American newsprint manufacturers have responded with plans to increase the market for recycled paper by raising the percentage of old paper used in newsprint.
All of this has translated into improved prices - and profits - for newsprint manufacturers.
The determination of newsprint manufacturers to maintain market share has prompted widespread price discounting.
But simply making a profit has been a struggle for newsprint manufacturers.
The classic Pop picture was sold by Peter Brant, the newsprint manufacturer.
The pledge is intended to promote recycling by assuring newsprint manufacturers of a ready market for new newsprint made from old newspapers.
Estimated at $700,000 to $900,000, it sold to Peter Brant, the newsprint manufacturer and collector, for $1.1 million.
Indeed, the business is so bad that newspapers are concerned about the financial health of newsprint manufacturers.
Mr. Maynard said that in the next 60 days he hoped to renegotiate about $6 million in debts, much of it to newsprint manufacturers.
The painting was being sold by Peter Brant, the newsprint manufacturer and owner of Interview magazine.