I know we are little late to the table with this news, but if you haven’t already seen it, dealer Edward Winkleman discusses the Andy Warhol painting Green Car Crash that sold for 71.4 million last week at Christies on CNBC. It’s hard not to find Winkleman’s commentary compelling as he is incredibly articulate, though I have to say that unlike him I don’t think that the 71 million dollar Warhol painting is a good price. As was stated several times during the interview, a work is worth whatever a buyer is willing to pay for it, but these really aren’t the answers people are looking for when they ask whether a painting is “worth” it. All we really want to know is whether the painting will maintain or increase in value. In short, my answer to this is no, though I don’t have more insight than anyone else on when these prices will level/drop off. Warhol was expensive last year, and the year before that, and the year before that. In fact, it was only three years ago that I worked at a blue chip gallery that got out of the Warhol market due to the belief that the work was over valued, so I can tell you I’m not the only one in the city who thinks these prices aren’t sustainable. If the business practice of at least a couple galleries in this city reflects this thought, my advice to buyers can only be to proceed with caution.
Update: See Edward Winkleman’s response here.