As Art Basel Miami closed yesterday, Andy Warhol’s classic image of Chinese leader Mao Tse Tung was still for sale at $US15-18m., negotiable.
Warhol completed a series of oil paintings of the Chinese leader shortly after President Nixon’s ground breaking visit to China in 1972. The paintings have increased in value dramatically in recent years. In the year 2000, one achieved £421,500. However, in February of this year auctioneers Sotheby’s sold one for £7.6m. A price in the region of US$15-18m. would not, of course, bring such a rapid escalation but might well see a growth of 10-20%.
The painting for sale at the moment is available from New York’s Acquavella Galleries.