A 1977 Andy Warhol portrait of Muhammad Ali, priced at $18 million, will be the centerpiece of Lévy Gorvy Dayan's booth at Art Basel Miami Beach. The 40-inch acrylic and silkscreen canvas, featuring a royal purple background, was previously purchased for $18.1 million at Christie's in 2021. The work is part of a series of 10 Warhol portraits of sports stars commissioned by collector Richard L. Weisman, and is autographed on the back by Ali.
This high-profile offering signals growing confidence in the art market after a three-year contraction, buoyed by a $2.2 billion auction week in New York and a successful Art Basel Paris. The painting's presence at the fair, which opens with 283 galleries from 43 countries, reflects a 'flight to quality' as dealers and collectors seek top-tier works. Warhol's auction market has declined from its 2014 peak, but recent strong sales of his works, including a $195 million Marilyn, suggest renewed demand for blue-chip pieces.