Warhol’s Marilyn Monroe Portfolio Generated £39.87M In Public Sales in a Decade

Warhol’s Marilyn Monroe portfolio (F. & S. II.22-31) distils his fascination with image-making, repetition, and the commercial life of celebrity. In each print, Monroe’s face is set against a vivid colour field – pink, turquoise, sage, green, and black among them – creating 10 distinct colourways that each reframe the same portrait.

Taken together, the portfolio turns a single publicity still from Monroe’s 1953 film Niagara into a meditation on fame, image consumption, and celebrity as product. Published by Factory Additions in 1967, the series was produced five years after Monroe’s death, at a point when Warhol had already moved beyond his origins in commercial illustration to become a central figure in the contemporary art world.

What continues to make the portfolio so compelling is the tension it holds between glamour and loss. Through repetition, Monroe’s image becomes at once more iconic and more abstract, shifting from portrait to symbol. That duality has helped secure the series’ place as one of the most significant and investable print portfolios in modern art history, and one that still sits firmly at the centre of the Pop Art canon more than 50 years later.

Between 2016 and 2025, 183 individual prints and 10 complete sets from the Marilyn Monroe series sold publicly, generating a combined £18.28 million for individual prints and £21.59 million for complete sets.

Over the same period, complete sets rose from an average of £704,000 in 2017 to £2.41 million in 2024, representing a ~19% compound annual growth rate (CAGR). Average prices for individual prints also increased materially, reflecting the wider upward trajectory of the series.

From 2016 through 2019, annual sales volume for single prints averaged around 15-18 works per year. That changed sharply in 2022, the year of the record-breaking Shot Sage Blue Marilyn sale, when 29 individual prints and three complete sets sold publicly. This drove total realised value up by 298.5% compared to 2021. Since that surge, volume has settled, but prices for individual works have remained high, suggesting a market that is consolidating from a stronger base rather than retreating.

Across public sales recorded between 2016 and 2025, Marilyn (F. & S. II.23) (sage blue), Marilyn (F. & S. II.31) (magenta), and Marilyn (F. & S. II.24) (grey) have led the market. Combined, these three variants account for more than 50% of the total realised value of the Marilyn market.

This concentration at the top end shows how strongly collector demand can gather around specific colourways within a single portfolio. While the series as a whole has benefited from sustained demand, these three prints have been especially important in shaping the market’s overall value profile.

Marilyn F. & S. II.23 Sage Blue: Market Growth And Auction Results

The II.23 sage blue colourway delivered a 7.9% CAGR, making it the strongest-performing variant of the decade in growth terms. After the $195 million Shot Sage Blue Marilyn sale in 2022, public trading activity in this colourway increased dramatically. Nine prints traded publicly within the following 12 months, compared with zero in 2021, one in 2020, and three in 2019.

Sotheby’s New York achieved the highest result at £260,000, while Phillips and Christie’s posted consistent improvements across several lots. Even after a correction in 2023, average hammers remained around £130,000, keeping price levels roughly 50% above their pre-2022 averages.

Marilyn F. & S. II.31 Magenta: Trading Volume And Price Strength

II.31, the magenta colourway, has become one of the most frequently traded and consistently strong-performing prints in the portfolio. Between 2016 and 2025, 19 examples appeared at auction, with a 8.1% CAGR.

Most trading activity has been concentrated in the United States and the United Kingdom, with Sotheby’s New York and Phillips New York responsible for the majority of recorded sales. In September 2025, Sotheby’s London achieved the record hammer for this colourway at £300,000. The wider sales history suggests a healthy level of bidding competition, with most works selling within or above their presale estimates.

Marilyn F. & S. II.24 Grey: Resilient Performance In The Warhol Market

The grey II.24 colourway tells a slightly different story, but one that is equally robust. Across 14 public sales during the same 10-year period, this grey-toned variant achieved an average hammer of around £91,400.

Its market activity has been split largely between the US and UK, with Phillips New York, Christie’s London, and Sotheby’s New York leading the way. The highest recorded result came in April 2022 at Phillips New York, where the print realised £230,604 – well above its high estimate of £153,736.

Artist’s Proofs (APs) represented roughly 8% of public sales between 2016-2025, achieving an average hammer of £136,500, compared with £130,000 for main editions. In the context of the Marilyn market, this is an unusual pattern, as Warhol’s proof prints more often command a much stronger premium over regular editioned works.

That said, APs in desirable colourways such as II.31 and II.24 frequently matched or outperformed main-edition examples, with peak prices ranging between £160,000-£168,000.

Across the period, 58% of proofs sold within or above estimate, compared with 53.5% for main editions. That near-parity points to the depth and maturity of the Marilyn market. A Sotheby’s sale in October 2025 reinforced this point: five Marilyn prints, all numbered 222/250, exceeded expectations. Among them, Marilyn (F. & S. II.30) – notable for its ghost image of George Washington – sold for $215,900 USD, almost double its high estimate.

The Marilyn Monroe portfolio continues to stand apart within Warhol’s wider print market because it brings together cultural significance, instantly recognisable imagery, and a long record of public market activity. The data from 2016 to 2025 shows not only substantial value growth, but also a market that has proved capable of sustaining stronger price levels even after periods of heightened demand.

For collectors, the portfolio’s strength lies in both its art historical standing and its internal complexity. Complete sets have shown notable appreciation, while individual colourways have developed distinct market identities of their own. That combination of recognisability, liquidity, and nuance is a large part of what keeps the series so relevant to buyers and sellers alike.

All prices referenced in this report reflect public auction results, inclusive of buyer’s fees, and are presented in GBP and USD unless otherwise stated. Performance calculations are based on hammer prices, which are also used in the accompanying graphs unless noted otherwise.

This analysis draws on data from MyArtBroker’s proprietary print market database, which tracks auction results from over 400 auction houses worldwide. It is intended as a research tool, offering data-led insights to support more informed decision-making around buying and selling in the art market.

Please note that while every effort has been made to ensure accuracy, this report does not constitute financial advice, and MyArtBroker is not liable for any investment decisions made based on its contents.

The analysis in this report includes auction histories for Marilyn (F. & S. II.21) which, while sitting outside of the main edition of 10 prints, was created as part of Warhol’s 1967 Marilyn series.