Martha Graham — Andy Warhol

Andy Warhol: Martha Graham Series

Market Performance & Investment Context

The Martha Graham portfolio occupies a distinctive position within Warhol's screen print catalogue—a late-career series that remains significantly undervalued relative to the artist's broader market trajectory. While flagship Warhol works command extraordinary premiums (Shot Sage Blue Marilyn realised $195,040,000 at Christie's in May 2022, establishing the record for any 20th-century work at auction), the Martha Graham prints offer collectors entry into Warhol's celebrated print practice at accessible price points with demonstrated appreciation potential.

Guy Hepner's internal transaction data reveals consistent market activity for this series, with Letter To The World (The Kick) achieving $53,340 at auction in October 2025—representing substantial growth from the $24,400 recorded for Satyric Festival Song in May 2010. The complete portfolio has attracted renewed interest from institutional collectors seeking comprehensive Warhol print holdings, trading at JPY 85,195 in April 2021.

Within the context of Warhol's 2025 market performance—where Mao prints (F.S. II.96 and II.97) each realised $4,648,000 at Christie's in May, and Flowers achieved $4,076,000 and $3,832,000 at Sotheby's that same month—the Martha Graham series presents compelling value arbitrage. With 478 Warhol transactions totalling over $51 million across 292 collectors, Guy Hepner maintains unparalleled insight into optimal acquisition timing and fair market positioning for this series.

Technical Specifications & Historical Significance

Published in 1986 by Martha Graham Center of Contemporary Dance, Inc., New York, this portfolio of three screen prints on Lenox Museum Board represents one of Warhol's final major print projects before his death in February 1987. Each impression measures 36 x 36 inches (with Letter To The World (The Kick) at 35½ x 35½ inches), printed by Rupert Jasen Smith, New York.

The collaboration between Warhol and Graham united two titans of American modernism. Graham, then ninety-two years old, had revolutionised contemporary dance with the same radical vision Warhol brought to visual art. The series captures three of Graham's most celebrated choreographic moments: Satyric Festival Song (1932), Lamentation (1930), and Letter To The World (1940)—each transformed through Warhol's signature high-contrast treatment and synthetic colour palette.

This project marked a departure from Warhol's celebrity portraiture toward honouring creative legacy. The edition size remains modest by Warhol standards, enhancing long-term scarcity value as institutional holdings remove impressions from circulation.

Individual Works & Collector Preferences

Satyric Festival Song (F.S. II.387) captures Graham mid-leap in her 1932 solo, the figure rendered in Warhol's characteristic flat planes of saturated colour. Collectors responding to graphic boldness gravitate toward this impression—the dynamic pose translates Warhol's interest in arrested motion into the dance idiom.

Lamentation (F.S. II.388) depicts Graham's iconic 1930 solo, performed seated within a tube of stretch jersey fabric. The psychological intensity of this image—grief made physical through compressed, angular form—attracts collectors drawn to emotional depth within Warhol's typically detached aesthetic. This work bridges Warhol's portraiture with his more introspective late output.

Letter To The World (The Kick) (F.S. II.389) has emerged as the series' market leader, recording the highest recent auction result at $53,340 in October 2025. The explosive diagonal composition and Emily Dickinson connection (the dance was inspired by the poet's life) appeals to collectors seeking intersection between visual art and literary narrative. Guy Hepner advisors consistently recommend this work for clients building thematically cohesive collections.

The complete portfolio remains the optimal acquisition for serious Warhol collectors, offering contextual integrity unavailable through individual purchases.

Authentication & Condition Standards

Each impression bears the artist's signature in pencil on the front, accompanied by edition numbering. The stamps of Ronald Feldman Fine Arts, Inc., New York, and the printer Rupert Jasen Smith appear on verso—essential authentication markers that Guy Hepner verifies across every transaction.

Lenox Museum Board, selected for its archival stability, generally maintains excellent condition across surviving impressions. However, collectors should remain attentive to several factors: foxing along sheet edges (particularly in impressions stored in humid conditions), subtle colour fading in yellow and orange passages exposed to prolonged light, and handling creases in the margins.

Full documentation includes the original portfolio case for complete sets. Guy Hepner provides comprehensive condition reports with detailed photography, provenance verification, and authentication consultation. The catalogue raisonné reference (Feldman & Schellmann II.387-389) should accompany any serious acquisition, and our specialists confirm each work against established records before completing transactions.

Investment Analysis & 2026 Acquisition Strategy

The Martha Graham series presents asymmetric opportunity within Warhol's print market. While the artist's iconic imagery—Marilyns, Campbells, Flowers, Maos—commands premium multiples reflecting global brand recognition, the Martha Graham prints remain priced for appreciation rather than preservation.

Current market conditions favour acquisitive collectors. The 2025 Sotheby's and Christie's results demonstrate sustained institutional appetite for Warhol prints at all price levels, yet the Martha Graham series has not experienced the aggressive bidding seen in more recognisable imagery. This differential creates advantageous entry points.

Guy Hepner recommends prioritising the complete portfolio or Letter To The World (The Kick) for collectors seeking maximum appreciation potential. The series benefits from dual provenance narratives—Warhol's market dominance combined with Graham's enduring cultural significance—that institutional buyers increasingly value.

As Warhol's major series approach price ceilings, collectors and advisors seeking portfolio diversification are turning toward underexplored late work. The Martha Graham series, with its modest edition, art-historical gravitas, and demonstrated price trajectory, warrants serious consideration for 2026 acquisition.

Acquire Martha Graham Series Works

Guy Hepner maintains current inventory and access to secondary market impressions across all three Martha Graham prints. Contact our New York advisory team to discuss available works, condition reports, and acquisition strategy tailored to your collection objectives.