UES studio Andy Warhol rented for $150/month sells for $10 million

Posted On Fri, November 18, 2016 By

Posted On Fri, November 18, 2016 By In Celebrities, Recent Sales, Upper East Side

In addition to being one of the world’s most iconic artists, Andy Warhol appears to have had the Midas touch for real estate. In 2013, Warhol’s one-time townhouse on Lexington Avenue sold $5.5 million—he paid just $60,000 for it in 1959; then last October, the artist’s former Montauk compound, which he paid just $225,000 for in 1972, sold for a whopping $50 million; and now, as The Real Deal reports, the ramshackle Upper East Side studio he rented for paltry $150 a month has just traded hands for an incredible $9.9 million.

Sotheby's, Andy Warhol Lease, The New York Sale auctionWarhol’s lease for the space which sold for $13,750 last year

As the story goes, Warhol shared his townhouse at 1342 Lexington Avenue near 89th Street with his mother and 25 cats. Warhol set up shop in the home shortly after purchasing it, but it didn’t take long for the space to become overrun with his art. A friend tipped him off about a vacant two-story firehouse close by at 159 East 87th Street, and the artist wrote the city about occupancy. Despite the fact there was no heat or running water, the city granted him a lease. Warhol’s residency lasted just one year, from 1962-1963, but it was more than enough time for him to produce his breakout Campbell’s soup cans paintings, as well as his famous “Death and Disaster” series. In 1964, the pop artist would go on to establish the infamous “Factory” on East 47th Street.

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According to The Real Deal, the seller of the building is billionaire art dealer Guy Wildenstein. Wildenstein is currently under investigation for money laundering and tax fraud.

[Via TRD]

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Neighborhoods : Upper East Side

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