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RUSSELL YOUNG'S DREAMLAND

A. R. Penck

Adam Pendleton

Adolph Gottlieb

Adrian Wiszniewski

Adriana Oliver

Agnes Martin

Ai Weiwei

Al Held

Alain Jacquet

Alan Davie

Alan Green

Alan Shields

Albert Gleizes

Albert Irvin

Albert Marquet

Alberto Giacometti

Alberto Magnelli

Alex Katz

Alexander Calder

Alexej Von Jawlensky

Alfonso Ossorio

Alice Neel

Alice Teichert

Andre Brasilier

Andre Butzer

Andre Derain

Andy Warhol

Anish Kapoor

Antony Gormley

Arman

Arnaldo Pomodoro

Arnulf Rainer

Asger Jorn

Ayako Rokkaku

Banksy

Barbara Hepworth

Barbara Kruger

Ben Eine

Ben Nicholson

Bernard Buffet

Bernd Zimmer

Bill Jensen

Bob Dylan

Brett Whiteley

Bridget Riley

Caroline Walker

Cesar Baldaccini

Chantal Joffe

Chris Levine

Christo

Christopher Wool

Chuck Close

Claire Tabouret

Claude Tousignant

Claudio Tozzi

Conor Harrington

Cornelia Parker

Cy Twombly

D*Face

Damien Hirst

Daniel Arsham

David Hockney

David Shrigley

David Wojnarowicz

Donald Judd

Donald Sultan

Dora Maurer

Dorothea Tanning

Dorothy Iannone

Ed Ruscha

Edouard Vuillard

Eduardo Paolozzi

Edvard Munch

Elisabeth Frink

Ellsworth Kelly

Erich Heckel

Ernest Trova

Ernst Ludwig Kirchner

Fernand Leger

Francis Bacon

Francis Newton Souza

Francisco Toledo

Francois Xavier Lalanne

Frank Auerbach

Frank Stella

Franz Marc

Fred Thieler

Fred Tomaselli

Fritz William Scholder

Gary Hume

Georg Baselitz

George Condo

George Rodrigue

George Tooker

Georges Braque

Georges Mathieu

Gerard Fromanger

Gerhard Richter

Gino Severini

Giorgio De Chirico

Queen Elizabeth II (F. & S. II.337) by Andy Warhol - MyArtBroker 

Warhol Market Performance 

Flowers (F. & S. II.66) by Andy Warhol - MyArtBroker 

Warhol’s Print Market Grows From £10 million to £50 million

Warhol's art market remains one of the most lucrative in the industry, with print market turnover in sales value growing from £10 million to £50 million year-on-year (YoY) over the past decade. This sustained success can be attributed to several factors. Firstly, Warhol's ability to tap into popular culture and create iconic images that span a broad price range has cultivated a diverse and extensive buyer base. Additionally, the dynamics of Warhol’s market, particularly the nature of editioned prints, contribute significantly to the overall market share, driving demand and maintaining high sales prices. These elements collectively bolster Warhol's market presence and appeal among collectors and investors.

Complete Sets and Trial Proofs: Key Drivers in Warhol's Print Market

Warhol’s print market is composed of main editions, special proofs, and Complete Sets. Over the past decade, these segments have collectively generated £228 million from over 4,600 lots sold. 

Market Overview

Main editions, the most frequently traded on the public market, account for 78% of the lots sold over this period. However, Complete Sets, despite representing only 7% of the lots sold, control 39% of the market share by sales value. This disparity underscores their rarity and high-value appeal, demonstrating the significant impact Complete Sets have on Warhol's print market. Additionally, there is a growing demand for TPs, which make up 5% of both sales value and lots sold over the past decade. The scarcity and desirability of these individual works among collectors drive their higher sales value, making them crucial to the strength of Warhol's print market.

As of H1 2024, Warhol's overall market has contracted in both sales value and lots sold across all editioned segments—Complete Sets, TPs, main editions, and other proofs—compared to the same period last year. This contraction is largely due to fewer lots being traded, a trend that can be attributed to collectors holding onto these high-value pieces, waiting for more favourable market conditions to sell.

Currently, the total sales value for Warhol's print market stands at £15.3 million, representing 44% of the overall sales value from 2023, with 267 lots sold—60% fewer than the previous year. These dynamics indicate a healthy Average Selling Price (ASP) for each segment of Warhol's market. However, the final outcome for Warhol's print market by year-end will depend on external market conditions and the performance of each different market segments, including Complete Sets, TPs, and main editions. A balanced market share among these segments is crucial for maintaining the stability and growth of Warhol's overall market presence.

Pie chart illustrating Andy Warhol's print market share by lots sold. 

Andy Warhol Market Share By Sales Value, 2015 - 2024 

Andy Warhol Market Share By Lots Sold, 2015 - 2024 

Stacked bar chart, Andy Warhol Sales Value: TP, Sets, Main Editions. 

Andy Warhol Sales Value: Complete Sets, Trial Proofs, Main Editions 2015 - 2024

Stacked bar chart, Andy Warhol Lots Sold: TP, Sets, Main Editions. 

Andy Warhol Lots Sold: Complete Sets, Trial Proofs, Main Editions 2015 - 2024

 Multiple line chart, Andy Warhol ASP complete sets, trial proofs, main editions, others. 

Average Selling Price: Complete Sets, Trial Proofs, Main Editions 2015 - 2024

Myths (complete set) by Andy Warhol - MyArtBroker 

Complete Sets 

Complete Set Sales Achieve Records In 2022

The success and contractions of Warhol's print market are largely attributed to fluctuations in its various segments. When high-value segments perform well, the market thrives. In 2022, Complete Sets exhibited a record-setting performance with 65 sets sold, more than double the total from the previous year. The Average Selling Price (ASP) for Complete Sets increased to £437,000 in 2022, contributing to a total sales value of £28.4 million, which accounted for 50% of Warhol’s print market share that year.

Market Performance

In 2023, Complete Sets saw a significant decline, with a 50% drop in sales value and a 37% decrease in lots sold. This led to a lower ASP of £347,000, 21% down from the previous year. The challenging economic backdrop of 2023 particularly affected works valued above £1 million, which subsequently resulted in a smaller trading network for these high-value works compared to other market segments.

Market Trends for Warhol's Iconic Sets in 2023

Despite an overall contraction in 2023, certain Complete Sets appreciated in value. Notably, collections such as 

 all set new records, each achieving over £1 million at the hammer. Although there were fewer transactions for Complete Sets, buyer preference for these relatable subjects and culturally iconic subjects remained strong. This trend indicates strategic buyer confidence, focused on acquiring high-value, iconic works amid market softening. Collectors appear to prioritise these emblematic pieces, reflecting a resilient market segment even during challenging economic conditions.

In H1 2024, nine out of 12 Complete Sets sold for under £500,000, while three surpassed this mark. The higher-valued lots reflected the collector preference and buyer confidence seen in 2023, with Warhol's iconic subjects at the top of the price range.

 (1967) showcased the highest demand, selling in Q2 for £2.4 million, indicating further appreciation from 2023.

The volume of Complete Sets sold in H1 2024 is nearly half compared to the same period last year, with 12 sets sold versus 22, leading to a 26% dip in sales value.

Stacked bar chart, Andy Warhol complete set price distribution by sales value. 

Price Distribution of Complete Sets By Sales Value, 2015 - 2024

Stacked bar chart, Andy Warhol complete set price distribution by lots sold. 

Price Distribution of Complete Sets By Lots Sold, 2015 - 2024 

Ads (complete set) by Andy Warhol - MyArtBroker 

Christie's and Sotheby’s Lead In Complete Set Sales 

Christie’s and Sotheby’s have consistently shown strong performances in the consignment and sale of Complete Sets. Both auction houses have remained stable over the years, except for Sotheby’s record-breaking year in 2022, where they facilitated the sale of 38 Complete Sets, achieving a sales value of £20.1 million.

Auction House Performance 

2023, Christie’s sold 13 Complete Sets surpassing the amount by other global auction houses, resulting in a sales value of £7.2 million, 39% above Sotheby's who ranked second with £5.2 million. This success is attributed to the sales of high-valued Complete Sets above £1 million, from in-demand collections featuring Warhol’s most iconic subjects.

Phillips turnover was the lowest sales value, with six sales in 2023 totalling £547,000.

Despite the dominance of Christie’s and Sotheby's, other global auction houses outside the big three have shown strong competition. These houses facilitated five sales in H1 2024 and 12 in 2023. Although competitive in the number of lots sold, their lower performance in sales value is attributed to more affordable price points, with Complete Sets typically selling for less than £1 million. These houses often handle Complete Sets that fall within a more accessible price range, including collections like 

(1987), and others. This distribution offers collectors a variety of options, contributing to the broader market for Warhol's works.

Stacked bar chart, Andy Warhol’s sales value of complete sets by auction house. 

Auction House Performance Of Complete Sets By Sales Value, 2015 - 2024

Stacked bar chart, Andy Warhol’s lots sold of complete sets by auction house. 

Auction House Performance Of Complete Sets By Lots Sold, 2015 - 2024

Superman (F. & S. II.260) by Andy Warhol - MyArtBroker 

Trial Proofs 

An astronaut in a space suit standing on the moon next to an American flag.

TPs represent a unique segment within Warhol’s print market, classified under special edition proofs. Unlike main editions and Complete Sets, which saw declines in sales value and lots sold from 2022 to 2023, TPs performed exceptionally well, more than doubling in both sales value and number of lots sold compared to 2022. In 2023, TPs achieved nearly £3 million across 39 lots, up from £1.3 million across 16 lots in 2022, marking a 124% increase in sales value and setting a record performance for this editioned category. The ASP of TPs in 2023 was a competitive £76,700, just 8% lower than the previous year despite more than doubling the number of lots sold, indicating a significant increase in both demand and value for Warhol’s TPs.

The demand for more affordable works in 2023 led to increased interest in TPs, which offer a unique alternative to original works due to their distinct colour variations. This shift in buyer preference underscores the adaptability and resilience of Warhol's print market in responding to economic fluctuations. The sales value market share for TPs increased by 5% from 2022 to 2023, with positive performance also observed in other proofs.

Market Performance 

The performance of TPs in Warhol's market began to see notable increases in value in 2022. This shift was marked by the first TP sales to achieve over £200,000: 

(1983) reached £244,041. These two sales represented a significant rise in demand for this segment of Warhol's market. With an aggregate total of £464,041 across two sales, these accounted for the largest TP market share across price distribution categories, representing 35% of the TP sales value in 2022.

Collector interest and demand for TPs continued to increase in 2023, further elevating their value. In 2023, the first TP sold for over £300,000. 

 (1981) achieved a record sale of £403,175 offered at 

, representing 13% of Warhol’s TP market share by sales value for a single print. Another colour variation of this same TP sold for £251,984 sitting within the £200,000 and £300,000 range, making up 9% of Warhol’s TP market share in 2023. 

High value sales for individual TP prints highlight a trend and collector preference for relatable imagery and themes of consumerism, which are often considered more secure investments during a volatile market.

Trial Proofs Increases Across All Price Ranges

Warhol’s TP market has shown significant growth across all price distribution categories in both sales value and lots sold. In 2023, 49% of Warhol’s TPs sold, totaling 19 lots, were priced at £50,000 and below, more than double the sales volume from 2022. In terms of sales value, the majority market share of 40% consisted of works priced between £100,000 and £200,000, reflecting a fivefold increase compared to the previous year.

In Q1 2024, the volume of TPs entering the market remained consistent with the same period the previous year, with four sales totalling £247,000. This represents a significant increase compared to Q1 2023, where the same number of sales reached only £86,000, marking a 2.9-fold increase in value.

However, in Q2 2024, only five TPs entered the market, a notable decrease from the 17 sold in Q2 2023. This decline in turnover is likely due to the current market conditions and softening. Collectors may be holding onto their prints, waiting for more favorable times to sell when estimates and overall figures begin to rise again for rare editioned proof prints.

Stacked bar chart, Andy Warhol trial proof price distribution by sales value. 

Price Distribution Of Trial Proofs By Sales Value, 2015 - 2024

Price Distribution Of Trial Proofs By Lots Sold, 2015 - 2024

Black Rhinoceros (F. & S. II.301) (TP) by Andy Warhol - MyArtBroker 

Sotheby’s Controls Sales Value for Trial Proofs

The sale of Warhol's TPs across different auction houses in 2023 revealed a varied pattern and distribution. Sotheby’s dominated the market, accounting for 39% of the lots sold and £1.5 million in sales value, accounting for 51% of the market share. Other global auction houses outside the big three (Sotheby’s, Christie’s and Phillips) showed a competitive performance, selling 29% of TPs by lots sold but contributing only 12% of the total sales value, or £366,000. In comparison, Christie’s and Phillips controlled a larger market share of the sales value for TPs, at 19% and 17%, respectively, by fewer lots sold.

This data highlights two key insights: the extensive reach of Warhol’s global market and the significant influence branded auction houses have in attracting higher spenders to the market for unique prints and editions.

Competition Among Changing Auction Policies

In H1 2024, Sotheby’s continued to lead in terms of lots sold for TPs, but only slightly. Meanwhile, Christie’s and Phillips have significantly pulled ahead in terms of sales value. This shift indicates a dynamic market where established auction houses maintain strong competition, particularly with the ongoing 

changes in sales schedules and fee policies

 that have been implemented in the first half of 2024.

Stacked bar chart, Andy Warhol’s sales value of trial proofs by auction house. 

Auction House Performance Of Trial Proofs By Sales Value, 2015 - 2024

Stacked bar chart, Andy Warhol’s lots sold of trial proofs by auction house. 

Auction House Performance Of Trial proofs By Lots Sold, 2015 - 2024

Endangered Species (complete set) by Andy Warhol - MyArtBroker 

Endangered Species 

Collection Focus

Siberian Tiger (F. & S. II.297) (TP) by Andy Warhol - MyArtBroker 

 collection was created in 1983 in response to the the United States Endangered Species Act (ESA), implemented to protect species at risk of extinction, mandating the listing of endangered animals, designating critical habitats, and developing recovery plans. In this collection, Warhol created ten silkscreen prints, each featuring an endangered animal including the 

, and others. Aligning with the ESA’s mission, Warhol's vibrant depictions continue to raise awareness about these species' plight and emphasise the cultural relevance of the varied portrait subjects within Warhol's artistic oeuvre .

The Endangered Species prints first appeared in the secondary market in 1988, initially selling for only a few thousand pounds. Today, main editions of these prints reach hundreds of thousands, while TPs and Complete Sets are valued at a high premium. 

Complete Sets and TPs Command Higher Values Despite Lower Sales Volume

Main editions from Warhol's Endangered Species collection accounted for the majority of lots sold, comprising 69% of the market share by volume in 2023. However, the highest value increases are seen in the ASP of Complete Sets and TPs, which make up only 6% and 12% of sales by volume, respectively. While Main Editions control a larger percentage of the market share by sales volume, Complete Sets and TPs command significantly higher values, underscoring their desirability and scarcity among collectors. This trend highlights the strong market demand for Warhol's more exclusive and unique works, emphasising the investment potential in these rarer segments of his print market.

Continued Growth in Sales Value Reflects Increasing Collector Recognition

In 2022, 14 works from Warhol's Endangered Species collection entered the market, resulting in a 19% increase in sales value, reaching £3.91 million. In 2023, this trend continued with 16 works sold, bringing the total sales value to a slight increase of £3.94 million. Although these works remain rare, the continued increases in volume and sales value reflect collectors' recognition of market trends and the increasing value of these pieces. This upward trend suggests a favourable market environment, indicating opportune times for sellers to consider listing their Warhol pieces. As demand continues to grow, these works are likely to maintain their strong market presence and appreciation in value.

Pie chart illustrating Warhol's Endangered Species market share by sales value over a ten-year period. 

Endangered Species Market Share By Sales Value, 2015 - 2024

Pie chart illustrating Warhol's Endangered Species market share by lots sold over a ten-year period. 

Endangered Species Market Share By Lots Sold, 2015 - 2024

Endangered Species Complete Sets Market Share 2023 v. 2022

Endangered Species Trial Proofs Market Share 2023 v. 2022

Endangered Species Main Editions Market Share 2023 v. 2022

Endangered Species Other Proofs Market Share 2023 v. 2022

Stacked bar chart, Endangered Sepcies Sales Value: TP, Sets, Main Editions. 

Endangered Species Sales Value: Complete Sets, Trial Proofs, Main Editions, 2015 - 2024

The Warhol Report 

Complete sets and trial proofs explained

Dissects what complete Warhol print sets and rare proofs mean for value, with insights on collector demand and pricing nuances.

Complete sets and trial proofs explained

The Warhol Report: Complete Sets and Trial Proofs

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