Spike in Warhol painting sales proves resilience and relevance

Andy Warhol was, is and forever will be an art icon and cultural phenomenon. In 2008, his 12-foot painting, “Eight Elvises”, sold for over $100m. This was a new benchmark for Warhol, as only  four previous artists -Pablo Picasso, Jackson Pollock, Willem De Kooning and Gustav Klimt- had reached the $100m milestone.

The “bellwether”, as a recent article in the Economist called him, has seen a tremendous spike in sales at auction in the 21st Century. In 1989, Warhol paintings banked just under $50m at auctions, as compared to $428m in 2007. This astronomical increase can only be attributed to Warhol’s relevance in today’s culture. We’re still pop-obsessed, we still swoon over Marylin, Elvis and Jackie and Warhol’s name remains synonymous with “hip” and “cool”.

In his lifetime, Warhold was an enigma. He lashed out at pop culture, yet became a pop icon himself. He lived like a stereotypical member of the non-conformist art community, yet ran his art studio -”The Factory”- like a Ford automobile plant, cranking out over 10,000 works from 1961 – 1987.

Perhaps Andy Warhol’s most enduring mark is his art’s ability to cross generational boundaries, and remain culturally relevant. From the MOMA, to IKEA to CB2 (an offshoot of Crate & Barrel), the artists work is commercially farmed out to drones of wanna-be art collectors, out to show their appreciation for “art” by displaying a “Warhol” in their home or apartment.