Andy Warhol’s portrait of the late Queen Elizabeth II sold for C$1.14 million (US$855,000) at an auction last week, setting a record price for an editioned print by the Pop artist, the Canadian auction house Heffel said.
Warhol created the screenprint in 1985 based on a photograph taken by Peter Grugeon at Windsor Castle in 1975, which was released in 1977 on the occasion of the Queen’s Silver Jubilee, according to Heffel.
Queen Elizabeth II died in September at the age of 96 after a seven-decade reign, making her one of the longest-reigning monarchs in history.
The portrait features the then-reigning Queen wearing the diamond-and-pearl Grand Duchess Vladimir Tiara and a matching necklace, and a blue sash pinned with a medallion with a miniature portrait of her father, George VI, on regal blue background. The outline of the portrait was accentuated by diamond dust, which glimmered in the light.
This print is one of only two editions signed as “HC” for Hors d’Commerce (not for sale) aside from the 30 numbered editions with this colour scheme and diamond dust, according to Heffel.
The consignor acquired the print circa 1996 from Bob Rennie, a prominent Vancouver businessman and collector, according to Heffel, which declined to disclose the identities of the consignor and the buyer.
Offered as a highlight at Heffel’s 85-lot auction of Post-War and contemporary art on Nov. 24 in Toronto, the print realised a price more than double its presale estimate, and was the highest achieved by an editioned print by Warhol, the auction house said.
The previous auction record for an editioned Warhol print was for a piece from the same edition, also in the regal blue colour, sold in September at Sotheby’s for £554,400 (US$662,000), according to Heffel.
The most expensive Warhol work is his portrait of Marilyn Monroe, Shot Sage Blue Marilyn, which was acquired by gallerist Larry Gagosian at a Christie’s auction in May for US$195 million, marking a record price for a work by an American artist at auction.
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A leading Australian economist says two years on, the long term implications of COVID for the economy have emerged
AMP chief economist Dr Shane Oliver says the effects of the pandemic continue to reverberate across the world, with seven key lasting impacts leading to “a more fragmented and volatile world for investment returns”.
“Perhaps the biggest impact is that the pandemic related stimulus broke the back of the ultra-low inflation seen pre-pandemic,” said Dr Oliver. “Together with bigger government and reduced globalisation, this means a more inflation-prone world. So, a return to pre-pandemic ultra-low inflation and interest rates looks unlikely.”
Here is a summary of Dr Oliver’s explanation of the seven key lasting impacts of COVID for investors.
1. Bigger government
The pandemic added to support for bigger government by showcasing the power of government to protect households and businesses from shocks, enhancing perceptions of inequality, and adding support to the view that governments should ensure supply chains by bringing production back home. IMF projections for government spending in advanced countries show it settling nearly 2 percent of GDP higher than pre-COVID levels.
Implications for investors: … likely to be less productive economies, lower than otherwise living standards and less personal freedom.
2. Tighter labour markets and faster wages growth
After the pandemic, labour markets have tightened reflecting the rebound in demand post-pandemic, lower participation rates in some countries and a degree of labour hoarding as labour shortages made companies reluctant to let workers go. As a result, wages growth increased, possibly breaking the pre-pandemic malaise of weak wages growth.
Implications for investors: Tighter labour markets run the risk that wages growth exceeds levels consistent with two to three percent inflation.
3. Reduced globalisation
A backlash against globalisation became evident last decade in the rise of Trump, Brexit and populist leaders …. Also, geopolitical tensions were on the rise with the relative decline of the US and faith in liberal democracies waning ... The pandemic inflamed both with supply side disruptions adding to pressure for the onshoring of production [and] heightened tensions between the west and China … we are seeing more protectionism (e.g.,with subsidies and regulation favouring local production) and increased defence spending.
Implications for investors: Reduced globalisation risks leading to reduced potential economic growth for the emerging world and reduced productivity if supply chains are managed on other than economic grounds.
4. Higher prices, inflation and interest rates
Inflation [due to stimulus payments to households and supply chain disruptions] is now starting to come under control … but the pandemic has likely ushered in a more inflation-prone world by boosting bigger government, adding to a reversal in globalisation and adding to geopolitical tensions. All of which combine with ageing populations to potentially result in higher rates of inflation.
Implications for investors: Higher inflation than seen pre-pandemic means higher than otherwise interest rates over the medium term, which reduces the upside potential for growth assets like shares and property.
5. Worsening housing affordability
… the lockdowns and working from home drove increased demand for houses over units and interest in smaller cities and regional locations. As a result, Australian home prices surged to record levels. Meanwhile, the impact of higher interest rates in the last two years on home prices was swamped by housing shortages as immigration surged in a catch-up. The end result is now record low levels of housing affordability for buyers …
Implications for investors: Ever worse housing affordability means ongoing intergenerational inequality and even higher household debt.
6. Working from home
There are huge benefits to physically working together around culture, collaboration, idea generation and learning but there are also benefits to working from home with no commute time, greater focus, less damage to the environment, better life balance and for companies – lower costs, more diverse workforces and happier staff. So the ideal is probably a hybrid model.
Implications for investors: Less office space demand as leases expire resulting in higher vacancy rates/lower rents, more people living in cities as vacated office space is converted, and reinvigorated life in suburbs and regions.
7. Faster embrace of technology
Lockdowns dramatically accelerated the move to a digital world. Many have now embraced online retail, working from home and virtual meetings. It may be argued that this fuller embrace of technology will enable the full productivity-enhancing potential of technology to be unleashed. The rapid adoption of AI will likely help.
Implications for investors: … a faster embrace of online retailing … at the expense of traditional retailing, virtual meeting attendance becoming the norm for many … and business travel settling at a lower level.
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Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts