Market Watch Andy Warhol: Top 10 Most Investable Prints

Warhol's Endangered Species collection remains one of the most sought-after series in the art market, with complete sets–particularly those featuring matching edition numbers–experiencing significant value appreciation over the years. Highlighting sustained demand, a complete set recently appeared at Sotheby's 2024 November sales, achieving an impressive £3.4 million. This result surpassed the previous record set just a year earlier at Christie's 2023 November sales, showcasing the enduring value and growing appreciation for this iconic and historically significant collection.

Warhol's Flowers series, a collection of ten iconic prints in various hues, emerged as an extension of his Flower paintings. Based on a magazine depiction of hibiscus flowers against a grassy backdrop, these prints challenged traditional notions of ”fine art.’’ Their continued popularity is evident, with complete sets in matching edition numbers becoming a significant trend. In April, a full set sold for £1,888,053 (with fees), setting an auction record and establishing itself as Warhol's top-selling print in 2023.

Crafted in 1962, Warhol's Campbell's Soup Cans captured consumerism, replicating tin packaging with his screenprinting technique. Debuted at Ferus Gallery, it faced criticism, but Warhol embraced banality. Initially unsold, owner Irving Blum repurchased the series, preserving its legacy. In 1996, he sold it to MoMA for $15 million (USD). This work epitomises Warhol's brilliance, turning the mundane into timeless art. In 2023, trends show collectors, both young and established, invest in familiar names and relatable imagery. Following the Flower trend, Campbell's Soup I (complete set) (1968) set a record, selling for £1,522,170 (with fees) in March, ranking as Warhol's second top-selling print in 2023.

Warhol's Ten Portraits of Jews of the Twentieth Century (complete set) (1980) has seen renewed recognition in the art market, gaining traction in 2023 and continuing into 2024. Not limited to the major auction houses, this series has demonstrated global appeal. In May 2024, Vienna’s Dorotheum set a new auction record for the complete set, achieving £925,560 with fees and surpassing the previous record of £585,000 from March 2023 highlighting the growing desirability of culturally significant works.

Warhol was renowned for celebrity portraits, often of friends and controversial figures, unafraid to convey political messages. In 1972, amid United States President Nixon's visit to China, he created Mao, merging celebrity interest with political commentary. Fascinated by Chinese propaganda and the lack, or prohibited amount, of creativity, Warhol made this portrait. Despite controversy, complete sets like this break competitive prices in the market. This Mao set sold for £718,762 (with fees) in March, ranking third among Warhol's top-selling prints in 2023.

In 2023, individual prints from Warhol's iconic Cowboys and Indians series begin to gain significant momentum in the market. By 2024, the complete set made a highly anticipated appearance at Phillips’ October sale, achieving £636,976 with fees and ranking among Warhol's top-selling prints for both 2023 and 2024. This was a particularly noteworthy event, given the rarity of this complete set, which had not surfaced on the market since 2022, further underscoring its desirability among collectors.

Warhol depicted the iconic German philosopher, Johann Wolfgang von Goethe, in these four colour-variant screen prints from 1982. Warhol appropriated a famous image by Johan Tischbein for this series, with only four distinct colourways, each limited to 100 editions, making them rare finds in the secondary market. In 2023, individual prints from this series started to reemerge, showcasing the enduring appeal of Warhol's extensive body of work. Once again, a complete set, Goethe (1982) made it to Warhol's top-selling works for 2023, fetching £604,800 (with fees) in March, marking its sole appearance in 2023 YTD.

Certainly, one of Warhol's most iconic pieces hails from his Reigning Queens series, featuring four vibrant portraits of Queen Elizabeth II in various lively hues. Warhol, like many, was captivated by the Royal Monarchy, and in celebrating the Queen's unparalleled legacy, he carved out his own enduring legacy. In these portraits, the Queen of England meets the King of Pop, a fusion of regal charm and contemporary allure. Following her posthumous legacy, these portraits have gained even greater significance and desirability in 2023. Individually, works from this series have been trending throughout the year, and in June 2023, this complete set fetched an impressive £557,572 (with fees), securing its place among Warhol's top-selling prints for the year. Despite never having met the Queen in person, one can envision these two legendary figures sharing a tea, prompting the intriguing question: If Warhol were still alive today, which member of the monarchy would he choose to paint next?

Another significant work from Warhol's oeuvre is the Moonwalk Suite (1987), a pair of screenprints appropriating Neil Armstrong's iconic photograph of Buzz Aldrin's first steps on the moon in 1969. Blending powerful iconography with historical significance, this set continues to command attention in 2024, setting a new record at Phillips, where it set an impressive new auction record of £587,978 with fees. This surpasses its three consecutive records set in 2023, highlighting sustained demand and growing value for this iconic two-print set.

Throughout 2023, Warhol's Superman (1981) print lived up to the legendary status of its superhero subject by making multiple appearances at auctions. In September, this artwork emerged as a Trial Proof (TP) at Sotheby's September Prints & Multiples sale, featuring a unique and vibrant colour palette where the superhero soars against a vivid yellow backdrop. It achieved an impressive sale price of £317,500, establishing a new record for this print. Another TP made its debut at Sotheby's London October Marquee sales, surpassing its previous record set just one month earlier by 1.6 times and achieving a remarkable sale of £508,000. This print ranked as the top-selling individual work by Warhol in 2023.

Created in 1963, Astronauts is a large-scale screenprint from a pivotal year in Warhol's career, coinciding with his renowned Death and Disaster series. The 1960s, marked by the geopolitical tensions of the Cold War and America's dedication to space exploration, deeply influenced this piece. Employing Warhol's signature repetition technique, the screenprint reflects the era's cultural and historical significance. In its first auction appearance, Astronauts achieved an impressive £501,752 in March 2024, ranking among Warhol's top-selling prints of the year.

Double Mickey Mouse (1981) is a rare and unique piece from Warhol's portfolio, consisting of an edition of 25, each featuring distinct colour variations, making every print one-of-a-kind. This work reappeared on the market at Christie's in 2024, after a two-year absence, and achieved an impressive £485,487 with fees.

Warhol's Marilyn screenprints were produced as a complete set of ten in various colourways, with each print comprising an edition of 250 plus 26 artist proofs (AP). Certain colourways are rarer on the market, and trial proofs (TP) from this iconic series are seldom seen. In March 2023, a rare TP featuring Marilyn's portrait against a blush pink background appeared at auction for the first time. Unlike other Marilyn prints, this version lacks a second colour on her lips and shirt, creating a striking contrast with the rest of the image. Signed and inscribed by Warhol “to Leo,” the print was a personal gift to gallerist Leo Castelli, who invited Warhol to exhibit with him in 1964. The work achieved a remarkable £425,999, setting a record price for an individual Marilyn print.

The Queen Elizabeth II Royal Edition (1985) gained immense popularity in the market this year. Warhol creatively reimagined Elizabeth II's official portrait from her 1977 silver jubilee, infusing vibrant colour blocking and his unique drawings to accentuate the monarch's jewellery. This Royal Edition includes added diamond dust, enhancing its opulence. This artwork made two appearances in 2023, both during September auctions. At Christie's, it achieved a groundbreaking sale, reaching £378,000 (with fees), setting an auction record for this print and establishing itself as the highest-selling individual print among Warhol's works for 2023.

Warhol's Moonwalk (F. & S. II.405) is a rarity on the market as an individual print, having appeared only three times in the past five years. In April 2024, this work was strategically brought to auction, leveraging the demand and record-setting performance of the complete set. It achieved a new record for the individual print, selling for £372,758 with fees at Phillips, placing it among Warhol’s top-selling works.

Taking the third spot among Warhol's top investment-worthy prints in 2023 is once again Superman. This iconic print, presented as a TP at Sotheby's Prints & Multiples September sale, features a striking yellow background. Numbered 19/20, this piece fetched £317,500 including fees, setting an auction record for the print at that time. However, emphasising demand for this print, this record was short-lived, as another TP in blue was offered at Sotheby's October marquee sale just one month later, surpassing the previous record.

Another Royal Edition of Warhol's portrait featuring Queen Elizabeth II in a distinct plum colour scheme emerged in 2023, firmly establishing itself among Warhol's highest-selling artworks. This print showcases the monarch against a rich purple backdrop, adorned with diamond dust, and was sold early in the year at Phillips in January for £289,800 (with fees), evidencing the enduring popularity of these works.

Warhol’s iconic Marilyn prints, both as complete sets and individual works, consistently rank among his top sales each year. This vibrant pink colourway is one of the most highly valued and sought-after, appearing on the secondary market twice in 2024, following a three-year absence since 2021. In April 2024, a regular edition sold for £263,436 with fees, making it one of his highest-selling prints of the year of the year.

Highlighting the popularity and demand for the deep aubergine colourway, Warhol’s Queen Elizabeth II (a regular edition distinct from the diamond-dusted royal edition) achieved a record sale at Christie’s in April 2023, achieving £263,171 (with fees). This remains the record price for a regular edition. While these prints saw a slight dip in market appearances in 2023, their value, demand, and consistent ranking among Warhol’s top-selling prints in 2023–2024 underscore their enduring appeal and sustained market interest.