“Shot Sage Blue Marilyn” is one in a series of portraits Warhol made of the actress following her death in 1962 and has since become one of pop art’s best-known pieces.
Held in the collection of Swiss art dealers Thomas and Doris Ammann, it was sold by Christie’s at an auction in New York. Pre-sale estimates had reached as high as $200 million.
The painting sold for a hammer price of $170 million. Added fees gave it a final price of $195 million.
The sale broke the previous record for an American artwork at auction of $110.5 million set in 2017 for a 1982 painting by Jean-Michel Basquiat.
“‘Shot Sage Blue Marilyn’ is the absolute pinnacle of American Pop,” Alex Rotter, chairman of 20th and 21st Century art at Christie’s, said in a statement announcing the auction.
The painting is built on a promotional photo of Monroe from the 1953 film “Niagara,” screened with bright colors over her eyes, hair and lips.
Its title refers to an incident in which a woman shot at a stack of four Marilyn portraits in Warhol’s studio with a pistol, although “Shot Sage Blue Marilyn” was not struck by a bullet.