The Real Deal New York

Andy Warhol’s former studio sells for $10M

The artist worked on his "death and disaster” series at the East 87th Street location

November 18, 2016 02:50PM
By Miriam Hall

159 East 87th Street on the Upper East Side and Andy Warhol

159 East 87th Street on the Upper East Side and Andy Warhol

Andy Warhol once claimed that “everyone needs a fantasy.” But even the man who struck fame by producing pictures of soup cans probably wouldn’t have predicted a New York City studio he rented for a measly $150 a month would eventually fetch almost $10 million.

The two-story studio at 159 East 87th Street where the pop artist created his “death and disaster” series sold for $9.9 million, according to property records filed with the city Friday. The property was listed with an asking price of $10 million earlier this year.

The seller of the property is billionaire art dealer Guy Wildenstein, who has been accused of scamming the French government out of more than $600 million in taxes. The buyer is Steve Bogden, who controls of the entity Warhol Hook and Ladder 13 LLC, records show.

Warhol rented the 5,000-square-foot space from 1962 to 1963. While using the studio, said to be his first outside his home, he lived at 1342 Lexington Avenue.

In 2015, the lease document for the building was auctioned off at Sotheby’s.

The artist’s former townhouse at 1342 Lexington Avenue sold for $5.5 million in 2013. In December, Warhol’s former 5.7-acre Montauk estate sold for $50 million to Adam Lindemann, founder of the gallery Venus Over Manhattan.

In June, Guy Wildenstein listed his mansion at 7 Sutton Square for $48.5 million.

Cushman & Wakefield’s Thomas Gammino Jr., Brett Weisblum and Louis Marchetta represented the seller. The brokers declined to comment.

Representatives for Wildenstein could not be reached for comment.

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