Andy Warhol portrait of Liz Taylor fetches record price in Tokyo

An iconic serigraph of Andy Warhol actress Elizabeth Taylor, silver liz (Ferus Type), sold for 2.3 billion yen ($18.9 million) in Tokyo. According to Shinwa Auction Co.who organized the auction, it is the highest bid ever seen at an auction in Japan.

The auction was held on March 30 at Tokyo’s Haneda Airport Bail Auction site.

The portrait, created in 1963, is part of the “Silver Liz” series and measures approximately 1 x 1 meter. This is a fine example of Warhol screen printing technical.

Hikonobu Ise, the founder of Ise Foods Inc.a major egg retailer, owned it as part of the “Ise collection” of artwork.

Ise Foods is currently facing a huge debt that is forcing it to reorganize its business affairs.

Art auctions in Japan

Among the most notable works sold at art auctions in Japan, Pablo Picassooil painting”The crying womansold for ¥1 billion JPY (8 million USD) in 2018.

The March 30 event was the second art auction to use a bonded warehouse. The first was held on October 1, 2021. However, it was the first linked art auction held by an international alliance in Japan.

Prior to 2021, taxation during customs clearance at auctions in Japan was a barrier to the sale of items from overseas.

By using bonded warehouses, auctioned items may be exempt from customs duties and other taxes.

Haneda Airport Public Relations Department explained. After the partial revision of the fundamental circular on customs law, it was very moving for us to be able to hold the first bonded art auction in Japan in October 2021,” the department said in response to questions from JAPAN Strikeradding, “We are also pleased to have been able to continue our International Alliance Art Auction in March 2022.”

“Our company believes that this project, combining the extensive experience in the management of customs bonds cultivated over many years by the Japan Airport Terminal Group and the know-how of Haneda Future Research Institute Inc. in the field of art and culture, not only creates new value at Haneda Airport, but also expands opportunities for revitalizing the national art market,” the public relations department said.

The airport hopes to continue providing “hospitality” and “safety and security” to its customers as in the past and to function as a platform to spread Japanese cultural values ​​overseas.

As a cultural hub, Haneda Airport will host an exhibition at Terminal 1 from April 24 to May 8, 2022, showcasing a collaborative project by over 100 artists. Works by students and graduates of the Faculty of Fine Arts and the Faculty of Music of Tokyo University of the Arts will be presented.

Author: Shaun Fernando