NEW YORK, NY.- On Wednesday, July 20, 2011, artnet Auctions achieved a world record for the sale of an Andy Warhol 1978 painting entitled Flowers, which sold for US$1,322,500 (Premium). The buyer was a private American collector. The painting, in brilliant tones of blue and green and measuring 22 x 22 inches, is one of only four Flowers paintings from this year recorded by The Andy Warhol Foundation archive, and this is a record price for a 1978 Flowers painting. The work has been in a private German collection for many years. Hans Neuendorf, chief executive officer of artnet, commented, “This sale confirms what we have maintained for a long time at artnet—that art buyers are willing to buy high-end artworks online.” artnet is the leading online resource for the international art market. artnet provides comprehensive information about the art market via the signature artnet Price Database, artnet Market Reports indices and charts, artnet Galleries of leading art