PARIS, April 17, 2023 /PRNewswire/ -- Artmarket.com: The Fondation Louis Vuitton in Paris is currently exhibiting co-signed works by Jean-Michel Basquiat and Andy Warhol. Artprice analyzes its market.
Although last year a canvas by Andy Warhol generated the second best result in the history of the art auction market (with 195 million dollars) and a work by Jean-Michel Basquiat exceeded 110 million dollars in 2017, the prices of works produced jointly by both artists peaked at $14 million nearly nine years ago. But that difference in value has not deterred the Louis Vuitton Foundation from organizing a major exhibition of jointly signed works by the two most iconic figures of the New York scene of the 1960s and 1980s.
"Andy Warhol and Jean-Michel Basquiat, true pillars of the art market, ranked 1 and 7 in the 2022 Artprice World Rankings by Annual Auction Turnover (all periods combined), worked together for three years," says thierry Ehrmann, CEO of Artmarket.com and founder of Artprice. "Together they have created several monumental pieces, some several meters high, but they do not always have the strength of the works they have created alone. At least, that is what the statistics of the art auction market suggest."
A well orchestrated collaboration
In 1982, gallery owner Bruno Bischofberger officially introduced the young Jean-Michel Basquiat to the now famous Andy Warhol. They soon began to work together, together with the Italian artist Francesco Clemente, painting one after the other on the same canvases. The result of this triple collaboration, the work Origin of Cotton (1984) was auctioned for the first time in 1992 at Christie's in London for $95,700. In 2018 it was sold for the second time at Sotheby's for $592,000 (tax included). For a canvas measuring 130 by 180 cm and signed by three such prestigious artists, that price seemed almost too reasonable.
www.artprice.com/artist/763353/jean-michel-
Soon after, the two American stars decided to continue their solo collaboration, which ended in a major exhibition in New York in the fall of 1985, less than two years before Warhol's death and a little less than three years before Warhol's. Jean-Michel Basquiat. On the now iconic poster for the exhibition, they appear as boxers on a yellow background, surrounded by red stars. The two artists are positioned at the same height, but appear to be separated slightly.
It is the story of this collaboration that the Louis Vuitton Foundation (designed by Frank Gehry in the Bois de Boulogne in Paris) has decided to focus on (from April 5 to August 28, 2023). And although the story has two giants of American painting as its main protagonists, the commercial success of their joint works seems to have been somewhat marred by an inevitable clash of egos. In any case, the exhibition is possibly, and above all, an opportunity to witness the meeting of two artistic currents, personified by two very close and at the same time very different artists, surrounded by Keith Haring, Madonna and many other celebrities, with pop , jazz... and the postmodern American dream as a backdrop.
What does the art market think?
The works created jointly by Warhol and Basquiat have not come anywhere near the record valuations generated individually by each of these two artists. So while they are not without value, collectors consider their quality to be less than the sum of their two parts. Although the free, jaunty lines of Jean-Michel-Basquiat can be seen married to the silkscreen style of Andy Warhol, and although they apparently interchanged papers and techniques, these works seem completely devoid of Basquiat's power or Warhol's spell. So, at the end of the day, your value is essentially based on your two signatures.
The collectors' opinions are reflected in the auction results. The auction record for a work by the Warhol/Basquiat duo is currently the one set in 2014 for the canvas Zenith (1985) for $11.4 million at Phillips in New York. Since then, 13 canvases signed by the two artists have come up for auction, several of which are currently on display at the Louis Vuitton Foundation, never approaching the two artists' personal highs (both exceeding $100 million). :
- Wood (1984): $2.4 million in 2016 - Sweet Pungent (1984/85): $5.7 million in 2017 - Taxi, 45th/Broadway (c.1984/85): $9.4 million dollars in 2018
In 2022, GE/Skull (1984/85) and 1/2 Keep Frozen (1984-1985) sold for $4.6 million and $3 million respectively at Christie's in New York. However, they belonged to Thomas Ammann's collection along with Andy Warhol's Shot Sage Marilyn Blue (1964), the same one that fetched $195 million (tax included) on May 9, 2022. Thomas Ammann also owned a painting of Francesco Clemente titled The Fourteen Seasons, No. XI (1981/82), which generated a new record for the artist by reaching $1.8 million (versus Christie's estimate of $80,000 - $120,000).
www.christies.com/en/auction/the-collection-of-thomas-and-doris-ammann-evening-sale-29836/browse-lots
A collaboration to relaunch their careers
When they started working together in 1984, Andy Warhol was 57 years old and Jean-Michel Basquiat was 24. However, in the eyes of the market, the best of their respective productions had already been left behind. Our auction data shows that Andy Warhol's most sought-after works are those he created between 1962 and 1964, and in the case of Jean-Michel Basquiat, 1982 is considered his best creative period.
What historians see in this union is, at least in part, a young painter's desire to learn from a superstar and develop his brand image, and in return, Warhol's interest in working with a burgeoning young talent. Interestingly, it seems that it was the older of the two who benefited most from this collaboration, as Warhol experienced another year of great prosperity (from a career point of view) in 1986, with, among other things, the production of a series of self-portraits and various canvases around the theme of Leonardo da Vinci's The Last Supper.
When Andy Warhol died on February 22, 1987, he left Jean-Michel Basquiat in the hands of his demons, and a year and a half later, on August 12, 1988, Basquiat died of a drug overdose at just 27 years old.
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