Thousands of Andy Warhol’s works will be on the auctioning block over the next five years thanks to the Andy Warhol Foundation for the Visual Arts.
The foundation announced Wednesday that it plans to sell much of its collection in an exclusive deal with Christie’s auction house that is expected to net over $ 100 million, the Los Angeles Times reported.
The profits will significantly bolster the Warhol Foundation’s ability to provide grants to museums and other art non-profits, the foundation’s president, Joel Wachs, told the Times.
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The foundation hopes to increase its grants from $ 13.5 million a year to $ 20 million a year through the auctions.
“It’s become noticeable how hard [fundraising]has become, especially for smaller organizations,” Wachs said.
AP
The first auction is set to take place Nov. 12. Pictured is ‘Orange Marilyn,’ which was sold in 2001 for $ 3.7 million.
Christie’s will hold a series of auctions, private sales and online events over the coming years, with the first auction set to take place on Nov. 12. Online auctions will start in February.
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Among the works up for grabs are a 1950s print and collage of Jackie Onassis that is expected to go for $ 200,000 to $ 300,000, and “Three Targets,” a massive silk-screen depicting three bulls’ eyes covered in bullet holes that is expected to go for at least $ 1 million.
But none of the works up for auction will fetch as much as the artist’s paintings of Marilyn Monroe and Elvis Presley did. They went for $ 80 million and $ 100 million, respectively.
AP
Online auctions will start in February. Pictured is ‘Holly,’ depicting Manhattan art dealer Holly Solomon.
“The most expensive ones have gone,” Wachs said. “I wish we had some of those.”
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The Warhol Foundation, which was set up after Warhol died in 1987, will also donate several of the iconic pop artist’s works to museums in celebration of its 25th anniversary.
croberts@nydailynews.com
With Wire News Services
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