NEW YORK, NY — The art market may still be suffering, but a successful contemporary art auction on Wednesday night indicates a rebound is on the horizon. A surprise bidding war between five potential buyers broke out when Sotheby's brought Andy Warhol's 200 One Dollar Bills (1962) up to the auction block.
The 7 1/2-foot wide silkscreen painting of 200 life-size dollar bills in black, white and gray tones, sold for $43.76 million - more than three times its $12 million estimate. The painting sold to an undisclosed phone bidder, who paid the second-highest price at auction for a work by the Pop artist.
"Bidding was very deep tonight," said Tobias Meyer, Sotheby's contemporary art director. "The desire to have great things will make [collectors] step up and pay more than $40 million."
The late Warhol's artwork is certainly enjoying 15 minutes of fame this week. On Tuesday evening, another Warhol silkscreen, a portrait of Michael Jackson, also beat estimates; it sold for $812,500 at a Christie's auction.
=================Read More - Warhol Fetches $43.7 Million at Auction | New York Times
[Photo: Andy Warhol. Two Hundred One Dollar Bills, 1962.]