Are all Warhols expensive? The reason why even the same "Marilyn" can have a price difference of over 50 times [Kaitori Iura]

Last time, I introduced how the Warhol print market is evaluated as a "mature market" where works are continuously bought and sold around the world.

So, what kind of works are actually being traded in the market?

"If it's a Warhol print, it must be expensive."
Actually, that is not quite right.

There are Warhols you can enjoy for tens of thousands of yen, and there are Warhols that trade for millions or tens of millions of yen.
Even if they look very similar, they are viewed as completely different works in the market.

■ Even the same "Marilyn" has a price difference of over 50 times

For example, at Mainichi Auction, a two-piece set of Sunday B. Morning's "Marilyn" was sold for approximately 100,000 yen in 2023.

On the other hand, a "Marilyn" (F&S II.21) by Warhol himself was sold for approximately 5.4 million yen.

Both are images of "Marilyn," but they are evaluated as completely different works in the market.

The price difference is over 50 times.

Of course, this is not a question of which is "good" or "bad."

It means that they are treated as works in different categories in the market.

■ What is Sunday B. Morning?

When researching Warhol's works, you may come across the name "Sunday B. Morning."

These are silkscreen prints that began production in Belgium in the 1970s, created based on Warhol's iconic images such as "Marilyn" and "Flowers."

Many people have questions about Sunday B. Morning, such as "Is it real?" or "Is it a fake?"

I have explained this topic in detail in a previous article, including the history of its production and its position in the market, so please take a look if you are interested.

"What is Sunday B. Morning? Explaining the difference from Warhol's works"

This series often features large-format works, and displaying just one can significantly change the impression of a space.

Also, by displaying different colors side by side, you can enjoy the interesting aspect of how the same image looks completely different depending on the colors, as well as the unique appeal of Warhol's concepts and the medium of printmaking.

For this reason, it is also popular as interior art and has long been loved by those who want to enjoy Warhol's worldview close at hand.

■ So, what is the difference?

The biggest difference is its positioning in the market.

Prints by Warhol himself are valued as official editions in which he was involved in the production.

The works include his signature and edition numbers, and many are also listed in the Feldman & Schellmann (F&S) catalogue raisonné.

On the other hand, Sunday B. Morning prints are distributed separately from Warhol's official editions.

Even if they look similar, they are evaluated as different works in the market, which creates a large difference in price.

In fact, looking at transaction examples from Mainichi Auction, the difference is clear.

For example, in addition to the "Marilyn" introduced at the beginning, a similar price difference can be seen in "Flowers".

While poster works can trade for around 100,000 yen, Warhol's own "Flowers" has sold for approximately 7.3 million yen, and a set of 10 "Flowers" prints has even sold for approximately 18 million yen.

Also, for "Campbell's Soup," the official edition of "Campbell's Soup II" sold for approximately 8.8 million yen, and "Onion" sold for approximately 7.5 million yen.

It shows that even with the same Warhol image, market valuation changes significantly depending on the type of work, the presence of a signature, the edition, and the catalogue raisonné number.

In other words, it is not that "it is expensive because it is a Warhol," but rather "which Warhol it is" that is extremely important in the market.

■ It is not "expensive because it is a Warhol"

As introduced last time, the Warhol market is a mature market where works are continuously bought and sold all over the world.

That is precisely why the works are evaluated very calmly.

Is it a popular series?

Is there a signature by the artist?

Can the edition number or F&S number be verified?

What is the condition of preservation?

The price is determined after checking each of these factors one by one.

In other words, what the market is looking at is,

not "it's expensive because it's a Warhol,"

but "which Warhol it is."

That is what it comes down to.

■ If you are curious about the Warhol you have on hand

There are many Warhol works that are difficult to judge by appearance alone.

"Is this an authentic work by the artist?"

"Is it a Sunday B. Morning print?"

"How is it valued in the current market?"

If you send us photos showing the entire work, the signature, and the back, there is often much we can verify.

It is fine even if you do not have plans to sell it.

Please feel free to contact us, including for consultations regarding collection organization or inheritance.

■ Regarding sales and collection consultations

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