From $100 a Piece to a $15 Million Series: How Warhol’s Value Soared | How Is Art Value Determined? [Kaitori Iura]
While some of Warhol's works now trade for hundreds of millions or even billions of yen, they were not always so expensive.
In this article, I will share an episode that clearly illustrates just how much Warhol's reputation has grown.
■ In fact, they used to sell for $100 each
What is interesting is that Warhol's works, which are so highly valued today, were not always held in such high regard.
The famous "Campbell’s Soup Cans" were initially sold for $100 each during their first exhibition in 1962.
Source: https://www.moma.org/explore/inside_out/2015/04/29/serial-singular-andy-warhols-campbells-soup-cans/
Source: https://www.moma.org/explore/inside_out/2015/04/29/serial-singular-andy-warhols-campbells-soup-cans/
There is a story that gallerist Irving Blum later purchased all 32 pieces for a total of $1,000.
That works out to $31.25 per piece. He sold them at a roughly 69% discount from the original $100 price.
Knowing how popular Warhol is today, it is a story that is hard to believe.
Those 32 pieces are now in the collection of the Museum of Modern Art (MoMA) in New York.
It has been reported that when they were acquired by MoMA in 1996, the transaction was valued at approximately $15 million.
Works that were once $100 each have now become one of the museum's signature collections.
Based on the amount Blum actually paid, that represents an increase in value of about 15,000 times over the course of three decades.
Things that were once easily accessible can see their value change dramatically over time.
I think that is part of the fascination of art collecting.
Artsy | An L.A. Gallerist Bought Out Warhol’s First Painting Show for $1,000—and Ended Up with $15 Million
This article introduces the episode where gallerist Irving Blum purchased the 32 "Campbell’s Soup Cans" from 1962 for $1,000.
https://www.artsy.net/article/artsy-editorial-la-gallerist-bought-warhols-first-painting-1-000-ended-15-million
■ Why did the price rise so much?
In short, it is because the evaluation of Warhol himself and the values of contemporary art itself have changed significantly.
Warhol turned images that people saw in their daily lives at the time—such as soup cans, celebrity faces, advertisements, and products—into art.
This was quite different from traditional painting, which depicted "beautiful landscapes" or "extraordinary people."
However, the expression the era was seeking and what Warhol felt he "needed to paint now" overlapped.
That is precisely why Warhol's work has an inevitability that it was meant to be born in that era.
And when that necessity is shared across generations, the work becomes more than just a trend; it gains significant meaning within art history.
I believe that this evaluation became its artistic value, which was eventually reflected in its market price.
When "Campbell’s Soup Cans" was unveiled in 1962, the reaction included comments like "it's just a painting of supermarket goods" or "is this even art?", and the exhibition was not exactly a huge success.
However, Warhol later gained attention with works featuring subjects like Marilyn Monroe, Elvis Presley, and dollar bills, becoming a representative figure of Pop Art that reflects mass production and consumer society.
Furthermore, these 32 pieces were not just paintings of soup cans; they were the original complete set of the first "Campbell’s Soup Cans," which could be called Warhol's starting point.
Source: https://www.moma.org/explore/inside_out/2015/04/29/serial-singular-andy-warhols-campbells-soup-cans/
With that historical value added, it led to a valuation of approximately $15 million in 1996.
→ The market for Warhol prints also continues to enjoy stable popularity today.
Next time, I would like to introduce the difference between the "Sunday B. Morning" prints that many people see and the authorized editions signed by the artist himself.
■ Regarding consultations for sales and collections
🔗 [Official Website] Start an easy appraisal with a smartphone photo
https://art-kaitori-iura.online/
*Sending photos via the form is also OK. Recommended for those who are not comfortable with LINE.
💬 [LINE Appraisal Window]
https://line.me/ti/p/JYGd9rTEUw
Iura will handle all consultations directly.
✅ Just send 2 photos from your smartphone (the whole piece + a photo showing details like the 'tomo-seal' certificate)
✅ Directly examined by an expert with 30 years of experience as an art dealer
✅ No pressure to make an immediate decision; feel free to consult with peace of mind
📱 You can easily consult via LINE. Please take your time to consider whether to sell after the appraisal. For those who are interested, please first prepare 2 smartphone photos (the whole piece + signature or back), and I can provide an initial consultation for free.
➡️ Contact Information
Iura direct mobile: 090-2494-0390
Email: roid1@me.com
Iura personal LINE: Please feel free to register as your art concierge.
https://lin.ee/eTCfxLv