Andy Warhol self-portrait nets a record $38.4 million

A blue canvas self-portrait by Pop Art king Andy Warhol fetched a record $38.4 million in a tense two-way bidding war at Christie’s in New York.

The 1963-1964 work, which shows Warhol wearing sunglasses in four panels, was the star of a brisk contemporary art sale that saw the auction power house leave arch-rival Sotheby’s in its tracks.

Total sales hit $301.7 million, just over the high pre-sale total estimate of $299 million, and far above the $128 million netted at Sotheby’s in its own contemporary art sale on Tuesday.

Christie’s said the Warhol set a record for a self-portrait by the still hugely lucrative artist, who died in 1987.

Pre-sale estimates for the work ranged between $20 and $30 million, but bidding burst those barriers in a dramatic contest between a phone bidder and a bidder present in the Manhattan auction room.

Bids shot up in increments of half a million dollars, then a quarter of a million and then, as the competitors dug in, by just $100,000 a time, drawing laughter from the well-heeled crowd. As the struggle limped on, passing the $30 million mark, Christie’s auctioneer quipped: “Longest lot in history.”

When the phone bidder finally prevailed, applause erupted.

Another Warhol self-portrait, this time showing the wild-haired artist in diabolical red against a dark background, sold for $27.5 million, a hefty but relatively disappointing performance that fell below the $30 million low pre-sale estimate.

Other big sellers included an untitled oil by Mark Rothko, selling for $33.7 million, well above the $22 million high pre-sale estimate.

Three Studies for Self-Portrait by Francis Bacon were sold for $25.3 million.

The evening sale had a buzz distinctly lacking on Tuesday at rival Sotheby’s contemporary art auction.

There, Andy Warhol canvas Sixteen Jackies was sold for $20.4 million, at the low end of the pre-sale estimate.

Jeff Koons’s Pink Panther, a porcelain sculpture of a topless blonde hugging the famous cartoon character, sold for $16.8 million. That was far below the estimate of $20-30 million.

Warhols also dominated the Sotheby’s top sellers, with Shadow ­ – Red selling for $4.8 million, far above the estimate of $700-900,000 and Round Jackie fetching $3.7 million, compared to the pre-sale estimate of $3-4 million.

Christie’s had a much smoother ride, hitting the biggest haul for an evening sale since May 2008.

Of 65 lots offered, 95 per cent sold, with 38 lots selling for more than $1 million, five for more than $10 million and four for over $20 million.

The previous record for a self-portrait by Warhol, $32.6 million, dated to May 2010.