A Buyer’s Guide To Roy Lichtenstein

Collecting a Lichtenstein print is an opportunity to add a work from one of the most renowned figures of the Pop Art movement. Lichtenstein’s work is celebrated for its bold, graphic quality and its innovative use of comic book aesthetics, which transformed everyday imagery into high art. His prints are meticulous compositions that represent a key moment in the evolution of Contemporary art. As Lichtenstein’s works continue to be revered in major museums and collections worldwide, owning one of his prints is a connection to a pivotal era of cultural expression. Whether you're a seasoned collector or just beginning, a Lichtenstein prints have proven to be timeless and valuable additions to collections demonstrated by consistent market demand.

Starting a Lichtenstein collection provides an opportunity to explore his diverse body of work across various printing techniques. Like many American Pop artists, Lichtenstein initially experimented with lithography and etching. Notable early etchings include Temple and Temple of Apollo (both created in 1964). A more popular etching series is Lichtenstein's Bulls series, which has gained traction in recent years and is available as rare individual prints or as a complete portfolio.

In the 1960s, Lichtenstein also ventured into lithographs, creating popular works such as Crying Girl (1963), Sweet Dreams Baby! (1965), and Whaam! (1967), which are highly sought after for their comic book style. Lichtenstein's most sought-after and valuable works, however, are those produced through screenprinting and mixed printing techniques. Notable screenprints include Moonscape (1965), Reverie (1965), Shipboard Girl (1965), and works belonging to later series like Water Lilies (1992) and Nudes (1994), both of which saw significant popularity in 2023. Lichtenstein’s extensive work across different printing techniques offers collectors a wide range of buying options, each with its own value and demand. While these prints are often traded at auction, they can also be acquired at fair market value in the private market, avoiding market saturation and competitive bidding.

Lichtenstein was an incredibly prolific artist, as evidenced by his extensive body of print works, which stands as one of the largest among blue chip artists, consistently exhibiting a high volume of trade year-on-year (YoY). Since 2016, over 200 Lichtenstein works have been traded on the public market YoY, with sales values ranging from a low of £4.7 million in 2017 with 207 lots sold, to a peak of £9.5 million in 2019 with 249 lots sold–a standout year in the last decade. While there have been mild fluctuations in Lichtenstein's market performance, 2023 saw a record number of 272 lots traded, resulting in £8 million in sales during a challenging economic year. This robust market performance surpasses that of Lichtenstein's American Pop contemporaries, including Keith Haring and Andy Warhol, who also have well-established markets. When considering purchasing a print, consistent high trade volume is a crucial factor to watch, as it directly reflects strong liquidity, ensuring that your Lichtenstein print remains a valuable asset should you decide to sell it in the future.

Lichtenstein's print market showcases a wide price distribution. His highest-valued prints are those that combine multiple printing techniques, such as Girl With Mirror, an editioned screenprint on ceramic that sold in 2019 for over £4 million at the hammer, accounting for 44% of Lichtenstein's print market that year. More recently, in 2023, Water Lily Pond With Reflections, a printer's proof (PP), set a record by selling for over £1.2 million at the hammer, comprising 15% of the market by sales value that year.

Other top-value prints include Original works printed by Kenneth Tyler of Tyler Graphics and Gemini G.E.L.. For example, works from Lichtenstein's Nudes series were published by Tyler Graphics, and were valued between £300,000 and £500,000 in 2023. The majority of Lichtenstein's market, however, consists of works priced at £200,000 and below, whose publishers vary, including Moonscape (C. 212), Reflections On Crash, and Modern Room, these prints can still reach six figures, largely depending on their condition and the rarity of the proof.

When examining the price distribution by lots sold, the majority of sales over the past ten years have been for works priced at £50,000 and below. These include pieces from collections such as Mirrors, Expressionist Woodcut, American Indian Theme, Composition, Entablature, and others. Works from these series frequently appear on the public market, providing more affordable buying options for collectors looking to diversify their portfolios or for newcomers to the market with a lower budget. This also benefits higher-value lots, as their rarity increases excitement and anticipation when they do come to market. The distribution within Lichtenstein's market highlights its vastness, demonstrates its YoY sustainability, and ensures success across a broad range of printing techniques.

Most of Lichtenstein's prints were created in collaboration with Gemini G.E.L. and Tyler Graphics Ltd., particularly through the screenprinting technique, making them highly sought-after by collectors. Below, we highlight some of Lichtenstein's most coveted works from 2023, drawn from his most acclaimed series, and spotlight rarer pieces from these collections that are on our watchlist for 2024:

1. Thinking Nude: Lichtenstein's Nudes series consists of six prints. In 2023, the most popular on the market was Nude Reading, which appeared five times between April and November, with an ASP of £94,650 at the hammer. While Nude Reading was widely traded, other works from this coveted series were more scarce. Thinking Nude also features a solitary woman ans hasn't appeared on the market since 2022, when it sold for £190,105 at the hammer, setting a record for the print. Given the excitement surrounding this series, the market reappearance of a rarer work would undoubtedly make headlines.
2. Reflections On Conversation: This piece is part of Lichtenstein's Reflections series, created in 1990, and comes from a smaller edition size of 68. These works represent an experimental phase in Lichtenstein's career, featuring images intentionally designed to be viewed through a fractured glass effect. The most highly valued works from this series on the market have been Reflections On Crash, Reflections On Girl, and Reflections On The Scream. However, Reflections On Conversation–depicting a man and woman in a classic comic book-style embrace–hasn't appeared on the market since 2022 making a reappearance a highlight for the market and collectors.
3. Sunshine Through The Clouds: This piece is part of Lichtenstein's Landscapes, Moonscapes, Seascapes series, which offers his Pop Art interpretation of traditional landscapes. This series is distinctive due to its large scale and the variety of techniques employed, incorporating various themes of reflection and the use of Ben-Day dots, as well as elements of abstraction. The highest valued works from this series include Moonscape (C. 212) and Seascape. Sunshine Through The Clouds has only appeared three times in the past five years, making another rare sale highly anticipated and placing this work on our watchlist as well.

Explore Lichtenstein's print market further and discover his top-selling and most investable prints of 2023.

One of the key factors contributing to the sustained success of Lichtenstein's market is its diversity in price points. While high-value pieces command significant attention, more affordable works also play a crucial role, creating a dynamic dialogue across similar themes and printing techniques that caters to a wide range of collectors.

Lesser-known Lichtenstein collections have seen significant trading activity while offering more affordable options. For instance, works from the Mirrors series were traded 17 times in 2023, resulting in a sales turnover of £178,000. With increased trade volume, the average value of these prints has also appreciated, rising from £4,800 to £10,500 in 2023, making these works both valuable and accessible.

Other accessible works in Lichtenstein's market that exhibit a similar pattern of high trade volume and value appreciation include the Entablature series, which saw 19 sales of individual works in 2023, generating a sales turnover of £128,000. Although the average value of these works has fluctuated slightly, they have still shown growth over the past decade, rising from £4,500 in 2015 to nearly £7,000 in 2023. Similarly, the American Indian Theme series follows this trend, with a higher volume of sales creating accessible and more affordable options for buyers, with an average value currently around £5,000.

In the early 1990s, late in his career, Lichtenstein collaborated with publisher Donald Saff of Saff Tech Arts to create the experimental Water Lilies series (1992). Inspired by Impressionist painter Claude Monet, Lichtenstein referred to these works as “mechanical Monets,” printed on swirled stainless steel. This innovative approach pushed the boundaries of traditional printmaking materials and redefined what constitutes an original print. The collection consists of seven prints available at various price points and in different proofs. Water Lily Pond With Reflections is particularly rare on the market, having appeared only twice in the past five years. A printer's proof of this work recently sold at Sotheby's in May 2023 for £1.5 million, including fees, and setting a new record.

In 1969, Lichtenstein embarked on creating two series that sought to engage with the Op Art movement while reinterpreting Monet's famous Haystacks and Rouen Cathedral paintings, blending various art historical periods into one. However, neither series fully achieved the intended impact. In both cases, Lichtenstein's signature Ben-Day dots took centre stage, overshadowing the original subjects.

The Brushstroke Faces series marks another unique departure, combining abstract brushstrokes with facial features in a way that almost caricatures the quintessential essence of a Lichtenstein artwork. This attempt to merge two distinct visual languages proved challenging, resulting in images that exist in a somewhat enigmatic state, diverging from the artist's typical style. Despite these complexities, works from these series have achieved respectable success, commanding five-figure prices. Their rarity in the market likely contributes to their value.

The condition of Lichtenstein's prints is crucial, especially given their age, making high-quality examples increasingly rare. A common issue with older prints in Lichtenstein's market is damage from sun exposure, leading to colour deterioration and fading. Restoration can be challenging, often requiring re-screening, where fresh colours are applied using an identical screenprint. However, this process can alter the original artwork and potentially impact its value. Therefore, when considering the purchase of older Lichtenstein works, it’s essential to have them examined by an accredited conservation expert. These specialists can offer valuable insights into a print's quality as well as its authenticity, particularly for Lichtenstein prints that are known and expected to show signs of age. For instance, Crak! and Crying Girl (both from 1963) are highly valuable and coveted, but mint-condition examples from this era are rare. The expected wear can actually aid in authenticating these prints. However, if a 1960s print is found in good condition, it often commands a high price.

Learn more about the condition and authentication of Lichtenstein prints in Richard Polsky's essay, How to Authenticate Roy Lichtenstein Prints.

For expert authentication of your Roy Lichtenstein print, Richard Polsky Art Authentication specialises in verifying works by blue chip artists including Andy Warhol, Jean-Michel Basquiat, Keith Haring, and Roy Lichtenstein. Visit their website at www.richardpolskyart.com for professional assistance.

The most essential reference for understanding the vast scope of Lichtenstein's market is Roy Lichtenstein: A Catalogue Raisonné. The research required to produce a catalogue raisonné is extensive and can only be undertaken by a select few who have a uncomparable knowledge and expertise in the artists market, making these publications both expensive and limited in availability. However, in October 2023, The Roy Lichtenstein Foundation launched a comprehensive and extensive digital version, accessible to everyone for free online. This publication includes over 5,000 works, with more than 300 of them being prints, making it an invaluable resource for collectors and offering deep insights into the breadth of Lichtenstein's market. Originally published in hard copy in 1994, the catalogue also features an introductory essay by curator Ruth E. Fine, situating these prints within the broader context of the art world.

For those seeking a deeper exploration of Lichtenstein's work, two other excellent resources are the Guggenheim Museum exhibition catalogue Roy Lichtenstein by Diane Waldman and Roy Lichtenstein: A Retrospective by James Rondeau and Sheena Wagstaff. Both publications offer a wealth of large, colour reproductions of many of his most significant paintings.

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