Andy Warhol’s Marilyn Monroe portrait from 1964 sold Monday at Christie’s for $195million, which was the highest price American art has ever been sold.

It is clear that art markets, especially at the top end, are largely able to withstand the rising interest rate and falling stock market. Christie’s and Sotheby’s intend to sell art worth more than $2B in the next 2 weeks. The historic “Marilyn” price could increase the trust of wealthy buyers looking for works of art.

Although the estimate was slightly lower than $200 million and the whisper price of $250 million to $300,000,000 that many dealers were hoping for, it is seen as an indication of trust in art as a long-term asset of value in volatile markets. It was not possible to identify the buyer.

Andrew Fabricant (chief operating officer, Gagosian Galleries and top dealer to the rich), said that “this shows that quality is always going to drive the market forward.” It will boost everyone’s psychological thinking.

Marilyn Monroe was known for her “Shot Sage Blue Marilyn” and Warhol made five of these Marilyns in different color schemes in 1964. The portraits are among Warhol’s most famous and iconic images, thanks to their bright colors and haunting expressions. Ken Griffin, the billionaire investor in hedge funds, recently bought an orange version for $200 million.

Fabricant declared, “It’s like Mount Everest for its time.” The story of Marilyn Monroe and her epic losses, as well as the incredible achievement was known by everyone who saw these paintings. Warhol was also beginning to be an icon. These are two iconic icons.

Based on Monroe’s promotional photograph from “Niagara”, the portraits were created. They were made even more famous by a woman walking into Warhol’s Factory studio carrying a gun. The original “sage-blue” painting was saved from being damaged. The shooting was part of their appeal and became part their titles.

The Monday version was purchased by the Ammanns, a family of Swiss art traders. It has been in their possession since the mid 1980s. Proceeds will be donated to charity. Zurich-based Thomas and Doris Ammann Foundation stated that the money will be used to help children in need of education and healthcare worldwide.

Apart from setting the record for American art’s most expensive auction, this is also the second-most costly work of American art sold at auction. It was sold by Christie’s in 2017 at $450 million, just behind Leonardo da Vinci’s Salvator Mundi and before Picasso’s Les Femmes d’Alger, which sold in 2015 for $179million.

Contrary to many high-priced artworks, Marylin was not sold without a guarantee. A guarantee is an agreement between the seller and the third party. According to dealers, the sellers were looking to maximise charitable profits. Usually guarantees require sellers to surrender some price advantage above that guaranteed amount.

Fabricant stated that this was an opportunity of a lifetime. Fabricant said, “Pieces such as this don’t happen very often.”