A Guide to Andy Warhol's Edition Proof Prints

What unites them is scarcity. These are works produced in far smaller quantities than main editions, often featuring unique colourways or experimental variations that make them functionally one-of-a-kind within a given series.

Since 2017, Warhol's proof market has generated over £32.8 million across 668 lots – with Trial Proofs alone accounting for £14.3 million from 233 transactions. This is not a niche corner of the market. It is an active, liquid, and increasingly competitive segment that rewards collectors who understand the distinctions between proof types and the premiums they carry.

Andy Warhol Proof Types Explained

Understanding the hierarchy of Warhol's proof prints is essential for assessing value. Each type serves a specific purpose in the production process, and that purpose directly influences rarity, desirability, and price.

Trial Proof (TP): Test prints produced during the development of an edition, allowing the artist and printer to experiment with colour variations, ink density, and registration before finalising the approved version. Because each TP may feature a unique colourway not found in the main edition, they function as individual works rather than duplicates. TPs are often the highest-performing proof category in Warhol's market, with an an average value of £61,556 across the ten-year period – approximately 48% higher than APs across the same period.

Bon à Tirer (BAT): French for “good to pull,” the BAT is the single proof approved by the artist as the definitive standard for the edition. Every print in the main run is measured against this work. Only one BAT exists per edition, making it the rarest designation in any print series. BATs rarely appear at auction and are considered the ultimate reference point for colour and consistency within an edition. Warhol used TPs rather than formal BATs to approve his editions, which means that where a BAT does exist in his output, it carries particular significance.

Artist's Proof (AP): A set of prints reserved for the artist, produced alongside the main edition but numbered separately (typically marked as AP or E.A.). APs are identical in appearance to the main edition and are traditionally retained by the artist for personal use, gifts, or future sale. They typically carry a modest premium over main editions due to their smaller allocation and direct association with the artist.

Printer's Proof (PP): Proofs retained by the printer or publisher as reference copies or compensation for their work on the edition. PPs are produced in the same colourway as the main edition and typically exist in small quantities – often low double digits. Their rarity can exceed that of APs, though they carry less of the direct artist association.

Hors d'Commerce (HC): Translating to “outside of trade,” HC prints are produced for non-commercial purposes – archival preservation, exhibition loans, or gifts. They match the main edition in appearance but sit outside the numbered run. HCs appear infrequently at auction, and when they do, results can be unpredictable: the second-highest Warhol print sale – a Queen Elizabeth II Royal Edition HC – achieved £705,820 (with fees) at Heffel in 2022.

Exhibition Proof (EP): Created specifically for gallery or museum display, EPs are the least common proof type in the secondary market. Only four have transacted across the 10-year period, generating £216,173 in value – too small a sample to draw reliable conclusions, but sufficient to note that they do occasionally surface.

Why Do Trial Proofs Command Higher Prices?

TPs define the upper boundary of Warhol's proof market. Superman TP, from the Myths series, is the highest TP result of record achieving £508,000 (with fees) at Sotheby's London in October 2023. That single result is nearly double the highest-performing AP in the same period.

Three structural factors drive the TP premium:

First, unique colourways. Unlike APs or PPs, which replicate the final edition, TPs feature colour combinations not seen in any other impression. For collectors, this transforms a TP from an edition variant into something closer to a unique work.

Second, extreme scarcity. Main editions of Warhol screenprints typically range from 25 to 250 impressions. TPs typically exist in single or low double digits per image – far fewer than main editions. Across the ten-year period, only 233 TPs have transacted at auction, averaging just 23 per year. .

Third, disproportionate market impact. Because TPs trade in such low volumes, even a small number of strong results can materially shift annual averages. When TPs are present in volume – as in 2023, when 38 lots generated £2.97 million in turnover – the overall proof market posts its strongest years. When they are absent, averages retreat to core levels – a reflection of what is available to transact.

Andy Warhol Trial Proof Records By Series

The table below shows the highest-recorded TP results at public auction over the past ten years.

The Myths series dominates the TP market with two entries in the top five, while Moonwalk has surged in 2025 with three separate TP sales all clearing £239,000. Renaissance Paintings (Birth of Venus) is the only work to have achieved an identical TP result (£195,000) in two separate sales five years apart – a rare example of price stability at the top end of the TP market.

Andy Warhol Proof Print Market Performance: 2017–2026

Warhol's proof market has more than doubled in annual turnover since 2017, rising from £2.2 million across 73 lots to a post-2022 baseline that consistently exceeds £4 million per year.

2020–2021 saw subdued activity – volume dropped to 54 and 49 lots respectively – before a sharp rebound in 2022. Turnover jumped to £5.2 million from 75 lots, with the average value across all proof types rising to £68,977 – the highest annual average and a 65% increase on the prior year.

2023 pushed further. Volume expanded to 112 lots and turnover reached £6.2 million – both records. The average value moderated to £55,483 as increased supply brought a broader range of price points to market, but the total value transacted confirmed that demand was expanding rather than concentrating.

2024 and 2025 have maintained strong activity. 2024 delivered £4.9 million across 81 lots (average value £60,942), while 2025 has already reached £3.9 million from 84 lots with significant sale activity still to come. The market is not contracting – it is normalising around a higher baseline than the pre-2022 period.

2026 is early (10 lots, £600k YTD through April), but the average value of £60,000 sits in line with the post-2022 average, suggesting no deterioration in per-lot values.

Andy Warhol Trial Proof Market: Yearly Trends & Average Value

Warhol TPs have consistently outperformed all other proof types on a per-lot basis. The TP average value has ranged from £39,556 (2017) to £83,980 (2022), with a sustained step-up visible from 2022 onwards. The post-2022 TP average value is approximately £72,000 – nearly double the 2017 starting point.

Key inflection points in the TP market:

2022 – The breakout year. Just 16 TPs transacted, but they generated £1.34 million – an ASP of £83,980, the highest single-year average. This was driven by high-value results including the Siberian Tiger TP (£309,957 with fees) and Queen Elizabeth II TP (£277,500 with fees). Low supply and concentrated demand pushed per-lot values to a new ceiling.

2023 – Volume meets value. TP volume more than doubled to 38 lots, and turnover surged to £2.97 million the highest annual TP turnover on record. The ASP of £78,230 held close to 2022 levels despite the increased supply, confirming that demand could absorb a significantly larger number of works without price compression. The Superman TP record (£508,000) and two further results above £250,000 anchored the year.

2024–2025 – Sustained depth. Volume has held at 36 and 30 lots respectively, with turnover of £2.25 million (2024) and £1.88 million (2025). The ASP has stabilised around £62,500 – lower than the 2022–2023 peaks but substantially above the pre-2022 average of approximately £52,000. The Moonwalk series has been a significant contributor in 2025, with three TP sales clearing £239,000.

2026 YTD – Early signal. Five lots, £385,290 in turnover, ASP of £77,058. Small sample, but the per-lot value is tracking toward the upper end of the post-2022 range.

Which Andy Warhol Proof Types Are Worth the Most?

Across all years combined, TPs lead with an overall average value of £61,556, followed by Exhibition Proofs (EP) at £54,043 (though from just four sales – too few to be statistically meaningful), Printer's Proofs (PP) at £46,177, Hors d'Commerce (HC) at £44,306, and Artist's Proofs (AP) at £41,620.

The TP premium over APs – approximately 48% on average – is the most consistent pricing relationship in the proof market. In nine of the last ten years, TPs have achieved a higher average value than APs, with the gap reaching as high as 81% (2026 YTD) and 80% (2023). The sole exception is 2024, where APs marginally outperformed TPs by less than 1% – a statistical dead heat driven by a small number of high-value AP results rather than any shift in the underlying relationship. For collectors weighing a TP against an AP of the same image, the data supports a structural premium for the trial proof designation.

PPs occupy an interesting middle ground. Their average value of £46,177 reflects the fact that they match the main edition in colourway but exist in extremely small quantities. In years where high-value PPs surface – such as the Queen Elizabeth II Royal Edition PP that achieved £443,520 in 2022 – the category can outperform TPs on a per-lot basis. But these events are outliers driven by specific works rather than a consistent pricing tier.

APs represent the most accessible entry point into Warhol's proof market. With 335 lots across the dataset – more than any other proof type – they offer the greatest liquidity. The AP average value has ranged from £25,014 (2017) to £63,104 (2024), with the post-2022 average settling around £48,000. For collectors seeking a Warhol proof at a lower price point than TPs, APs offer both availability and a track record of steady appreciation.

The Top 20 Warhol Print Sales: Where Proofs Sit

The overall top 20 Warhol print sales across all editions and proof types reveal the breadth of the market. Double Mickey Mouse leads with four of the top seven results – all main editions – topped by £707,669 (wuth fees) at Christie's New York in 2022. These are prints from an edition of just 25, each with its own unique colourway, which places them closer to TPs in character than to a standard numbered edition. Scarcity and individuality drive the pricing here, not edition status alone.

Reigning Queens (Queen Elizabeth II) dominates the next tier, with results spanning main editions, APs, PPs, and HCs – evidence of demand across every proof type for the right image. The concentration of Queen Elizabeth II results in 2022 is not coincidental, and coincided with the passing of Queen Elizabeth in September of that year, demonstrating how cultural moments can sharpen demand and amplify outcomes. When external events intersect with an already desirable image, the effect on pricing can be significant and immediate.

Within the top 20, TPs account for three entries: Superman TP at £508,000, Mammy TP at £304,100, and Moonwalk TP at £299,147. These sit comfortably alongside – and in some cases above – the strongest main edition results from other series, reinforcing the point that TPs from the right series compete at the highest level of Warhol's print market, not in a separate tier below it.

The Queen Elizabeth II Royal Edition HC at £588,392 (Heffel, 2022) is a standout result – the second-highest in the entire dataset and the highest for any proof designation. It underscores two principles at once: the power of a rare proof format, and the impact of timing against a defining cultural moment.

Currently Available: Andy Warhol Proof Prints

MyArtBroker currently has two exceptional Warhol proof prints available for collectors:

Andy Warhol – Paramount (HC), from the Ads series. With the Ads series generating sustained market attention – the Chanel TP holds the series record at £193,836 (hammer) – this is an opportunity to acquire a proof-designated work from one of Warhol's most commercially active late series. Refer to our Ads Market report for a full performance.

Andy Warhol – Superman (BAT), from the Myths series. A Bon à Tirer proof – the single impression approved by Warhol as the definitive standard for the entire edition. Only one BAT exists. The Myths series holds the highest TP record at £508,000 (Superman TP, Sotheby's London, 2023), and a second Superman TP achieved £317,500 at the same house.

To discuss either work or explore other opportunities across Warhol's proof market, get in touch with a specialist.

Data & Sources

This report draws on MyArtBroker's proprietary print market database, which tracks more than 400 auction houses worldwide. All prices are reported in GBP at hammer unless otherwise stated. Data covers the period 2017–2026 (YTD, April 2026). This report is intended for research and information purposes only. Analysis is based on data available at the time of writing and may be subject to change. MyArtBroker accepts no liability for any decisions made on the basis of this information.