Well, Christie'sNYC auction of Post-war and Contemporary Art might be an indicator that the economy still has air in that balloon or that Christie's is cookin' and is a well-oiled machine. Sixteen pieces sold for record prices in the $325 million dollar sale (second highest total ever in the field) but others barely sold above the low estimates. Some say the (art) market still has juice, based on the prices. Especially when the market has jitters. But I wonder: what sort of punch does a work have when copies and posters are out there?
Andy Warhol's Muhammad Ali sold at Christie's for $9.22 million (it was estimated to sell for between $2 and $3 million) and with posters of Warhol's Ali, at right, selling for $59 or $299, I just wonder what is going on. What is the value of an original when so many prints are out there? Is it the essence of the orignal of all the copies? What has become so interesting about contemporary art, especially the pop art that Warhol did, is that he used images from everyday, including pop icons and consumer products, and recycled the imagery and gave it back to us reformed. When things are not unique anymore, when we have a mass culture, society pays for the familiar-formed. Warhol set a record last year and this week his Ali sold for above estimate. His Liz (offered up by Hugh Grant and sold for $21 million) and Rorschach ($4.8 million), sold closer to the lower estimates. Warhol's Elvis 2 Times sold for $14 million and was estimated to sell between $12 and $15 million.
What does this say, these exhorbitant prices paid for our current Americana? Culture Critic Walter Benjamin had a lot to say about our culture and mass production and how the aura of the original is lost when art becomes a manufactured thing. Warhol is a good example of the loss of the individual and the creation of the brand, our society and what we image/imagine and use as tokens of our iconic culture, memory and consumption. I could go on a rabbit trail about what this all says about our culture but I'm interested more in the economy of art and the popularity of it all - the interest of the patrons and what these sales might say about our economy.
Hugh Grant's Liz wasn't even a good work with the color of her lips leaching out all over her face. But hey. It is icon movie star Liz Taylor, by icon artist Warhol, and Taylor is still alive and we can all reference both star and artist. They pulse in our memories.
The ugly Liz was a big money-making investment for Grant. As recently as 2002, Warhols weren't selling for above $4 million. Then boom, last spring Lemon Marilyn went for $28 million and Blue Mao went for $17.4 million and soared to a record $71.7 million paid last spring for one of his car crash works, left. At the end of the two-week auctions in NYC, the Warhol's didn't fare well in the Phillip's auction with only one of three selling (for $500,000).
The International Herald Tribune had this to say about it the auctions: "An equally telling indication of the irrelevance of aesthetics to
contemporary art market trends is provided by the latest artists to be
promoted to celebrity status."
So... what is this saying about our economy, with our dollar down and the national debt increasing at $1.48 billion per day, at $9 trillion, up from $3 trillion since Bush took office? Last week I thought there might be jitters. My husband wonders if the buyers are outside of the U.S., taking advantage of the weak dollar. Probably so. There might be those intending to buy and flip - or new hedge funds trading in art. It could be that the estimates are tools and buyers base their bidding on that. Seems the buyers are a mystery. I don't know who bought the Warhols but the upward Warhol momentum is just cruisin' this fall, not going out the roof like last spring. But still. Still. Tulipmania? It is still woo-woo Warhol, wooing the buyers. Everyone wants what is hot. Pepper in the art pot.
Warhol thought that people felt better looking at the same things over and over. The familiarity made meaning meaningless.
More on the flip about Warhol and the economy...