Bargain of the century: Florence Barron who paid $1,600 for Warhol portrait set to make $30 million at auction

Bargain of the century: Florence Barron who paid $1,600 for Warhol portrait set to make $30 million at auction

 

An Andy Warhol self-portrait purchased in 1963 for $1,600 is poised to fetch $30 million or more when it hits the auction block at Christie's in May.

'Self-Portrait,' a four-panel acrylic silkscreen depicting the pop artist wearing a trench coat and sunglasses, is being sold by the family of Detroit collector Florence Barron.

Barron first commissioned Warhol to paint her portrait, but changed her mind and suggested the young artist depict himself, telling him, 'Nobody knows me ... They want to see you.'

Bargain: The Andy Warhol self-portrait purchased in 1963 for $1,600 on an instalment plan is poised to fetch $30 million or more when it hits the auction block at Christie's in May

The result was Warhol's first self portrait, four images taken in a coin-operated photo booth rendered in hues of blue.

Mrs Barron's son Guy said:'My mother didn't look at collecting in terms of 'is this important or not important.

'She looked at it from the standpoint of what resonated with her, and of 'I want to live with it.'

'It was not done as some people do today, as wall power.'

The portrait graced the living room wall of the family home in Detroit. It also went on public display, serving as the cover image for catalogues from major Warhol exhibitions and retrospectives at the Museum of Modern Art in New York and the Guggenheim in Bilbao, Spain.

Brett Gorvy, Christie's international co-head and deputy chairman for post-war and contemporary art, said the work marked the beginning of Warhol's own stardom.

Warhol's portrait Elizabeth Taylor will go under the hammer on May 12 and is expected to fetch $30million

'With dark sunglasses an oblivious gaze, Warhol was ahead of his time in creating a new archetype of glamour,' Gorvy said.

'The painting is remarkable not only for its visual impact and the introduction of the photo booth genre, but for marking a key moment in the history of art, when Warhol takes his place in the pantheon of celebrity alongside Marilyn, Elizabeth and Elvis.'

The sale comes after an anonymous individual recently announced they would sell a portrait of the late Elizabeth Taylor.

Liz #5, which was painted by the artist in 1963, is expected to fetch as much as $30million when it goes under the hammer in New York on May 12, auctioneers Phillips de Pury said.

A spokeswoman for London-based auctioneers Phillips tried to play down the connection between the artwork going on sale and Taylor’s death two weeks ago aged 79.

Giulia Costantini told the Los Angeles Times: ‘The events are not connected’.

Andy Warhol, far right, and Elizabeth Taylor, centre, were good friends. Warhol, when asked about the Hollywood icon said 'Ohhh. She's so glamorous.'

Actor Hugh Grant famously made a killing on another Warhol portrait of Taylor, buying the work in 2001 for £2 million.

He was praised as a master of timing when he sold it six years later for £13million.

But in an amusing confession, Grant later admitted his windfall had little to do with an eye for art - he had been on a two-day drinking spree when he ordered an assistant to bid for the painting at an auction in New York.

He said: 'And to my horror, she did, and even worse, got it.'

Barron, whose family includes two married sons and several grandchildren, said they were auctioning the work because 'dividing is not possible, so selling makes the most sense.

Mr Barron said: 'I feel that Andy Warhol himself would appreciate this, because he always talked about everyone in their lifetime having their turn in the spotlight for 15 minutes. Who'd have thought that his self-portrait would play such a role in our lives.'

The record for a Warhol self-portrait is $32.6 million set last May at Sotheby's in New York.

The record price for any Warhol sold at auction is 'Green Car Crash (Green Burning Car I),' which Christie's sold for a whopping $71.7 million in 2007.