The Expert Guide To Buying Andy Warhol Prints

Warhol had an immensely prolific print market throughout his lifetime, where he depicted a multitude of subjects, elevating portraiture beyond real-life figures to include objects, animals, and fictional characters. Most of his editioned works were produced in large quantities and are available at a wide range of prices, attracting a diverse group of buyers and collectors to his extensive body of work.

Warhol's originals market received significant attention in 2022, highlighted by the record-breaking sale of Shot Sage Blue Marilyn (1964) and the appearance of other acclaimed works from private collections, including White Disaster (White Car Crash 19 Times) (1963) from the Paul G. Allen Collection and Self-Portrait (1986) from The Macklowe Collection. His print market also saw peak performance that year. Even 37 years after his death, Warhol's legacy endures, with both originals and prints commanding impressive sums. Recently, a large-scale Flowers (1964) canvas sold for over £28 million at Sotheby's, while a complete Marilyn set fetched £2.9 million at Christie's, reflecting sustained interest in his work and market. To discover the highest prices paid for Warhol's work, read our article on Warhol's record-breaking sales.

Interestingly, during the onset of COVID in 2020, while other artists' markets, like Banksy’s, saw success, Warhol’s market experienced a temporary dip. However, this decline was short-lived. From 2020 onward, editioned prints and rare Trial Proofs from collections such as Endangered Species, Ladies & Gentlemen, Ads, and Myths began gaining increased recognition, as evidenced by the rise in their average selling prices (ASP).

Warhol, always ahead of his time, had a unique ability to capture iconic subject matter. The lasting appeal of individual prints from Ads and Myths, along with the enduring cultural relevance of Endangered Species and Ladies & Gentlemen, exemplifies the continued success of Warhol's market.

In 2022, the value of signed Warhol individual prints ranged from £2,000 to £600,000. The highest individual print sale that year was Queen Elizabeth II (F. & S. II.337A), which sold for £554,400 with fees, far surpassing its high estimate of £250,000–a surge in value attributed to the passing of Her Majesty. Complete sets in 2022 ranged from £300 to millions, with more affordable sets like Holy Cats, Wild Raspberries, and Gold Book, while higher-value sets featured Warhol's iconic imagery, celebrities, and consumerism. The highest-selling print of the past decade was the complete Marilyn set, which sold at Christie’s in May 2022 for just over £4 million with fees.

Warhol prints vary in value based on several factors, including edition size, colourway, subject matter, whether the print is derived from a popular Warhol painting, and the condition and quality of the print. This variety makes Warhol's print market accessible to a wide range of budgets.

Warhol's most sought-after prints are typically those connected to his iconic paintings, with portfolios like Marilyn, Campbell’s Soup Cans, Flowers, and Mao consistently in high demand. Among these, Warhol's Marilyn prints hold a particularly enduring status. Expert art authenticator Richard Polsky highlights their appeal, noting that they encapsulate all of Warhol's central themes: celebrity, voyeurism, and sharp social commentary. Polsky identifies the three most desirable Marilyns as No. 31 (pink), No. 24 (black and silver), and No. 23 (turquoise). He believes No. 23 (turquoise) offers the best value, given its connection to the famous Turquoise Marilyn canvas, which was sold by Stefan Edlis to Steven Cohen for an estimated $80 million in 2007. Polsky predicts that No. 23 will eventually surpass the others in value.

Beyond Warhol's iconic collections, there has been a recent surge in interest for other series, including prints from the Mick Jagger collection where very few original paintings have reached the public market. Collectors have also increasingly shown interest in complete sets and trial proofs. Notably, Warhol's Endangered Species (complete set) sold for £2.8 million with fees in November 2023. Cowboys and Indians prints have seen a rise in the number of trial proofs entering the market, including Buffalo Nickel (F. & S. II.374) (TP), which sold for £228,501 in October 2023, and Details Of Renaissance Paintings (Sandro Botticelli, Birth Of Venus, 1482) (TP), which sold for £234,950 in January 2024.

Complete sets experienced a record peak in sales value in 2022, though there was a dip in 2023. This decline is largely due to a lower number of sets entering the market and therefore fewer sales. This is also attributed to the challenging economic climate, which may be causing collectors to hold onto complete sets until more favourable selling conditions arise. The shifting landscape towards more affordable mediums also suggests a sustained high value and collector interest in complete sets and trial proofs which offer a comparable, yet more affordable option, to originals due to unique colour variations. For more information on the value of complete sets and trial proofs, refer to our latest Andy Warhol market report dedicated to these two print segments.

These collections are among the most sought-after and worth keeping an eye on throughout 2024:

1. Soup Cans I and II: The Campbell's Soup can is emblematic of Warhol and the entire ethos of Pop Art: how something as mundane as a soup can could be elevated to the status of high culture. For Warhol, it represented the power of consumerism in modern culture. This series is divided into two collections, each consisting of ten prints, Campbell's Soup I and Campbell's Soup II. Tomato Soup (F. & S. II.46) is part of the original collection conceived in 1962, with this particular print selling for £100,800 with fees at Christie's. The Soup Cans II prints, created in 1969, feature flavours that reflect a playful and unconventional departure from more traditional soup names, evoking a sense of novelty and curiosity. The highest-selling individual print from this set in 2023 was Chicken 'N Dumplings (F. & S. II.58), which achieved a record £62,201 with fees at SBI Art Auction in January.
2. Ladies And Gentlemen: Ladies and Gentlemen is Warhol's largest print series, depicting 14 trans women and drag queens living in New York in 1975. The series is characterised by vibrant collaged colours that reflect the eclectic personalities of his subjects. The size of the set likely contributes to its rising value, but also its enduring relevance in contemporary culture, highlighting the voices and recognition of the queer community. These works have seen a substantial increase in value and volume over the past decade, with the ASP in 2024 already surpassing that of 2021, despite significantly fewer sales in the first half of 2024.
3. Kiku: While Warhol is best known for his celebrity portraits and depictions of American consumer culture, the Kiku series stands out as a celebrated set of three still-life works. Each delicately coloured piece in the series features a Chrysanthemum flower, or “Kiku” in Japanese. The series has experienced a significant rise in market value despite the small number that composes the series and the size of individual works. In 2019, the most works from this series entered the market in a single year, with eight sales totalling £66,000. In 2023, only six works were sold, but they achieved a combined sales value of £107,000, reflecting a notable increase in the ASP for individual prints placing them among our watchlist.

When purchasing a print, especially in a challenging economic market, the most important factor should always be choosing artworks that resonate with you and bring you the most pride in ownership.

Explore the top 10 most investable Andy Warhol prints for 2023.

The Andy Warhol Catalogue Raisonné is available in four volumes, each documenting a different phase of Warhol's artistic career across various mediums. The most recent volume, published by the Andy Warhol Foundation (AWF) in July 2024, covers his work from 1977-1980. This comprehensive catalogue is a compendium of virtually every known Warhol print, and any piece you're interested in buying should be listed in one of these volumes to verify its authenticity. However, no catalogue raisonné is without its flaws, so consulting experts is always recommended.

Catalogues raisonnés are expensive, typically priced at £1,000 or more. These books often go out of print and can sometimes even be offered at auction as valuable items themselves. If you need to verify a print in the Andy Warhol Catalogue Raisonné before purchasing, large libraries often hold copies of these publications that you can access for free. As always, it's advisable to consult a professional to ensure authenticity when buying a Warhol print.

If you're interested in learning more about Andy Warhol's life, we highly recommend the following books: Popism by Andy Warhol and Pat Hackett, The Andy Warhol Diaries edited by Pat Hackett, Holy Terror by Bob Colacello, and Death and Disaster by Paul Alexander.