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Friday, 13 November 2015 10:20

A German Casino Sold Off Two Warhols to Pay Debts

Andy Warhol. Andy Warhol. Wikipedia

The sale of the Warhols went ahead, and the works ended up as the two top-selling lots in a record-breaking auction, netting a combined $151.5 million and surpassing the pre-sale high estimate of a combined $128 million.

A year after the sale, almost to the day, the German paper FAZ reported that the proceeds were in fact used to pay off the state-owned casino's considerable debt despite previous denials. The German daily quotes WestSpiel's annual financial report that described the sale of the artworks as “an important step towards ensuring future viability."

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