While estimates before the event had the artwork priced at $200 million, this auction has set new records for 20th century American art. It is the most expensive piece of American artwork ever sold at an auction. It is also the second priciest auctioned piece of art, after Leonardo da Vinci’s “Salvator Mundi” sold for $450 million in 2017.
The sale of the iconic silk-screen portrait was encouraging for many art dealers. Andrew Fabricant, COO of Gagosian Gallery and a top art dealer, explained: “This shows that quality and scarcity are always going to push the market forward. It will give a bump psychologically to everyone’s thinking.”
The artwork, entitled Shot Sage Blue Marilyn, was painted by Warhol two years after Monroe’s death in 1964. It is one in a series of five versions of the portrait, each featuring a different color scheme. After a woman entered Warhol’s studio and fired gunshots at a stack of the paintings, the portraits inherited their titles.
Since the 1980s, Shot Sage Blue Marilyn had been owned by a Swiss art dealer. Proceeds of this memorable sale will go to charity in support of education and health programming for children.