Displaying items by tag: Liz

The Andy Warhol Foundation's recent lawsuit to block the $20 million sale of an allegedly stolen Elizabeth Taylor portrait has sent shockwaves through the Pop-Art icon's family.

Though the foundation says their namesake's former bodyguard, Agusto Bugarin, stole "Liz" and then waited decades to sell it as potential challengers died off, two of Warhol's nephews came to Bugarin's defense in exclusive interviews with Courthouse News.

Like the rest of Andy's family, James and George Warhola have kept their Slovakian surname intact. Unlike their cousin, Donald Warhola, however, James and George have no association with the foundation. Four years ago, Donald took over for his late father, John, as trustee of an arts organization created in Warhol's will.

Andy Warhol’s foundation sued the iconic pop artist’s former bodyguard, accusing him of stealing a 1964 painting of actress Elizabeth Taylor, entitled “Liz,” and hiding it for more than 30 years.

The Andy Warhol Foundation for the Visual Arts, established by the artist’s will to hold his works, alleged in a civil complaint that former bodyguard Agusto Bugarin is a “patient thief” who stole the work in 1984 and is now trying to sell it “after everyone he thought could challenge his ownership of the work had died.”

Phillips de Pury & Co. scored its second-highest tally ever for a contemporary art sale in New York last night, boosted by a hot property from hedge-fund manager Steven Cohen.

The founder and chairman of SAC Capital Advisors LP consigned Andy Warhol’s portrait of Elizabeth Taylor, and the late screen idol was the star of the evening’s 50-lot sale.

With two telephone bidders dueling for the work, the 40- inch-square 1963 canvas titled “Liz #5” fetched $26.9 million, falling within its target range of $20 million to $30 million.

The sale brought in $98.8 million, close to the low end of the forecast $84.5 million to $121.4 million, and 22 percent of the lots failed to sell. Still, the total was more than double the boutique auction house’s tally of a year ago.

“They are definitely the underdog and they are hanging in there. It’s remarkable,” said Wendy Cromwell, New York art adviser, comparing Phillips with much bigger players Sotheby’s (BID) and Christie’s International.

In “Liz #5,” the legendary actress, who died in March, is depicted with a clownlike red mouth and turquoise eye shadow that matches the background. The painting used to belong to the influential art dealer Ileana Sonnabend. Six months after her death in October 2007, her heirs sold the work to the Gagosian gallery along with other Warhols from her collection.

A Maurice de Vlaminck landscape from Cohen’s collection sold at Christie’s last week for $22.5 million. Together the two works brought in $49.4 million.

Another 1963 turquoise “Liz” appeared on the market in 2007. Consigned by actor Hugh Grant, it fetched $23.6 million at Christie’s in New York.

More Warhol

Warhol accounted for four of the top 10 lots; in addition, his collaboration with Jean-Michel Basquiat titled “Third Eye” was the third-priciest piece at $7 million, more than double its $3 million high estimate.

As postwar and contemporary art auctions begin in New York this week, 66 Andy Warhol lots will test the market’s appetite for one of its biggest stars. What’s the best buy?

“As an investor, you’d be better off putting the money into a mid-tier category,” said Anders Petterson, founder of London-based art-market research firm ArtTactic Ltd., speaking at a recent conference in New York. “There’s still a sense of rarity in this segment, but at the same time more liquidity than at the high end.”

Art is a tricky investment, its value influenced by economic cycles, clandestine deals, irregular supply and demand, plus sudden shifts in taste.

Warhol prices this week range from a simple black-and-white photo-booth strip estimated at $10,000 to $15,000 to a stark red self-portrait with spiky hair on black background for $30 million to $40 million.

The mid-tier market falls between $500,000 and $5 million. In 2010, buyers in this category snapped up works from the “Mona Lisa” series, smaller Mao paintings, dollar signs, 24- inch flower paintings and 1963 “Jackie” portraits.

This price bracket accounted for 29 percent of all Warhol lots sold in 2010, versus 8 percent that fetched $5 million or more.

Highlights include a somber round 1964 “Jackie” silkscreen painting from the estate of San Francisco art patron Dodie Rosekrans with an estimate range of $3 million to $4 million at Sotheby’s. (BID)

Small Mao

Phillips de Pury has a small 1973 Mao silkscreen painting with an estimated range of $3.5 million to $4.5 million. Depicted in a green frock on blue background, this Mao was part of a batch of Warhols from the Sonnabend Collection acquired by Larry Gagosian in 2008.

Christie’s has a 90-by-70-inch canvas “Diamond Dust Shoes” (1980-81) in which high-heeled sandals are sprinkled with diamond dust, for $1 million to $1.5 million.

“If you can buy a 90-by-70 Warhol shoe painting for $1 million, it’s better than owning Google, Microsoft and Facebook together,” said Alberto Mugrabi, New York-based collector and dealer in Warhol. “I am not involved in selling this work, but I will be involved in the buying.”