Who said investments are risky these days? Art auctions have proved several times now that investors have just the right amount to put in famous artworks. If last week, we were writing that Edvard Munch’s artwork called ‘The Scream’ sold in auction at $119.9 million, this week we’re telling you that Warhol’s ‘Double Elvis’ was auctioned for $37 million.
Obviously, it’s a huge value difference, from ‘The Scream’ selling point at $119.9 M and the $37 million the ‘Double Elvis’ got. Nonetheless, Andy Warhol is a statement artist that will grow to be ever more valuable down the line. At the same time, Wednesday’s art auction confirms that artwork is an investment that still appeals to buyers.
This Wednesday, Sotheby’s had an auction that focused on the works of the second half 20th century most famous artists. The auction house closed the night with 46 sold artworks that raised to an overall $266.6 million. Impressive, right?
The silkscreen work of Andy Warhol called ‘Double Elvis’ brought Sotheby’s on Wednesday $37 million. It was one of the 22 artworks that Andy Warhol created with Elvis. This one shows Elvis Presley in a cowboy pose. The artwork was purchased in 1977 and was put for sale by an unknown collector residing in the United States.
Perhaps the artwork should have sold for more than $37 million, given that it was the second ‘Double Elvis’ that made it on the market since 1995. The version of the ‘Double Elvis’ that sold Wednesday at Sotheby’s auction was also known as the Ferus Type. It took that name after being in display at Ferus Gallery in Los Angeles.
‘Double Elvis’ Ferus Type was created back in 1963, and was displayed for the first time at the Ferus Gallery. It’s quite a huge piece, at 207 centimeters high featuring the cowboy Elvis, but lacks the bright color mix Warhol’s more popular artworks have.
But Andy Warhol’s ‘Double Elvis’ wasn’t the only artwork that got an impressive selling tag. Francis Bacon’s ‘Figure Writing Reflected in Mirror’ and ‘Sleeping Girl’ by Roy Lichtenstein, both sold for about $45 million.