Thu, November 11, 2010
If you want a piece of Warhol, it's going to cost you.
Sotheby's in New York banged the gavel at a whopping $35.36 million U.S. dollars for this Andy Warhol Coke bottle painting.
The black-and-white canvas was part of the art house's auction of contemporary and post-war works.
The sale of 54 pieces, 91 percent of which found buyers, totaled over $222 million dollars. That's 8 million dollars more than the pre-sale estimate.
Sotheby's auctioneer Tobias Meyer said the sale points to a significant recovery in the art world.
(SOUNDBITE) Tobias Meyer, Sotheby's worldwide head if contemporary art and auctioneer, saying (English):
"In this new market it was a huge success and the sale by rate and the way that individual lots performed within the estimate, it was a triumph."
It was the fourth successful auction in two weeks of critical sales for Sotheby's.
New collectors whose profits stem from the oil, gas and gold markets were mostly responsible for the surge in sales.
(SOUNDBITE) Tobias Meyer, Sotheby's worldwide head if contemporary art and auctioneer, saying (English):
"Most of the bidding was from very, very smart collectors who are from a global community. So, what you saw is also people moving into this market from an Impressionist market. So, somebody that buys a great Modigliani or a great Picasso or a great ... modern artist is now moving towards Richter, moving towards Bacon, moving towards Warhol, so it becomes one market."
The auctions will conclude on Wednesday with art house rival Christie's contemporary and post-war sale, which is expected to be the season's biggest.
