Andy Warhol is shown in New York in 1976. The foundation he founded is stepping up sales of his work. Andy Warhol is shown in New York in 1976. The foundation he founded is stepping up sales of his work. (Richard Drew/Associated Press)

The Andy Warhol Foundation for the Visual Arts in New York is selling its collection of the artist's works through Christie's auction house to raise money for its endowment.

The foundation and the auction house announced the agreement on Wednesday.

Christie's will hold a series of auctions, private sales and online events over the coming years. Christie's CEO Steven Murphy says the sales will bring Warhol's work to people "who never before imagined" they could own any.

The foundation says the money raised from the sales for its endowment will allow it to expand support of the visual arts, because "the arts community needs its support now more than ever." Warhol left instructions in his will that his art collection was to be used to support visual arts.

Since its founding in 1987, the foundation has made nearly $250 million US in grants to hundreds of museums and non-profit arts organizations across the U.S. It has funded the endowment through sales of Warhol's work in the past, but now plans to step up the pace of sales.

The collection includes items ranging from prints to photographs, some of which have not been seen by the public.

The foundation also plans to mark its 25th anniversary by making additional gifts of significant works to museums, continuing its long history of donating Warhol's art.

The first auctions will be held Nov. 12 through Christie's in New York and some art will be auctioned online beginning next year. The foundation also plans private sales of Warhol's work.