«GOOD BUSINESS IS THE BEST ART»

Also guaranteed at Phillips is a Warhol 4ft square flower painting, bought in 2007 for $5.2 million by investor Jose Mugrabi, which is now pegged at $8 million to $12 million. Mugrabi is getting a better return for a small Warhol self-portrait of 1963, which he bought in 1998 for $376,500 and is now selling for $6 million to $8 million at Christie’s. Altogether, 65 works by Warhol are expected to bring more than $135 million, or 25 per cent of the contemporary art sales.

-Telegraph
May 3 2011