A Guide to Andy Warhol's Edition Proof Prints
Karen Kain (F. & S. IIB. 236) © Andy Warhol 1980
Andy Warhol
474 works
Andy Warhol's editioned proof prints - Artist's Proofs (APs), Trial Proofs (TPs), Printer's Proofs (PPs), and Hors d'Commerce (HCs) - occupy a pivotal role in the King of Pop's oeuvre. These proof prints, integral to Warhol's prolific output, underscore the artist's ceaseless experimentation with colour and form. Each type of proof is marked by its rarity and unique characteristics, speaking to Warhol's enduring significance in the modern art canon.
Andy Warhol: The Colourist
Warhol has earned numerous titles and accolades throughout his career: MyArtBroker has dubbed him the King of Pop; Madonna likened him to Leonardo da Vinci; Larry Gagosian hailed him as the Most Influential American Artist, and Fran Lebowitz called him the Centre of the Universe. These recognitions underscore the widespread admiration for Warhol. Yet, beyond his celebrated artistic genius, his exceptional skills as a colourist and his ability to transform prints and multiples into distinct works of art, despite their shared medium, are less commonly acknowledged.
While Warhol is celebrated for his iconic subject matter and the charismatic essence imbued in his works, his exceptional talent as a colourist often remains underappreciated. Each portrait he created is characterised by vibrant hues meticulously selected to convey the emotions of the subject and emphasise the impact of the depicted themes. Every colour choice is deliberate, contributing to the overall narrative of the artwork.
Warhol’s Editioned Proof Prints
Warhol remains a focal point of interest for both art enthusiasts and the broader art market, with his consistent YoY auction success. As specialists in the prints and multiples segment, we've observed particularly strong market performance in Warhol's editioned proof prints.
In the prints and multiples market, editioned prints are limited in number and each print is numbered to signify its place within the edition. These editions can range from as few as 10 to over 100 prints, enhancing their value and authenticity. Additionally, there are editioned proof prints that fall outside the main edition. These proofs, such as Hors de Commerce, Exhibition Proofs, and others are intended for specific purposes like exhibitions, while Trial Proofs and Printer Proofs often showcase experimental colour variations. Given their rarity, these editioned proof prints are gaining traction in the market, offering collectors the chance to own unique variations of an artist's work.
Print Glossary
- Trial Proofs (TP): These test prints allow artists to experiment with variations and adjustments before finalising the edition. They often feature unique colours, making them stand out as individual works.
- Artist Proofs (AP): Considered separate from the main edition, these proofs are used by artists to assess the quality and make necessary adjustments prior to finalisation.
- Hors de Commerce (HC): Translating to “Outside of Trade” in French, HC prints are typically reserved for the artist or publisher. They may be used for gifting, promotional purposes, or archival preservation.
- Printer's Proof (PP): Retained by the printer or publisher, these proofs resemble regular edition prints and serve as reference copies.
- Exhibition Proof (EP): Created as promotional prints, these proofs are intended for display in galleries, museums, or other exhibition settings.
Andy Warhol Editioned Proof Print Market Performance, 2015 - 2024
Andy Warhol Print Market: TP, AP, HC, PP, EP, 2015 - 2024 © MyArtBroker Andy Warhol Total Sales: Market Fluctuations and Rebounds
The chart above analyses the overall performance of Warhol's print market, focusing on special edition proofs (TP, AP, PP, HC, EP) and excludes data from main editions, complete sets, and other miscellaneous proof sales.
Fluctuations in totals sales reveal that In 2019, the market for these proofs experienced a peak in both sales volume and turnover, with 76 works sold amounting to £3 million in turnover. The following years, 2020 and 2021, saw consecutive declines in both figures compared to 2019.
In 2022, the market for various proof prints experienced a significant rebound, achieving the initial highest sales turnover of the 10-year period at £5.1 million across 74 works sold. This surge in sales highlighted the increased value of these prints, resulting in an ASP exceeding £69,000–an 82% increase from the previous year for these special proof categories. The momentum carried into 2023, with both sales volume and sales value continuing to rise, showing a 53% and 23% increase, respectively, from the previous year.
Most recently, in 2023, the art market experienced a contraction in its upper echelons–a trend that has continued into 2024. Despite this, the mid-tier and lower-end segments have shown relative stability. Sales volume persists, with increasing demand for TPs and unique coloured prints. These editioned works offer a more accessible alternative to original pieces, making them appealing in a current market characterised by high interest rates and challenging economic conditions. This shift in buyer behaviour is likely contributing to the success of Warhol's special editioned works within the market.
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Andy Warhol Trial Proof Market Performance, 2015 - 2024
Andy Warhol Trail Proof Market Performance, 2015 - 2024 © MyArtBroker Trial Proofs: Yearly Success & Collectible Value
A closer examination of Warhol's editioned proof print categories highlights the strong performance of TPs specifically. While the market for these prints contracted between 2019 and 2021, largely due to a significant reduction in the number of works entering the market–sales volume halved compared to 2019–the lower sales value followed suit. However, in 2022, the market for TPs rebounded, achieving sales comparable to 2018 and 2019, with a total of £1.3 million. This resurgence, despite a lower sales volume of only 16 works, indicates a rising value, with the ASP doubling to £83,600 in 2022. Among Warhol’s top print sales in 2023, MoonWalk (TP) (1987) notably secured a place among his top ten-selling prints for the year.
Andy Warhol Editioned Proof ASP, 2015 - 2024
Andy Warhol Average Selling Price: TP, AP, HC, PP, EP, 2015 - 2024 © MyArtBroker Printer's Proof Sales Turnover and Market Potential
The chart above analyses the ASP of Warhol's print market, focusing on special edition proofs (TP, AP, PP, HC, EP) and excludes data from main editions, complete sets, and other miscellaneous proof sales.
Warhol's Printer's Proofs (PPs), along with TPs, also demonstrated strong YoY performances, with overall increases in value across the 10-year period. 2022 marked a peak for PPs with a total sales turnover of £702,000 from just 12 lots, resulting in an ASP of £58,500. PPs are typically produced in the same colourway as the final edition, but they are considered experimental proofs made before the full production of the final edition. Due to their limited quantities and rarity in the market, there's potential for continued strong demand if more of these proofs circulate.
At MyArtBroker, we offer exclusive access to a vast collection of Warhol prints and editions. Our user-friendly online Trading Floor allows for seamless buying and selling of artwork, providing flexibility and convenience. Our team of experts offers deep insights into Warhol's print market, ensuring you receive specialized expertise tailored to your needs.
Looking to Buy or Sell Your Andy Warhol Prints?
Request a free and zero-obligation valuation with our team without hesitation. Track your Warhol prints & editions with MyPortfolio.
Data-Led Art Investment
Our value index blends public auction data and private sales data from our collectors network. Our market value index uses artwork & artist data and a Repeat-Sales Regression (RSR) approach. Using the sale price of individual prints to estimate the fluctuations in the value of an average representative print over a unique period of time.
Our algorithm tracks over 48,500 auction histories & our own private sales data across 3,500 artworks spanning 30 years, including signed, unsigned, APs, PPs, TPs and sets of prints & editions.
We use several metrics when comparing artists:
- Market Size: the total value in sales in £GBP over a given period.
- Transaction Volume: the total number of sales over a given period
- Average Sales Price (ASP): the average price of a sale over a given period.
- Compounded Annual Growth Rate (CAGR): a measurement used to smoothen the annual growth rate over a given period.
- Year-on-Year (YoY): a direct comparison between the latest year and the previous year.
Andy Warhol
474 works
