Andy Warhol Market Watch 2023

Discover Warhol's dominant presence in the 2023 art market in The Art Investment Report. Explore the most investable prints from Warhol's trending series on the MAB100 Print Market Index.

The Warhol Market Recap 2023

In 2023, Andy Warhol’s print market performance was nothing short of remarkable. He began the year on a high note in Q1, with a significant 54% growth in total sales at the end of Q2. Although Q3 saw a contraction due to summer sales, Q4 came back strongly, achieving total sales exceeding £10.3 million (hammer) in prints across 143 sales. Warhol consistently delivered exceptional results throughout 2023. His print market generated a total of £33 million in sales at the hammer and £41 million including fees, spanning across a total of 517 sales. The sustained popularity of Warhol’s works is evident when examining the quarterly Average Sale Price (ASP). The highest quarterly ASP was achieved in Q1, reaching nearly £74,000 across 99 sales. Remarkably, Q4, traditionally known as the strongest quarter for artists’ markets, yielded an almost equivalent ASP of £72,000 across a significantly larger volume of works, totalling 143. This demonstrates a rising price trend for his works alongside a higher volume of output.

Evaluating Warhol’s 2023 performance proves to be an intriguing task, considering his consistent and significant presence throughout the year. Within his dynamic market, we can identify three notable trends: Celebrities, Trial Proofs, and Complete Sets.

Celebrities

Throughout 2023, Rolling Stones frontman and legend, Mick Jagger,
traded the rock n’ roll stage for the art auction stage with Warhol’s Jagger prints, a series of 10 created in 1975. In total, 22 prints from this series successfully sold resulting in a sum of £2.2 million. Auction records were established for Mick Jagger (F. & S. II.138), which fetched an impressive £110,500 at Roseberry’s in Q2, and Mick Jagger (F. & S. II.143), which achieved $215,900 (USD), the highest selling price for this print in 2023.

Hollywood glamour icon Marilyn Monroe overshadowed Jagger’s presence with her timeless allure, as evidenced by 22 sales that amassed a total of £2.7 million for Warhol’s iconic Marilyn portraits created in 1967. New auction records were established for various Marilyn pieces, such as Marilyn (F. & S. II.29), which achieved £157,500 in January during Q1 at Phillips, and Marilyn (F. & S. II.27), sold for £127,000, also at Phillips in June during Q2. Furthermore, Marilyn (F. & S. II.26) set a new record in September during Q3, realising £138,600 and in October during Q4, Marilyn (F. & S. II.28) achieved £201,600.

The royal legacy of the late monarch, Queen Elizabeth II, also set new auction records. Queen Elizabeth II (F. & S. II.335) (1985) fetched $327,600 (USD), while the Royal Edition, Queen Elizabeth II (Royal Edition) (F. & S. II.334A) (1985), reached £378,000 during Q3 September sales.

A rare and remarkable appearance was witnessed from Warhol’s representation of the legendary American boxer and activist, Muhammad Ali, bringing the boxer’s innate competitiveness to the forefront of the auction stage. Muhammad Ali (F. & S. II.179) (1978) set a new record by achieving $165,100 (USD) at Phillips New York. This achievement nearly doubled the previous record that had been set in 2022.

Trial Proofs

Trial Proofs (TPs) have emerged as a prominent force in the world of art sales, particularly in the context of Warhol’s work. In H1 2023, TPs delivered noteworthy outcomes, with more than 20+ entering the market in Q2, totalling over £750,000 (hammer) in sales. Their desirability remained strong into H2 2023, with rare-to-the-market works from various series consistently achieving record-breaking results.

Moonwalk (TP) (1987) ranked in Warhol’s top 10 print sales of H1 2023, selling for $262,600 (USD). In April, Black Rhinoceros (TP) (1983) from Endangered Species sold for $252,000 (USD) at Christie’s. TPs from Warhol’s Ads and Myths series set various new records in H2 2023. From Myths, Superman (TP) (1981) with a rare yellow backdrop, exemplified his legendary status in September - setting a new record at £317,500. In October, another rare TP depicting the superhero flying over a light blue background emerged at Sotheby’s London October marquee sales, achieving £508,000, a 1.6-fold increase in sales value from the previous yellow colourway.

Various records were also set in the October print sales for TPs. Rebel Without a Cause (James Dean) (TP) (1985) fetched $222,250 (USD) at Phillips New York, while Mobilgas (TP) (1985) left its mark at Sotheby’s, selling for £158,750. From the Cowboys and Indians series, Buffalo Nickel (F. & S. II.374) (TP) (1986) achieved $277,200 (USD) at Christie’s New York.

Complete Sets

Finally, it’s worth noting the resounding success of Warhol’s complete sets in 2023, with growing demand for complete sets with matching edition numbers. A prime example of this trend’s strength was evident in the sale of Warhol’s complete set of Flowers (1970) sold at Christie’s, where it achieved a remarkable price of $2.3 million (USD) in April. Moonwalk Suite (1987) broke its record twice in two consecutive sales, first at Sotheby’s and then again at Christie’s New York, ultimately achieving a record high of $693,000 (USD) in October. In the November New York sales, complete sets continued to trend, with a highly anticipated set of Endangered Species (1983) selling for $3.4 million (USD) at Christie’s Day Sale, showcasing the series’ resurgence and bolstering Warhol’s market presence, even amidst the 2023 economic backdrop.

Examining Warhol's best-selling pieces reveals a notable trend: complete sets are in high demand. These sets feature celebrity portraits or reproductions of everyday consumer items, embodying Warhol's artistic brand and shaping his unyielding influence and legacy in the art world.