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Tuesday, 26 July 2011 02:31

Mogul Snubs Traditional Auctions, Buys $1.3M Warhol (Gasp!) Online

It was the little luxury auction that could.

Auctioning wine, jewelry and, well, basically any high-end item, has long been commonplace online. But high-end art? That’s been (pretty much) immune to the trend — until now.

After weeks of skepticism, an online auctioneer has sold a world-famous, high-end piece of art on (gasp!) the internet — and it sold for more than its estimated value.

The piece is one of several from Andy Warhol’s 1978 “Flower” series, Mouglite has learned from a press release sent out today. The company that auctioned the 22 x 22-inch work, Artnet, said that the item sold to “a private American collector” for $1.322 million. According to several sources, many expected the work to sell for around $1.1 million. So the auction didn’t exactly knock it out of the ballpark, but it did beat expectations.

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