Andy Warhol’s portrait of Marilyn Monroe sells for $195 mn creating a new world record

Even sixty years after her death, Marilyn Monroe continues to rule the hearts and minds of Americans. From Kim Kardashian wearing an iconic Marilyn dress to the MetGala to her iconic portrait breaking all records at auction on Monday, there is no stopping Marilyn Monroe. 

Andy Warhol’s 1964 portrait of Marilyn -- called ‘Shot Sage Blue Marilyn’ -- which is a 40-inch artwork that Warhol painted two years after Monroe’s death, sold for a record-breaking $195 million on Monday at Christie’s New York auction. The work, based on a promotional photograph from the 1953-film, Niagra, is part of a set of four portraits, each with a different background. 

“Tonight was a historic night for Christie’s and for the entire contemporary art market. The record-breaking sale of Warhol’s iconic portrait of Marilyn from the Collection of Thomas and Doris Ammann is a testament to the strength, the vibrancy, and the overall excitement of the art market today. This sale demonstrates the pervasive power of Andy Warhol as well as the lasting legacy that he continues to leave behind in the art world, popular culture, and society,” said Alex Rotter, Christie’s Chairman of 20th and 21st Century Art, in a statement. 

The sale broke the record for being the most expensive piece of 20th century artwork sold at auction held by Pablo Picasso's "Les Femmes d'Alger (Version O)" which sold for $179.4 million in 2015. It also broke the record for the most expensive Andy Warhol painting that last sold for $105.4 million in 2013. 

Part of the collection of Swedish art collectors Thomas and Doris Ammann, the proceeds will go to charities providing medical and educational services to children. The entire collection featured 36 lots and totaled $317.8 million.  

The sale was 98 per cent sold by value, demonstrating strong demand from collectors and confidence in the market. The sale attracted participation from bidders in 29 countries, with 68 per cent of lots selling above the high estimate. Additional highlights from the sale include record prices for six artists. Francesco Clemente’s The Fourteen Stations, No. XI, sold for three times the previous record at $1.8 million, with bids coming from at least nine bidders. Ann Craven’s I Wasn’t Sorry, 2003 achieved eight times the previous record, fetching $478,800, with competition from 15 bidders. 

The other records were: Mike Bidlo (three times the previous record), Mary Heilmann, Martin Disler, and Ross Bleckner. After Warhol’s Marilyn, the top lots were Cy Twombly’s Untitled, which achieved $21 million; Robert Ryman’s Untitled, which sold for $20.1 million; and Cy Twombly’s Venere Sopra Gaeta, at $16.9 million. 

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