Marilyn — Andy Warhol

Andy Warhol: Marilyn Monroe Series

Available at Guy Hepner, New York

SERIES PERFORMANCE OPENING

The Marilyn Monroe series represents the absolute pinnacle of Andy Warhol's market achievement and remains the most sought-after body of work in post-war American art. When Christie's sold Shot Sage Blue Marilyn (1964) for $195,040,000 in May 2022, it established the highest price ever achieved for any twentieth-century artwork at auction—a record that still stands. This single transaction redefined market expectations for Warhol's Marilyn imagery across all formats and price points.

Current auction activity confirms sustained institutional and private demand. In December 2025, Marilyn Monroe F.S. II 23 (1967) realized EUR 4,488,000, with Marilyn Monroe F.S. II 24 achieving an identical result in the same sale. Earlier in 2025, both prints traded at GBP 381,000 at September auctions, demonstrating consistent international appetite across European and American markets. The Marilyn Monroe Reversal paintings from 1980 have shown steady secondary market presence, with a USD 196,850 auction result in May 2023.

Guy Hepner has facilitated 478 Warhol transactions totalling over $51 million across 292 collectors. Within this extensive track record, the Marilyn series consistently generates the highest inquiry volume and commands the strongest collector commitment relative to estimate. These works attract buyers who understand that owning Marilyn imagery means holding a position in the single most recognizable image in contemporary art history.

TECHNICAL & HISTORICAL CONTEXT

Warhol first appropriated Marilyn Monroe's image in 1962, working from a publicity photograph for the 1953 film Niagara. The timing proved culturally explosive—Monroe had died just weeks earlier, and Warhol's serialized treatment transformed her likeness into an immediate meditation on celebrity, mortality, and mass reproduction.

The 1967 portfolio, published by Factory Additions, New York, in an edition of 250, established the definitive screen print suite. Each 36 x 36 inch composition presents Monroe through Warhol's signature color separations, with variations in background hue, lip color, and eye shadow creating distinct visual identities across the ten prints. The technical execution demanded precise registration across multiple screens, and surviving examples in strong condition demonstrate exceptional color saturation.

The 1980 Reversal paintings revisited the source image through negative color relationships, creating a darker psychological register. The 1981 Marilyn Invitation for Castelli Graphics, printed as an offset lithograph on cardstock, represents Warhol's continued engagement with the subject through the final decade of his career.

INDIVIDUAL WORKS

Marilyn Monroe F.S. II 22–25 (1967) form the commercial and aesthetic core of collector interest. These screen prints from the Factory Additions portfolio deliver museum-quality impact at acquisition levels substantially below unique works. F.S. II 23 and F.S. II 24 have established the current benchmark with their December 2025 results, while F.S. II 22 and F.S. II 25 remain actively traded. Serious collectors typically pursue multiple impressions to build comprehensive holdings.

Marilyn Monroe Reversal (1980) offers access to Warhol's late-period reconsideration of his most famous subject. The intimate 20 x 16 inch oil paintings appeal to collectors who prioritize unique works over editioned prints, and the inverted palette creates striking visual distinction from the 1960s imagery.

Marilyn Monroe I Love Your Kiss Forever Forever F.S. II 5 (1964) predates the major portfolio and carries historical significance as an early exploration of the subject. The double-page lithograph format references Warhol's commercial illustration background while anticipating his fine art direction.

Marilyn Invitation (1981) provides an accessible entry point for collectors building toward major acquisitions. The Castelli Graphics provenance and intimate scale make this work particularly suitable for private study collections.

AUTHENTICATION & CONDITION

Authentication for the 1967 portfolio prints requires verification against the Andy Warhol Foundation for the Visual Arts catalogue raisonné compiled by Feldman and Schellmann. Genuine impressions bear the Foundation's authentication stamp on verso, and collectors should confirm edition numbering and publisher documentation. Factory Additions certificates of authenticity accompany properly provenanced examples.

Condition assessment for screen prints focuses on color stability, particularly in the flesh tones and background fields where fading appears first. Registration quality varies across the edition—premium examples show crisp alignment between color layers with no bleeding or overprinting. Paper condition matters significantly; handling creases, foxing, and mat burn all affect market value. The 1980 Reversal paintings require standard examination protocols for oil on canvas, with particular attention to surface cleaning history and stretcher bar integrity.

Guy Hepner provides comprehensive condition reports prepared by conservators specializing in post-war American works on paper. Every acquisition includes full provenance documentation and authentication verification prior to delivery.

INVESTMENT ANALYSIS

The Marilyn series has outperformed Warhol's broader market over every measured period. According to the Art Basel & UBS Global Art Market Report, Warhol remains the highest-grossing artist at auction globally, and within his output, Marilyn works command premiums averaging 40-60% above comparable imagery from other series. The December 2025 results for F.S. II 23 and F.S. II 24 indicate continued price appreciation even in a selective buying environment.

Relative to Warhol's other major subjects—the Flowers series (Sotheby's results of $4,076,000 and $3,832,000 in May 2025) and the Mao portfolio (Christie's results of $4,648,000 each in May 2025)—Marilyn prints trade at consistent premiums. The cultural penetration of the Monroe image ensures recognition beyond art market participants, broadening the potential buyer pool for any future sale.

For 2026 acquisition strategy, Guy Hepner recommends securing portfolio prints in exceptional condition before institutional demand further compresses available inventory. The Reversal paintings represent opportunistic value given their unique status and relative market underexposure.

ACQUIRE MARILYN WORKS THROUGH GUY HEPNER

Guy Hepner maintains active inventory across the Marilyn Monroe series and facilitates private sales for collectors seeking specific impressions or edition numbers. Contact our New York team directly to discuss current availability, condition reports, and acquisition structures tailored to your collection objectives.

Guy Hepner, New York inquiries@guyhepner.com