The Investment Guide To Andy Warhol

Warhol Affordable Prints

The latest market data on Warhol’s print series highlights a contrast between the most frequently sold works and those generating the highest sales value. This variation underscores the impact of edition sizes, historical significance, and collector demand on Warhol’s print market.

At the forefront of volume sales, Cow and Ladies and Gentlemen each saw 26 lots sold, followed closely by Mick Jagger with 25. The high circulation of Cow prints is largely attributed to their original production as wallpaper, a more affordable medium compared to fine art paper. While an unknown edition of these prints were unsigned and widely distributed by Leo Castelli and Factory Additions, signed versions - limited to 100 editions - have steadily gained value, now commanding £20,000 - £30,000 in good condition.

The Ladies and Gentlemen series, a collection of ten screenprints produced in a sizable edition of 125, has seen rising demand, largely due to its historical and cultural significance in representing queer and transgender identities. Between 2019 and 2021, the average yearly value of these works stood at £6,800, but in the past three years, that figure has increased by 86%.

This trend highlights the investment potential of more accessible series like Ladies and Gentlemen and other widely circulated collections, such as Flash-November 22. While still relatively affordable, these works are gaining greater recognition among contemporary collectors, positioning them as promising long-term assets in Warhol’s print market.

Warhol Trending Series

While these series dominate in volume, Warhol’s high-value prints attract a different collector base, often commanding six-figure price tags. Marilyn Monroe led in total sales value, generating over £2.1 million, followed closely by Endangered Species at £1.8 million and Mick Jagger at £1.5 million. These collections appeal to collectors drawn to Warhol’s iconic celebrity portraits or, in the case of Endangered Species, his animal portraits infused with a conservation message.

Despite its higher circulation, Flowers, which saw 19 lots sold, also ranked among the top 10 by total sales value. This underscores the fact that high circulation does not always equate to high value - while widely available works like Cow and Ladies and Gentlemen lead in sales volume, it is Warhol’s premium collections that generate the highest revenues with fewer transactions.

Warhol Trial Proofs And Complete Sets

While the majority of Warhol’s print market is driven by the sale of main editions, which have accounted for 78% of market share over the past five years, complete sets and trial proofs have shown considerable growth.

The rising demand for complete sets can largely be attributed to collectors seeking the opportunity to own multiple high-quality editioned prints for the price of a single small original. Take, for example, Warhol’s Flowers series. The editioned prints measure 91 x 91 cm, while originals exist in various edition sizes. In March 2024, at Sotheby’s London sales, a 35 x 35 cm Flowers original screenprint in vibrant pink achieved £1.1 million. In contrast, a complete set of ten Flowers screenprints sold for an average of £1.4 million across two sales in 2024. This represents a 27% difference for a significantly larger-scale set of ten works compared to a single, much smaller original.

While collector preference varies, these results highlight two key insights:

1. The comparative nature of prints and original works - suggesting that complete print sets can hold substantial value relative to single originals.
2. The impact of display scale - where prints can offer a larger visual presentation at a more accessible price than single original works.

Increasing Demand For Trial Proofs

TPs, on the other hand, offer collectors an alternative appeal to complete sets. Printed in unique colourways, they were originally intended as “trial” or “tester” proofs, making them distinctive when compared to standard edition prints. Their colour variations often provide a direct comparison to Warhol’s original canvases, offering an exclusive collecting opportunity.

Previously considered more affordable, TPs have seen a dramatic rise in value YoY. They commanded 8% of total market share by sales value in 2023, before slightly declining to 6% in 2024. However, this shift does not indicate a loss in value but rather reflects broader market conditions, as the average value of TPs has remained stable over the past two years.

For a detailed breakdown of Warhol’s market performance, including insights into TPs, complete sets, main editions, and overall market trends, download our Andy Warhol Market Report.

The Most In-Demand Warhol Prints Within Our Network

Warhol continues to hold a dominant presence in both auction houses and private sales networks, where demand for his iconic works - including Mick Jagger, Marilyn Monroe, Campbell’s Soup Cans, Beethoven, and others - remains consistently strong. However, in a soft market, high-value works sometimes appear at auction for lower prices due to various factors, including market saturation and shifting demand dynamics.

For instance, Mick Jagger prints have recently entered the market in high volume, leading to a temporary dip in pricing. Yet, these individual prints are still some of the most coveted in his body of work. This illustrates a key trend: while auction results may suggest lower prices, retail pricing can remain significantly higher.

This disparity between auction and retail markets highlights how private sales micromanage both ends - in certain instances dealers may frequently acquire works at auction and later resell them at premium prices, creating a gap between auction results and gallery listings. In some cases, a single Warhol print might be listed at different prices across various market platforms. At our position in the market, we benefit from securing works at auction prices while also engaging directly with dealers and collectors, allowing us to bridge this gap effectively.

Warhol’s print market continues to be a driving force in overall print sales. In the current landscape, both online and private transactions are seeing strong buyer confidence for works of various price points. Phillips' January 2025 Editions Sale has already set the stage for Warhol’s Space Fruit series where works sold for £20,000 - £30,000. These early sales act as a price barometre, allowing us to track emerging trends and market dynamics for Warhol’s works throughout the year.

For a comprehensive analysis of Warhol’s print market performance, trending series, and key insights, download The Collector’s Guide to the Print Market in 2025.

Where To Start When Looking To Buy A Warhol Print?

Warhol prints priced between £30,000–£50,000 accounted for 13% of transactions in 2024, serving as a mid-tier market segment that bridges the gap between affordability and investment-grade works. At the upper end of this range, TPs from Warhol’s Cowboys and Indians series have gained traction, with individual works reaching prices at the higher end of this bracket.

For example, Mother And Child (TP) set an impressive record at Phillips' September sale, more than doubling its high estimate. Other works within this range include individual prints from Flowers, Campbell’s Soup, Myths, and the Mick Jagger series. While these pieces can achieve even higher values, condition remains a key determinant of price.

For those seeking more established collector pieces, the £50,000–£90,000 range (15% of sales) typically includes individual portrait works such as Mick Jagger, Marilyn Monroe, Goethe, and typically main edition prints from Endangered Species. This range also includes rare works from Warhol’s Ads series, as well as portraits from lesser-known collections like Ten Portraits of Jews or complete sets of smaller series, such as Skull, which consists of four prints. Within this bracket, prices can vary significantly, not only based on condition but also on the type of proof, as rare variations tend to command higher values.

At the top tier of the market, 14% of sales fell into the £90,000+ range, which includes complete sets, rare TPs, and works with exceptionally low edition numbers. Examples of high-value works in this category include first-time-to-market colourways of Endangered Species, Queen Elizabeth portraits, and trending series such as the Moonwalk Suite. Additionally, million-dollar complete sets from Warhol’s most sought-after series fall into this bracket. While some pieces may not be in pristine condition, their rarity and exclusivity continue to drive significant collector interest, making them some of the most prestigious and stable long-term investments in Warhol’s market.

Warhol Prints To Invest In Below £30,000

Warhol prints priced below £30,000 accounted for 59% of transactions in 2024, representing the largest share of his market. For new collectors, this highlights the accessibility of more affordable works and the opportunity to enter the market at a lower price point.

At the upper end of this bracket, trending collections like Space Fruit and St. Apollonia are gaining traction. Space Fruit made a notable auction appearance in January 2025 at Phillips, with strong bidding activity for Peaches and Pears. Meanwhile, St. Apollonia, a complete set of four works, has been appearing more frequently at auction. While its imagery is niche, these prints are gaining recognition and increasing in value, suggesting they may soon appreciate into a higher price bracket. The same trend applies to Warhol’s Renaissance Paintings series and Kiku prints, both of which continue to gain collector interest.

For collectors looking at even more affordable options, works priced below £15,000 present opportunities to acquire Warhol’s early sketches, or more controversial imagery such as Electric Chair or Sex Parts.

The Most In-Demand Warhol Prints From Investors

Complete sets of Warhol prints are among the most coveted assets in his market, offering unparalleled rarity and cultural significance. In 2024, complete sets accounted for £12.2 million in hammer sales, wuch is just 3% shy from the £13.8 million in sales value that main editions accounted for. Sets from iconic series such as Flowers, Endangered Species, Marilyn, Campbell’s Soup Cans, and Mao continue to attract strong investor interest due to their historical importance and instant recognisability. However, the demand for complete sets is expanding beyond Warhol’s most iconic series, with other highly sought-after collections gaining traction. Prices for these sets typically range from £500,000 to over £1 million.

For collectors evaluating short-term versus long-term investment potential, complete sets have consistently maintained and increased in value, even over relatively brief periods. A notable example is the Moonwalk Suite, a two-print set capturing the historic first steps on the moon. This set appeared at auction four times within two years, with each sale setting a new record, culminating in a peak price of £587,798 at Phillips in October 2024. Over the past five years, its compound annual growth rate (CAGR) has reached 39%. As edition numbers dwindle, complete sets are expected to remain highly sought after, offering both investment stability and strong long-term appreciation potential.

Liquidity Of Warhol’s Artwork

Warhol's print market remains highly liquid, with his works among the most actively traded in the art world. His global presence is evident through frequent appearances at major auctions in New York, London, and Hong Kong, consistently achieving strong results. While high trading volume can sometimes lead to market saturation, Warhol’s market has largely defied this concern. A prime example is his Mick Jagger prints, which saw 27 sales in 2023 and only a slight decline to 21 in 2024. Although values naturally adjusted with the volume, demand remained steady, culminating in a new record for Mick Jagger (F. & S. II.145) at Bonhams, where it sold for £203,600 - the highest price ever achieved for an individual print from this series. This resilience highlights the market's strength and sustained demand, even in the face of fluctuations and broader economic slowdowns.