Andy Warhol, 'Red Lenin,' 1987. (Courtesy the Andy Warhol Foundation)

Christie's announced today that it will begin selling work from the Andy Warhol Foundation's vast collection with a full day of auctions on Nov. 12. In three separate sales, some 350 works, with estimates from $2,500 to $1,500,000, will hit the block.

The foundation plans to part with 20,000 works by Warhol to increase funds for its grant-making program through a series of auctions at Christie's. The auction house will also sell works privately.

The Nov. 12 affairs begins with photographs at 10 a.m., paintings and works on paper at 12 p.m. and prints at 3 p.m. Some featured works include a 1977 photograph of Liza Minelli (with a high estimate of $20,000), Still Life (Hammer & Sickle), a work on paper expected to realize between $150,000 and $200,000, and a 1987 screen print of Lenin entitled Red Lenin (estimated to realize between $40,000 and $60,000).

One major Warhol dealer has said these sales will not have a major effect on the market for Andy Warhol's work. We'll be following the sales as they happen in November.