Artinfo’s Julia Halperin has the story of why the Warhol Foundation is dissolving it’s Warhol Authentification Board, Inc. According to Warhol Foundation president Joel Wachs, the:
… decision was driven by the financial toll the board’s operations have taken on the institution has a whole. Consisting of five scholars and curators who meet three times a year to consider submissions, the board costs approximately $500,000 a year to operate. But it was the legal fees from lawsuits over works rejected by the board that ultimately made it untenable, according to Wachs. “I don’t want to spend $7 million a year on lawyers,” he said, referring to the amount paid by the foundation last year toward defending itself.
How will we know if our Warhols are real!? The WSJ gives us a sense of the scope of the Warhol market:
The Pittsburgh-born artist created about 8,000 paintings and sculptures between 1952 and his death in 1987, and they turn up at auction so consistently — about 200 works a year — that they have become a bellwether for the entire $25 billion art market.
As we noted a little while ago, an Artactic report titled “Andy Warhol: The Art Market Zeitgeist” states that Warhol constitutes 17% of the contemporary art auction market.
Image: Hargo’s “Cash for Your Warhol: Miami series” (2008)