Andy Warhol Cowboys and Indians For Sale

Andy Warhol: Cowboys and Indians

Series Performance Opening

The Cowboys and Indians portfolio represents one of Warhol's most ambitious late-career projects and demonstrates sustained collector demand across three decades of secondary market activity. Complete sets have achieved remarkable consistency at auction, with two recent sales establishing a clear price corridor: $825,500 at auction in October 2024 and $816,500 in October 2021. This narrow variance of just over one percent across a three-year span signals exceptional market stability—a characteristic that distinguishes trophy-quality Warhol portfolios from more volatile segments of his print market.

Guy Hepner brings unmatched expertise to this series, having facilitated 478 Warhol transactions totaling over $51 million across 292 collectors. This depth of transactional experience provides our clients with pricing intelligence and provenance verification that simply cannot be replicated elsewhere in the dealer market.

Individual sheets from the portfolio have shown their own compelling trajectory. Mother and Child F.S. II 383 realized £63,500 at auction in September 2024, nearly doubling its June 2022 result of £35,580. For collectors positioning portfolios toward American cultural themes, Cowboys and Indians offers entry into Warhol's practice at price points substantially below his iconic Marilyn or Mao editions, while delivering the production quality and conceptual rigor that define his most collected bodies of work.

Technical & Historical Context

Warhol created Cowboys and Indians in 1986, publishing the portfolio through Gaultney, Klineman Art Inc. in New York. The series comprises ten screen prints on Lenox Museum Board, each measuring 36 x 36 inches—the square format that Warhol favored for his most significant portrait editions. The prints were issued in editions of 250, with 36 artist's proofs and additional trial proofs, making complete sets relatively accessible compared to his earlier, more limited portfolios.

The series arrived during America's Reagan-era fascination with Western mythology, yet Warhol's treatment refuses easy nostalgia. By placing Native American imagery—the Mother and Child, Plains Indian Shield, Kachina Dolls, Northwest Coast Mask, and War Bonnet Indian—alongside figures like General Custer, the portfolio interrogates rather than celebrates frontier mythology. The series functions as both cultural commentary and commercial product, a duality that defined Warhol's entire practice. This conceptual sophistication distinguishes Cowboys and Indians from straightforward Western Americana and explains its enduring appeal to collectors seeking substance alongside visual impact.

Individual Works

Within the Cowboys and Indians portfolio, certain prints consistently attract stronger collector interest. Mother and Child F.S. II 383 ranks among the most sought-after individual sheets, with its tender depiction of a Native American woman and infant offering emotional resonance uncommon in Warhol's typically detached portraiture. The recent auction performance—climbing from £35,580 to £63,500 in just over two years—reflects growing appreciation for this particular image.

General Custer, from Cowboys and Indians, IIB.379 commands attention as a unique screen print variant, making it exceptionally rare within the edition structure. Collectors pursuing singular examples within Warhol's print practice should note that unique impressions from major portfolios appear infrequently at market.

The Northwest Coast Mask F.S. II 380 and Kachina Dolls F.S. II 381 appeal to collectors with parallel interests in ethnographic material and American folk art traditions. Plains Indian Shield F.S. II 382 delivers graphic punch that translates effectively in contemporary residential settings, while War Bonnet Indian F.S. II 373 provides the bold portraiture format most immediately recognizable as Warholian. Complete sets remain the preferred acquisition strategy for institutional collectors and foundations, though individual sheets offer entry points for collectors building positions incrementally.

Authentication & Condition

Every Cowboys and Indians print should bear the stamped signature of Andy Warhol on the verso, along with the publisher's chop mark from Gaultney, Klineman Art Inc. Edition numbering appears in pencil on the front lower margin. Prints lacking any of these markers require rigorous provenance documentation before acquisition.

The Lenox Museum Board substrate presents specific condition considerations. Unlike wove papers, this heavyweight board resists undulation but proves susceptible to corner bumping and edge wear from improper storage. Collectors should examine margins carefully under raking light to detect any restoration to corners or surface abrasions. Screen printing on this board typically exhibits excellent ink saturation, so any areas of weakness or inconsistency warrant explanation. Fading remains minimal when prints have been stored properly, though prolonged UV exposure will compromise the vibrant palette that defines this portfolio. Guy Hepner provides comprehensive condition reports with photography under multiple lighting conditions for every work offered, ensuring collectors understand precisely what they are acquiring.

Investment Analysis

Cowboys and Indians occupies a strategic position within Warhol's market hierarchy. While Shot Sage Blue Marilyn achieved $195,040,000 at Christie's in May 2022—establishing the benchmark for twentieth-century art—and recent Mao prints from the Feldman and Schellmann catalogue reached $4,648,000 each at Christie's in May 2025, the Cowboys and Indians portfolio trades at accessible levels that permit meaningful accumulation.

The stability evident in complete set pricing—$825,500 in October 2024 versus $816,500 in October 2021—suggests a portfolio that has found its natural floor. Individual sheet appreciation, demonstrated by Mother and Child's 78 percent gain between 2022 and 2024, indicates room for continued growth as collectors recognize this series as undervalued relative to Warhol's broader market. For 2026 acquisition strategy, Guy Hepner recommends targeting complete sets when available, while selectively acquiring key individual sheets—particularly Mother and Child and any unique variants—to build concentrated positions in this historically significant body of work.

Acquire Cowboys and Indians Through Guy Hepner

Guy Hepner maintains active inventory in the Cowboys and Indians series and has placed hundreds of Warhol works with discerning collectors across three decades. To discuss available works, request condition reports, or explore acquisition strategies tailored to your collecting objectives, contact our New York team directly.