Swiss art collector’s Warhol sells for record $195 million

All the proceeds from the sale will go to charitable causes. Copyright 2022 The Associated Press. All Rights Reserved.

Andy Warhol’s 1964 “Shot Sage Blue Marilyn” has become the most expensive painting from the 20th century ever auctioned. The iconic work previously belonged in the collection of Swiss art dealers Thomas and Doris Ammann.

The painting, one of a series of portraits Warhol made of the American actress following her death in 1962, was sold by Christie’s auction house for $195 million (CHF193.7 million) in New York on Monday. According to artnetExternal link, the painting was sold after less than four minutes of bidding. It was purchased by the art dealer Larry Gagosian.

The sale broke the previous record for a 20th century painting – Pablo Picasso’s “Women of Algiers”, which was sold in 2015 for $179 million. The absolute record remains Leonardo da Vinci’s 16th-century work “Salvator Mundi”, which sold at auction in 2017 for $450 million.

Warhol’s painting was until now held by Swiss dealers Thomas and Doris Ammann, siblings who founded a gallery in Zurich in 1977. Thomas died in 1993, and Doris led the gallery until she passed away last year. The Ammanns had bought the painting from Condé Nast mogul and mega-collector Samuel “Si” Newhouse around 40 years ago. 

The proceeds from Monday’s sale, which included a total of 36 works from their collection, will go to the Thomas and Doris Ammann Foundation, which supports healthcare and education programmes for children. The buyer will also have a say in choosing which charity will be allocated 20% of the “Marilyn” proceeds, Christie’s said on Sunday.

However, the purchase is not considered a charitable donation, and as such it does not come with a tax deduction, Christie’s said.