Another Auction Season, Another Lot-Leading Warhol

The November auctions — barometers of the art market -- are less than three months away. The race for choice consignments has begun, and, so far, Christie's has a lead on archrival Sotheby's:

At the end of July, Christie's announced that Andy Warhol's Liz (Colored Liz) would be one of the star lots in its evening sale of post-war and contemporary art. The portrait of Elizabeth Taylor, one of the artist's favorite subjects, is expected to bring more than $25 million.

Photo Credit: Christie's Images Ltd. 2007

Warhol's market, according to a press release circulated by the auction house, has seen an "electrifying development," in recent seasons. In plain English, this means that the prices collectors are willing to pay for the artist's work has completely passed the point of reason, and Christie's has wrangled more major Warhol commissions than Sotheby's. Last November, the auction house sold a record-setting Mao portrait by Warhol for $17.4 million only to put that price to shame when it brought in $71.7 for one of the artist's car crash works in May. That's a quadrupling of the highest price achieved by a Warhol at auction in only six months, with the May jaw dropper bringing more than twice its high estimate.

The seller of Liz (Colored Liz) &mdash a private collector, according to Christie's -- was outed as the British actor Hugh Grant by Carol Vogel in the New York Times on the day the auction house's announcement. The piece's high-profile provenance may very well fan the flames of the Warhol frenzy.

The question now, is, can Sotheby's come up with a lot to give Christie's a run for its money? Lauren Gioia from Sotheby's press office says that the auction house will have an $8 - 10 million Basquiat and an $8 - 12 million Warhol Campbell's Soup can in its fall sales. An official release of Sotheby's fall highlights is expected to go out via e-mail on Monday, but blockbuster lots won't be revealed until after Labor Day.