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Warhol art fails to sell at Christie’s

mjPieces of art by Jean-Michel Basquiat and Andy Warhol have not sold despite high hopes at a contemporary art auction that took place in New York.

However, although they did not sell, the rest of the pieces at the Christie’s sale added up to a total of about £45m which the auctioneers declared were closer to the sale totals of auctions before the recession hit.

The auction house felt that the Warhol and Basquiat pieces did not sell due to the fact they only had an appeal for collectors of the artists. The pieces were expected to have sold for about £4.5m and £7.1m respectively.

At the same time that the two collectors’ pieces did not amass any bids, other pieces by artists such as Jasper Johns and Jeff Koons sold past expectations. In fact, some items sold double what was estimated although estimates were low to encourage bidders to show.

One Warhol piece that did perform well at the auction was a £485,000 portrait of Michael Jackson. The last owner of the Jackson painting was said to have purchased it from the New York Jackson foundation.


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