Warhol's self-portrait that inspired the book 'I sold Andy Warhol (Too Soon)' goes up for auction again. Auctioneer Phillips will offer the historic work on behalf of a Finnish collector.
A self portrait of Andy Warhol, whose purchase and subsequent resale became the subject of two books, will test the market for the King of Pop Art in New York next week.
The 12-by-12-inch self-portrait (Fright Wig), depicts the artist's head and signature spiky hair in green on black. Estimated at $800,000 to $1.2 million at Phillips, it will be offered at the Art of the 20th and 21st Century Night Auction on May 17.
The work was anonymously consigned by Finnish collector John Lindell, who purchased it for $374,000 at Christie's in 2005. At the time, it was sold by art dealer Richard Polsky, who used the work as a narrative device for his two non-fiction works. about the art market, “I bought Andy Warhol” and “I sold Andy Warhol (too soon): a memoir”.
The first book told the story of Polsky's 12-year quest to find and buy the right Warhol, for which he ended up paying $47,500. The second book is about selling Warhol at auction - and then suffering terrible remorse.
"My mom told me not to sell it," Polsky said by phone from Santa Fe, New Mexico, where he now lives. “I should have listened to my mother.”
Just two years later, another similar 12-inch Warhol self-portrait fetched $2.7 million at auction, still the highest price for a work of that size. Prices for self-portraits of Warhol in the creepy wig peaked in 2010, when a 9-square-foot canvas fetched $32.6 million. A group of six 22-by-22-inch works fetched $31.4. million in 2018.
The “Fright Wig” series of self-portraits was the result of a suggestion by art dealer Anthony d'Offay, who wanted to bring together the iconic artist as creator and subject in the same work. The series was completed and exhibited at London's d'Offay gallery shortly before Warhol's death in 1987.
Lindell knew about Polsky's first book but was drawn to the painting outside of any narrative, he said this week. He loves Warhol and has collected him extensively since 1992, when he bought the artist's first work, a painting of dollar signs. Since then, he has amassed 25 Warhol silkscreen paintings and sculptures, including four self-portraits. They are part of its art collection of around 250 works and a vast collection of furniture, glass and ceramics.
“Sorry to see it go,” Lindell said of the “Fright Wig,” speaking from Helsinki, “but after collecting for 40 years and reaching 70 next year, maybe it's time to sell something.”
In fact, he's selling three other artworks at Phillips next week, including two more Warhols (a little Mao in the evening sale and OJ Simpson in the morning sale), as well as a sculpture of brushstrokes by Roy Lichtenstein.
Both Polsky and Lindell said that owning the “Fright Wig” was a special experience. “I got a lot of spiritual nourishment from that,” Polsky said. “Whoever gets it will enjoy living with it.”
He once predicted that prices for a small “Fright Wig” self-portrait would reach $500,000. Phillips' estimate is already "twice what I thought it would be worth." Is there a chance Polsky will make an offer again? "I couldn't buy it back even if I wanted to," he said.