Auction Watch: Andy Warhol's Cowboys and Indians Break Records
Cowboys and Indians © Andy Warhol 1986
Joe Syer, Co-Founder & Specialist Headjoe@myartbroker.com
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Phillips concluded its traditional two-part Editions & Works on Paper sale from October 22 to 24. The auction featured a total of 404 lots across one evening and two-day sales, achieving notable success with a hammer total of $5.4 million–11% above the presale low estimate–and an impressive 89% sell-through rate.
Phillips' Editions and Works on Paper October sale features 404 lots, divided into three parts: the Evening Sale on October 22 and the Day Sales on October 23 and 24 (split into two sessions). Our methodology focuses on analysing data from the evening sale, covering lots 1-104. While this selection might create a skew in the data, we believe these high-value lots offer a comprehensive view of market trends, being the sale’s main event. We categorise the artistic genres as follows: Modern Art (artists born 1860-1920), Post-War Art (1920-1945), and Contemporary Art (born after 1945).
Phillips Editions and Works on Paper Sale, October 2024 © MyArtBroker American Pop Makes Up 74% of Phillips Evening Editions By Sales Value
The top-tier prints are typically showcased during the October sales, offering a snapshot of where appetite lies for blue chip prints in the second half of the art market calendar. Phillips evening portion of the sale showcased the highest valued lots, featuring a curated selection of works spanning genres from Modern to Contemporary art. Analysing the results of the evening portion only, there was minimal variation in the performance ratio between Modern, Contemporary, and Post-War artists. However, Modern artists like Pablo Picasso, Marc Chagall, Joan Miró, and Henry Moore, whose works are associated with the prestigious name of 20th-century masters, contributed to 10% of the total sales value, slightly outperforming Contemporary and Post-War names by 2%. Notably, American Pop artists dominated the evening portion of the sale, with 50 out of 105 lots offered coming from this category. Despite seven unsold pieces, American Pop Art still made up 74% of the evening’s sales value, underscoring the current market demand and continued narrative for this genre.
Phillips Editions and Works on Paper Sale, October 2024 © MyArtBroker Warhol and Lichtenstein Lead With Highest Valued Works
Market trends in this year’s sale demonstrated a continued strong appetite for Andy Warhol’s trial proofs and complete sets, which secured the highest sales, including a standout rare-to-market complete set. To grasp just how lucrative these works are in the market, refer to our latest Andy Warhol Market Report. Several of Roy Lichtenstein’s prints made appearance, rare works and also a couple second appearances this year, surpassing previous auction results. New market trends for Keith Haring were observed and despite a few records being broken by various artists, most lots sold slightly below existing high marks. Male artists largely dominated the sale, with only five of the 105 lots attributed to female artists, Joan Mitchell and Yayoi Kusama.
Andy Warhol Sets New Auction Records
The star performer of the sale was Warhol, reflecting the ongoing strength of his market. In the first half of the year, we saw a continued interest in trial proofs from a new trending series, Details of Renaissance Paintings. In this sale, the complete set of Warhol's Cowboys and Indians series was the featured work. This ten-piece collection hadn't been offered as a full set since 2022, and it met commendable expectations, achieving $825,500 (£636,419) with fees, making it the star lot of the auction.
Also from Cowboys and Indians, and the most exciting moment in the bidding room, was Warhol’s Sitting Bull (F. & S. II.137). Rarely seen on the market, with its last appearance in 2021, this work was modestly estimated at $50,000 but significantly outperformed expectations, achieving nearly four times that figure with a final price of $190,500 (£147,044) including fees, surpassing the previous record of £37,800 (GBP).
Making its first appearance since 2024, Warhol’s Moonwalk Suite returned to auction. Last year, beginning with the September print sales, this set appeared three times, breaking its value with each consecutive sale. Following the trend and demonstrating the ongoing demand for Warhol’s culturally iconic works, this set achieved a new record, selling for $762,000 (£588,178) with fees.
Other strong performances from Warhol included Black Rhinoceros, a regular edition that slightly surpassed its previous auction record by achieving $177,800 (£137,075), exceeding the $150,000 high estimate. Also, a lesser known print in Warhol’s oeuvre, Hammer and Sickle (F. & S. II.163) also set a new auction record, realising $22,860 (£17,623) with fees, outperforming its previous record of £14,368 (GBP) set in March 2023.
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Strong Performance of Formative and Late Prints by Roy Lichtenstein
Lichtenstein also performed strongly in this auction, particularly with works featuring his iconic female muse. His Nudes series has dominated sales in 2023, though they have been rarer this year. Two Nudes appeared for the second time in 2024 (first in March) and performed well, achieving $292,000 (£225,085) with fees, exceeding the $250,000 high estimate and coming close to its 2023 record. Reflections on Girl, from the Reflections Series, achieved $203,200 (£156,847) with fees. A rare 1960s print, Sunrise, made only its third auction appearance, achieving $25,400 (£19,605) against a $12,000 high estimate, marking an excellent result. The last time this work appeared at auction was in 2016, when presale estimates were notably higher. This variation in estimates reflects how demand for specific works shifts in response to changing cultural tastes.
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Keith Haring Shows New Market Trends
New York street art icon Haring achieved notable results, revealing new trends in his market. This year has seen a shift, partly due to the volume of works entering the market, with less emphasis on Pop Shop and Growing collections, which previously dominated. In Phillips’ June Editions sale, a rare Dog trial proof stood out, and in this latest sale, a regular monochrome Dog edition became the top-performing Haring piece, achieving $101,600 (£78,306) with fees, surpassing its $90,000 high estimate. Also a semi-rare appearance, Fertility 2, part of Haring's first screenprint collection and one of his early explorations with bold, vibrant colours, achieved $69,850 (£53,968) with fees. Both these works performed well, above expectations, but fell just short of setting a new record.
The Blueprint Drawings, however, did manage to set a new auction record, reaching $38,100 (£29,365), surpassing its previous high of £26,375 (GBP) set in September 2015, showing strength for works in Haring’s broader print market.
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Emerging Post-War Print Markets
Post-War artists Gerhard Richter and Frank Stella also delivered notable results. Although Richter's presence in print sales often flies under the radar, his works are gaining momentum, with Eis 2 (Ice 2) selling for $76,200 (£58,875) with fees, surpassing its high estimate and nearing its record value. Similarly, Stella's works, spanning both early and more recent prints, exceeded estimates. Despite their print market being somewhat overlooked, like the American Pop contemporaries, Richter’s and Stella’s print portfolio is extensive and offers lucrative opportunities. For deeper insights into their print markets, explore our Gerhard Richter and Frank Stella buyer's guides.
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Joe Syer, Co-Founder & Specialist Headjoe@myartbroker.com
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an artwork?
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