Net Worth Ranker
What Is Andy Warhol’s Net Worth?
Andy Warhol, a pivotal figure in the pop art movement, had a net worth of $220 million at the time of his death on February 22, 1987, adjusted for inflation and accounting for the value of his extensive art collection. This valuation, determined by Christie’s in 1993, underscores the significant financial impact of his artistic contributions.
Andy Warhol’s Estate and Possessions
Warhol’s vast collection of personal effects, which included 4,118 paintings, 5,103 drawings, 19,086 prints, and 66,512 photographs, was valued at $20 million. Sotheby’s took nine days to catalog his possessions, highlighting the sheer volume and diversity of his belongings. In his will, Warhol designated a few personal items for his family, with the majority of his estate intended to fund the creation of a foundation dedicated to the “advancement of the visual arts.” This decision reflects his commitment to supporting and promoting artistic endeavors beyond his lifetime.
Early Life and Career Beginnings
Born on August 6, 1928, in Pittsburgh, Pennsylvania, as Andrew Warhola, Andy Warhol was the fourth child of working-class Austrian-Hungarian immigrants Ondrej and Julia Warhola. He attended Schenley High School and later studied commercial art at the Carnegie Institute of Technology, where he engaged in extracurricular activities such as joining the Modern Dance Club and the Beaux Arts Society. He also served as the art director of the student art magazine Cano. Graduating in 1949 with a BFA in pictorial design, Warhol’s early education laid the foundation for his future artistic endeavors. Following his graduation, Warhol moved to New York City and embarked on a career in magazine illustration and advertising. His first commission was drawing shoes for Glamour magazine. In the 1950s, he worked as a designer for the shoe manufacturer Israel Miller, during which time he developed his “blotted line” technique. Warhol had his first solo show in 1952 at the Hugo Gallery, and in 1956, he participated in his first group exhibition at the Museum of Modern Art, marking the beginning of his rise to prominence in the art world.
Stardom and Artistic Achievements in the 1960s
Andy Warhol rose to prominence in the 1960s, embracing the screen printing process for his paintings. In 1962, he created one of his most iconic works, “Big Campbell’s Soup Can with Can Opener (Vegetable),” which became his most recognizable visual motif. This painting was the first of his works to be exhibited in a museum, debuting at the Wadsworth Atheneum in July 1962. That same month, Warhol opened an exhibition at the Ferus Gallery in Los Angeles, marking the West Coast debut of pop art. Later that year, he exhibited his Marilyn Monroe pieces at Eleanor Ward’s Stable Gallery in New York. Throughout the 1960s, Warhol created paintings of iconic American subjects, including Marlon Brando, Elizabeth Taylor, Muhammad Ali, and Elvis Presley. He also represented objects such as dollar bills, Coca-Cola bottles, and mushroom clouds. Warhol had highly publicized exhibitions during the decade, including his second show at the Stable Gallery and the American Supermarket show at Paul Bianchini’s gallery. These artistic endeavors solidified his status as a leading innovator in the art world.
The Factory and Collaborative Ventures
As Andy Warhol established himself as a leading innovator in the art world in the 1960s, he founded his New York studio, The Factory. There, he assembled a diverse group of artists, writers, bohemians, musicians, intellectuals, drag queens, and more. His crowd included such names as Billy Name, Ronald Tavel, Freddie Herko, Ondine, and Brigid Berlin. Warhol also helped groom a variety of creatives he called “superstars,” including singer-songwriter Nico, whose band the Velvet Underground he produced and managed. Additionally, he cultivated the careers of actors such as Joe Dallesandro, Candy Darling, Edie Sedgwick, Jackie Curtis, Ultra Violet, and Viva. These performers and other Factory collaborators starred in many of Warhol’s films, including “Eat,” “Harlot,” “Horse,” “Beauty No. 1,” “Chelsea Girls,” and “Tub Girls.” The Factory became a hub for artistic experimentation and collaboration, contributing to Warhol’s lasting legacy.
Assassination Attempt and Career in the 1970s and 1980s
In 1968, radical feminist writer Valerie Solanas, a marginal figure at The Factory, shot both Warhol and art critic and curator Mario Amaya. While Amaya sustained only minor injuries, Warhol was severely wounded and barely survived. Solanas was arrested the day after the incident, claiming she shot Warhol because he had too much control over her life. In 1971, Warhol had a retrospective exhibition at the Whitney Museum of American Art. A couple years later, he created his portrait of Chinese Communist leader Mao Zedong, and two years after that, he published his book “The Philosophy of Andy Warhol.” Warhol grew less productive during the decade, spending much of his time assembling new wealthy patrons for portrait commissions. In 1979, he founded the New York Academy of Art with his longtime friend Stuart Pivar. Warhol revived his critical and commercial success in the 1980s, partly due to his connections to such popular young artists as Jean-Michel Basquiat, David Salle, and Julian Schnabel. He had his final career exhibition in 1987 at the Palazzo delle Stelline in Milan, Italy. These events shaped his career and contributed to his artistic and financial achievements.
Personal Life and Death
Andy Warhol, noted for his homosexuality, declared himself a virgin as late as 1980, although this claim is disputed. Famously, his lovers included BillyBoy, Billy Name, Charles Lisanby, Jon Gould, and John Giorno. For 12 years, he was in a relationship with Jed Johnson. On February 22, 1987, Warhol passed away at the age of 58 following a gallbladder operation. Prior to this, he had repeatedly delayed checkups for his gallbladder problems. He is interred in St. John the Baptist Byzantine Catholic Cemetery in Bethel Park, Pennsylvania. His personal life and relationships influenced his work and contributed to his cultural impact.
Estate Battle and Valuation
After Warhol’s death, Frederick W. Hughes became the first head of the Warhol Foundation. Following Hughes’s illness, Archibald Gillies took over in 1990, three years after the foundation’s establishment. Disputes arose between Hughes and Gillies regarding the management of the Foundation, compounded by Edward W. Hayes, the lawyer in charge of the Warhol estate, seeking 2% of the estate’s value as per his contract. Hayes valued the estate between $400 and $600 million. However, Christie’s final valuation in 1993 determined the estate to be worth $220 million. This valuation reflects the complexities and challenges in assessing the value of Warhol’s extensive art collection and personal possessions. This amount also influenced the net worth that was available to be dispersed.
