Warhol Painting Sells For More Than $100 Million
Andy Warhol's painting "Silver Car Crash" sold for $105 million beating his highest previous sale by more than $30 million.
Andy Warhol just set a personal best.
In New York Wednesday, his famous "Silver Car Crash" painting sold for $105 million.
"It is as if you suddenly lose consciousness and all you see is blank whiteness." (Via Sotheby's)
Warhol painted it in 1963 at age 35, and it's huge — 7-and-a-half feet by 12 feet — the last one of its size owned privately.
Sotheby's brought in almost $400 million in total at the auction, the highest in its history. Also sold at the event were precious stones, wine and watches.
The high-priced auction comes on the heels of the all-time record set just two days ago when Francis Bacon's "Three Studies of Lucian Freud" sold more than $140 million.
An industry expert on CNBC points out the art market is red hot.
"There's a significant appreciation taking place not just in the Warhol market but in the whole contemporary art market. More and more people are buying art at the high end."
He says some of the reasons for the high prices are there's more liquidity, excellent appreciation and a dwindling supply of rare work. Earlier in the week, Christie's auction house held an event that brought in $691.5 million; the highest of any single auction ever.
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