We’ll know a little bit more about the Warhol market in a few days once all of the selling is over but early indications are that the lower end of the market is drawing in enthusiastic new participants as the upper end shifts to specific and specialized finds. Unfortunately, the new buyers don’t seem willing to pay top prices as the first Warhol sale barely made the low estimate (and probably fell short when the buyer’s premium is subtracted.)

Artinfo’s Rachel Corbett covered Monday’s sale at Christie’s of works from the Warhol Foundation and discovered some of the top lots went without buyers as the cheaper works found eager bidders:

When a couple at yesterday’s Andy Warholauction at Christie’s won the top bid for a silkscreen collage from the 1980s, the woman squealed to her husband, “Oh my god, we got it?!” He nodded, kissed her, and said, “Let’s go look at it!” […]

“It was the ultimate mashup of Warhol fans,” said advisor Warren Winegar. “There were some former groupies that wanted to try to capture an original piece of the action, and there were serious collectors, and a lot of other people who knew about the Warhol mystique and wanted to get something.” […]

“They were kind of surprised,” said Joel Wachs, executive director of the Warhol Foundation. “There were many, many new people buying and signing up to bid online.”

New Buyers, Low Prices Powered Christie’s $17-Million Warhol Foundation Blowout (Artinfo)