Warhol’s Iconic Marilyn Monroe Portrait Sold for $195 Million

An iconic Andy Warhol silk-screen portrait of movie star Marilyn Monroe sold for $195 million at Christie's on Monday, setting a new record for  American artwork at auction.

The auction launched major spring sales in New York, highlighting the global strength of the high-end art market in an era of broader financial market volatility. Collectors often look to fine arts as a form of investment protection, as the value of art does not always move in step with stocks.

Warhol’s 3-foot square silk screen called "Shot Sage Blue Marilyn," features a promotional photo from the actress's 1953 movie "Niagara." The artist turned the actress into a pop art icon, giving her a pink face of bubble gum, red lips of rubies, and a blue eyeshadow on a sage blue background.

At least four bidders competed for the portrait, and after about four minutes of bidding at the Christie's Rockefeller Center showroom in Manhattan, dealer Larry Gagosian won the bid. At the start of the last auction, Christie's had high hopes for this task, estimated at $200 million.

When it comes to blockbuster paintings, Warhol is currently one of the most expensive works of art ever sold. The sale exceeded the $110.5 million paid in 2017 for skull paintings by Warhol's disciple Jean-Michel Basquiat. The sale also features a $105.4 million past man who fell in a wrecked car in a wall-sized metal diptych silver car crash (double disaster) set by Warhol in 2013.