Andy Warhol Estate To Auction Off Entire Art Collection

It appears that the foundation that oversees the remaining estate of artist Andy Warhol, the Andy Warhol Foundation for the Visual Arts, is set to auction off the entire remains of the estate.

There is estimated to be a variety of works that equal about 20,000 different pieces including drawings, prints, and photographs. The auction is to be held at Christie's in New York this November and could bring in well over $100 million dollars.

The foundation's reasoning for this massive sale is that they want to change their focus to concentrate more on grant making and other philanthropic endeavors. By selling off the remaining art assets they will save costs on storing, insuring, and overall administration expenses associated with those assets.

In a time when grant money for the arts has slowed to a trickle, this will surely be a welcome downpour of cash for all artists out there that need a little kick start to their careers.

For more information about handling estate assets, please consult with a professional Estate Administration Attorney.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.

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