Christie's has announced its First Open: Summer Edition auction on July 17 in New York, starring Willem de Kooning's Head #3.
The auction house usually holds just two First Open sales, one in March and the other in September. However, following record-breaking results in March's instalment, it has decided to stage another.
Organised by Christie's post-war and contemporary art department, the sale offers lesser-known works by major artists at attractive price points, as well as a host of works from emerging artists.
De Kooning's Head #3 is valued at $220,000-280,000. Executed in 1973, it is number 11 in an edition of 12 and was once part of the remarkable art collection of the late singer Andy Williams.
The sale will undoubtedly be filled with investment-minded collectors looking for the next purchase for their portfolio. The ARTnews top 200 collectors list shows that new waves of investors are now competing at the top of the market.