Andy Warhol’s ‘Marilyn’ sells for $195 million, setting record for American art

A woman takes a photo of Andy Warhol’s ‘Shot Sage Blue Marilyn’ during Christie’s 20th and 21st Century Art press preview at Christie’s New York on April 29, 2022 in New York City. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

The most expensive work of American art ever sold was Warhol's portrait of Marilyn Monroe.

The price suggests that the art market is largely holding up to the pressures of falling stocks and rising interest rates. Christie's and Sotheby's plan to sell more than $2 billion worth of art in the next two weeks, and the historic price forMarilyn could boost the confidence of wealthy buyers for other works.

While slightly below the $200 million estimate, and well below the $250 million to $300 million whisper prices many dealers had been hoping for, the sale is still seen as a vote of confidence for art as a long-term store of value. The buyer wasn't identified.

Andrew Fabricant, the chief operating officer of Gagosian galleries and a top dealer to the wealthy, said that quality and scarcity are always going to push the market forward.

Two years after Marilyn Monroe's death, Warhol painted five different versions of the Marilyn. The portraits were some of Warhol's most famous and recognizable images. An orange version was sold to a hedge fund billionaire.

It is the Mount Everest of its era, according to Fabricant. Warhol was becoming an icon. Two icons are at their height.

The portraits were based on a promotional photo of Monroe from the film and became even more famous when a woman walked into Warhol's studio and shot herself. The painting escaped damage and was repaired. The shooting made them part of their titles.

The version sold Monday was owned by the Ammanns, a Swiss art dealer family. The money will go to charity. The funds will be used to support health and education programs for children.

It is the second-most expensive work of art ever sold at auction, behind Leonardo da Vinci's "Salvator Mundi", which sold at Christie's.

Unlike most hyper-priced works sold at auction,Marilyn was not sold with a guarantee, which is a minimum price at which a third party or the auction house agrees to purchase the work. The sellers wanted to maximize the charitable proceeds, and guarantees typically require sellers to give up some of the price upside above the guaranteed amount.

This was a once-in-a-generation chance, according to Fabricant.