GUY
HEPNER
Market Intelligence 2026
Andy Warhol
Beethoven F.S. II 391
Beethoven
Public-market record, relative value and collector decision framework.
Andy Warhol · 1987 · Screen print on Lenox Museum Board
Prepared for collector, adviser and investor review · Data through July 23, 2026
A defined market, supported by work-specific evidence.
Primary-Source Sales
5
Top Result
$541,800
Average Realised
$271,832
Date Range
2008–2025
The Object
Beethoven F.S. II 391 by Andy Warhol — an edition with institutional recognition across international auction platforms.
The Market
5 primary-source results since 2008. Consistent collector demand with a 2008–2025 price series.
The Evidence
Results span 3 auction venues, providing a robust multi-house price series for direct comparison.
The Decision
Guy Hepner Gallery provides expert acquisition guidance and private-purchase access below public-auction pricing.
Andy Warhol
Beethoven F.S. II 391
- Artist
- Andy Warhol
- Year
- 1987
- Medium
- Screen print on Lenox Museum Board
- Series
- Beethoven
Reference image
Primary-source results, verified and documented.
| Date | Venue | Estimate | Result | Seller Net * |
|---|---|---|---|---|
| Oct 2, 2008 | Sotheby's | $176,613–$264,920 | $192,950 | $125,418 |
| Oct 27, 2022 | Sotheby's | $250,000–$450,000 | $541,800 | $352,170 |
| Sep 18, 2025 | Phillips | $53,409–$80,113 | $137,794 | $89,566 |
| Oct 23, 2025 | Sotheby's | $60,000–$80,000 | $165,100 | $107,315 |
| Dec 4, 2025 | Lempertz | $231,973–$347,960 | $321,515 | $208,985 |
* Seller net based on 65% of hammer price — indicative only; auction house terms vary. ★ Guy Hepner Gallery private sale; not a public auction result and excluded from statistical analysis.
Reading the Ledger
Results are premium-inclusive buyer-cost figures. Estimates exclude buyer's premium. Hammer is shown where publicly available. Only verifiable primary-source results are included.
Methodology
Private sales are noted separately and excluded from statistical calculations. Prices are reported in USD at fixed exchange rates for comparative clarity.
Price series reveal the market signal clearly.
USD Price History — Maximum Realised Per Year
Individual Sale Results — USD (Dots)
By Auction House
Estimate Midpoint vs Realised — USD
Andy Warhol's Beethoven F.S. II 391 has achieved 5 auction results since 2008,…
Andy Warhol's Beethoven F.S. II 391 has achieved 5 auction results since 2008, demonstrating consistent collector demand across major international houses. With an average realised price of $271,832, this work occupies a strong position within the secondary market for Andy Warhol.
The top recorded result of $541,800 at Sotheby's in 2022 reflects the sustained institutional appetite for this edition. Results have been achieved across multiple major auction platforms, underscoring the work's broad international appeal and liquidity.
Market analysis indicates sustained collector interest and consistent liquidity across major international markets, positioning Beethoven F.S. II 391 as a compelling consideration for collectors seeking both aesthetic value and market confidence within the blue-chip print market.
Guy Hepner Gallery specialises in authenticated Andy Warhol works, offering expert provenance research and acquisition services. Our team of specialists can advise on current market positioning and acquisition strategy for this and related editions.
Disclaimer: This report is provided for informational and research purposes only and does not constitute financial, investment, legal, or tax advice. Auction records are sourced from publicly available third-party data and may be incomplete or subject to error. Past auction results are not indicative of future value, performance, or liquidity. Estimated values and market commentary reflect general secondary-market trends and are not appraisals. Guy Hepner Gallery makes no representations or warranties, express or implied, regarding the accuracy, completeness, or fitness for any particular purpose of the information contained herein. Guy Hepner Gallery may hold, have held, or seek to acquire positions in works by the artists covered in this report. This report is intended solely for the private use of the recipient and may not be reproduced or redistributed without prior written consent.
Collector Implication
Works with multi-house, multi-year auction records offer the strongest price transparency. This edition benefits from verifiable international comparables across major platforms.
Acquisition Route
Guy Hepner Gallery offers private purchase at or below public-auction hammer + premium, with expert provenance review and authenticated condition reports.
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