The New York Times has reported that The Andy Warhol Foundation has just agreed to divest itself of all artworks by Andy Warhol through a special agreement with Christie’s. According to president Joel Wachs, the foundation does not disclose its inventory, however he did mention that the number of works held were “in the thousands” and expected to add about $100 million to the current $225 million endowment.
This will allow the foundation to focus on its primary task of providing grants to arts based instutions as well as licensing the copyrights and rights to the images that it will continue to own. The foundation offers grants of roughly $13 million a year so it is assumed that once all the proceeds from the sales have been tallied, that number should increase by about $6 million bringing its annual contribution to the arts closer to $20 million.
While the foundation is said to no longer hold any major works by Warhol,
it still possesses a bevy of paintings, prints, photographs and drawings, some of which the public has never seen. They include “Three Targets,” a large horizontal black-and-white canvas of paint and silk-screen depicting three targets with gunshots, expected to sell for $1 million to $1.5 million; a Jacqueline Kennedy collage from the 1960s, estimated at $200,000 to $300,000; and a “Self-Portrait in Fright Wig” from a ’70s Polaroid print, estimated at $15,000 to $20,000.
Under its unusual exclusive deal with Christie’s, to be announced Thursday, the foundation will sell some of the works through live auctions, the first on Nov. 12, supplemented by online auctions that will begin in February and private sales.