Coca Cola painting sells for $35 million

Last Updated: Nov 10, 2010, 18:17 PM IST

New York: An Andy Warhol painting titled `Large Coca Cola` put the fizz into Sotheby`s New York contemporary art auction when it beat expectations and sold for USD 35.3 million.

The black and white Warhol, originally estimated to go for USD 20-25 million, sweetened yesterday`s total haul of USD 222.4 million, which was also over pre-auction predictions.

Ninety per cent of the lot found buyers, even if there were no spectacular new records set for artists.

A 1955 Mark Rothko that had been estimated to sell for USD 20-30 million eventually, went for USD 22.4 million to an unidentified buyer from Asia, the auction house said.

Overall, Sotheby`s said it had been a good auction. "We`re higher than the high estimate. We are very satisfied, it`s an amazing result for us. Six works sold for more than USD 10 million," said the head of the contemporary art department Tobias Meyer. He described Warhol as "an icon of global desire."

Today, it`s the turn of rival Christie`s with its offering of contemporary art.

Last week both auction houses saw strong sales of impressionist and modern art, with an Amedeo Modigliani painting going for a record USD 69 million and a Matisse selling for a record nearly USD 49 million.

PTI