A Lesson in Warhol and New York Economics

From $100 to $9.975 million.

ShutterstockAndyWarholTussaudsOn Dec. 10 1962, Andy Warhol signed a lease for the second floor of an abandoned firehouse at 159 East 87th Street. The monthly rent for the artist’s studio was $100.

On April 1, 2015, Warhol’s original lease document for the property sold at Sotheby’s for $13,750. And now, per Blouin ArtInfo, Cushman and Wakefield has put the building on the market for $9.975 million.

The history of the firehouse goes back of course much farther. For that, we turn to the website Daytonian in Manhattan:

In the Yorkville neighborhood, the Cornelius Anderson #10 Ladder Company was reorganized on October 11, 1865 to become the Suburban Hook & Ladder Company No. 13. The small company received a handsome red brick fire house at No. 159 East 87th Street on New Year’s Day 1868. Trimmed in deeply-carved brownstone, the two story structure was a near match to several other firehouses being rapidly erected throughout the new metropolitan district. Heavy foliate scrolled keystones graced the arched lintels of the street level and an unusual and attractive chain motif ran below the cornice.

Tom Miller, author of the Daytonian item and 2015 book Seeing New York, has a great rundown as well of some of the major fires the company fought, and the way those fires were covered in the press.

Previously on FishbowlNY
Brushing Up on Warhol’s Barbie Portrait
Blogger Examines History of Warhol’s Most Famous Quote