Andy Warhol Painting Sells for 71.7 Million Dollars

According to a British Broadcasting Company (BBC) report, a painting by the avant garde painter, Andy Warhol, has set a record for his paintings, by selling for 71.7 million dollars. The painting was of a car crash. Titled Green Car Crash, the painting shows an overturned car on fire. The previous record for a Warhol painting was set last November when a painting of Red China Chairman Mao sold for l7.4 million dollars.

The car crash painting was one of 78 works by different artists that were offered for sale at Christie's of New York. The sale brought in a total of 385 million dollars, the second most lucrative art auction in history. Only four of the paintings failed to sell. Included in the auction was another Warhol painting, Lemon Marilyn, a painting of the late Marilyn Monroe. It brought 28 million dollars and was the first time the painting had changed hands since it was originally purchased from Warhol.

The high prices for the paintings reflect an increased market for art. "The market wasn't just hungry, it was ravenous," said Christie's honorary chairman, Christopher Burge, who also served as the auctioneer. In addition to the traditional buyers, collectors from Asia, Russia, and the Middle East have driven up the demand for works of art. According to Burge, 18% of the buyers at the sale were from Asia, nearly matching the 19% from Europe.

As people have become wealthier, they have moved away from such status symbols as race horses and expensive cars. According to Burge, the new mark of the extremely wealthy is to "have a Damien Hirst on the wall."

Favored among collectors of modern art, in addition to Warhol and Hirst, are Mark Rothko, Francis Bacon, Jean-Michel Basquiat, and Willem de Kooning. A painting by Rothko broke records by bringing in 72.84 million dollars at Sotheby's on Tuesday night. It shattered the record for post-war art at auction.