Warhol Foundation to Sell Off Its Entire Collection Through Christie's

The Warhol Foundation is partnering with auction house Christie’s to release a considerable amount of Andy Warhol‘s artwork starting later this year. Falling on the 25th anniversary of the Andy Warhol Foundation for Visual Arts, the move is simply to help the philanthropic initiative carry on in the promotion of art. The decision came on the back of growing art cuts. The sale’s ultimate goal is to grow the foundation’s endowment fund by $100 million USD from its existing $225 million USD mark. With this, annual grants will then be increased to anywhere between $18 and $20 million USD from its current offering of $13 million USD. While the artwork itself will be far from affordable for the common person, suggested pricetags between $10,000 USD to well over one million USD will at least offer a greater range for buyers with lower budgets. Speculation has already begun regarding what effects the roll-out of these artworks will have on the valuations within the current Warhol market. The auctions will take place starting November 12 with live auctions, while February 2013 will see the debut of online sales.

Source: Artinfo