Is Andy Warhol the Art World’s Housing Bubble?

When Elizabeth Taylor passed away this past March, the nostalgia for all things “Liz” seemed inevitable. The brass ring of this Lizapalooza, however, seems to be Andy Warhol’s painting Liz #5, which sold earlier this month for $26.9 million USD. As art critic Jerry Saltz points out in a recent issue of New York Magazine, it seems as if every millionaire wants to own a Warhol. Thanks to his amazingly prolific career (and with a little help from "The Factory"), Warhol created enough art seemingly to go around, at least to those with enough cash to travel in the right circles. But, just like everyone once believed that it was a good thing that everyone owned a house in those days before the housing bubble burst, are rich collectors setting themselves up for a fall in lifting Warhol to the highest rank of artists, at least in terms of sales? Is Andy Warhol the art world’s housing bubble? Please come over to Picture This at Big Think to read more of "Is Andy Warhol the Art World’s Housing Bubble?"

[Image: Andy Warhol. Self-Portrait, 1986.]