n_1163247.html Mandel, B. R. (2009). Art as an Investment and Conspicuous Consumption Good. American Economic Review, 99(4), 1653-1663. Retrieved from https://www.aeaweb.org/articles?id=10.1257/aer.99.4.1653. McAndrew, D. (2018). The Art Market 2018. Art Basel & UBS Report. Retrieved from https://www.artbasel.com/about/initiatives/ the-art-market?blLocaleCode=en. McAndrew, D. (2019). The Art Market 2019. Art Basel & UBS Report. Retrieved from https://www.artbasel.com/about/initiatives/ the-art-market?blLocaleCode=en. Mei, J., Ph.D., & Moses, M., Ph.D. (2005). Beautiful Asset: Art as Investment. The Journal of Investment Consulting,7(2), 1-12. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.528.5339&rep=rep1&type=pdf Read, R. (2018) Hiscox Online Art Trade Report 2018. Retrieved from https://arttactic.com/product/hiscox-online-art-trade-report-2018/ Ruiz, C. (2017) The Market Boom for Basquiat. Retrieved from https://www.theartnewspaper.com/feature/basquiat-boom-shakesthe-salesroom Petterson, A. (2018, October 23). Banksy Stunt Distracts from Market Trouble. Retrieved from https://arttactic.com/editorial/banksystunt-distracts-market-trouble/ Pursche, O. (2016, November 07). Art: A Growing Asset Class. Retrieved from https://www.forbes.com/sites/advisor/2016/11/07/art-agrowing-asset-class/#4f1d39a33b13 Schjedahl, P. (2018, November 12). There’s Still No Escaping Andy Warhol. Retrieved from https://www.newyorker.com/magazine/2018/11/19/theres-still-no-escaping-andy-warhol Schwartzman, A. (2018, November 8). There has been no greater artist since Andy Warhol than Andy Warhol – Art Agency, Partners. Retrieved from http://www.artagencypartners.com/allans-intro-1-november-2018/

Shiner, E. (2019, January 17). ‘Investing in Warhol Is Investing in Art History’: Eric Shiner on the Artist’s Legacy and Market. Retrieved from https://news.artnet.com/partner-content/shiner-warhol

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