• Soup Can or Can of Worms? Legal Issues Arising from the Warhol Estate
  • August 26, 2009 | Author: Carol E. Heckman
  • Law Firm: Harter Secrest & Emery LLP - Buffalo Office
  • Andy Warhol was perhaps one of the most notorious and productive artists of our time. He has recently been dubbed the "unquestioned star of the New York contemporary art sales," with more than 43 works breaking the $1 million barrier. Warhol died unexpectedly in 1987 following gall bladder surgery, leaving his assets in turmoil and his business affairs in disarray. His estate contained a vast array of holdings, based on his life as a collector, compulsive shopper and prolific artist. These assets included over 75,000 pieces of his own art work, his personal art collection, antique furniture and jewelry, his films, his diaries, real estate partnerships, the profitable magazine Interview, trademark and licensing agreements, and a stock and bond portfolio. Warhol's will provided that the bulk of his assets would go into the Andy Warhol Foundation for the Visual Arts.