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Sotheby’s Does Warhol’s Coke

from LINDSAY POLLOCK’s Art Market Views

Bloomberg – Warhol Tops New York Art Sales for Second Day With $35 Million Coke Bottle

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Bloomberg story here.

Andy Warhol’s painting of a Coca- Cola bottle sold for $35.4 million at Sotheby’s yesterday, making the artist the star of New York’s contemporary art auctions for two nights running as the market recovers slowly from a slump.

While eight bidders vied for the 7-foot-tall Warhol, they failed to reproduce the drama at rival Phillips de Pury & Co. a day earlier, when another 1962 Warhol, of actress Elizabeth Taylor, sold for $63 million.

“It was not frothy,” said dealer Harry Blain after the $222.5 million sale, the largest in the category since May 2008. “It was good, solid, considered buying, nothing outlandish.”

Author James Frey, fashion designer Valentino Garavani and Michael Dell’s money manager, Glenn Fuhrman, were at the front of the saleroom as 91 percent of the 54 lots found buyers. Five artist auction records were set, including Julie Mehretu and Larry Rivers, helping the total rise just above the $214.5 million presale high estimate, which does not include commissions.

[ click to continue reading at LindsayPollock.com ]

Posted on November 11, 2010 by Editor

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