Kelly Crow totes up the Warhols on offer and comes up with a number that could be surprisingly low when its all said and done:
Andy Warhol also appears unstoppable: The two houses will offer 19 examples by the Pop master valued at an estimated $265 million combined in their evening sales alone.
By our math, the number is a bit higher. Sotheby’s has nine Warhols in the Evening sale for a high estimate of $86.5m or thereabouts. Christie’s has 11 Warhols in its Evening sale. But the numbers are shockingly higher. First there’s the two works being sold by a German casino that are estimated conservatively at $60m each. Earlier announcements from the firm had the two making $150m. With the other nine works at Christie’s, the high estimate would make $228.5m give or take a few mil. Throw in three Warhols at Phillips’s Evening sale and there’s a high estimate of $319m on the artist.
The day sales have an additional 51 works. Christie’s alone is looking at $14+m for their day Warhols. Put it all together and we get a potential $333m on the high side.
Say there’s market fatigue. Too many Warhols coming to market at once puts off some of the buyers. To give you a little perspective, we’ve had these kinds of Warhol orgies before. In May of 2011, all three auction houses sold 54 Warhols for a total of $179m. Eighteen months later, it was 65 Warhols making $200.8m.