Phillips’ NYC Art Auction Falls Short: $54M Sales Highlights & Insights

Phillips’ Modern and Contemporary Art Evening Sale in New York on November 19 generated $54 million, which was below its estimated range of $60.1 million to $89 million. Last year, the same sale reached nearly $70 million with a similar low estimate.

Of the 33 lots, three were withdrawn, reducing the cumulative estimate to $50.4 million. A total of 25 out of 30 lots sold for $44.2 million. Five lots did not sell, including Jean-Michel Basquiat’s 1983 painting “Self-Portrait,” which was estimated between $10 million and $15 million.

The top sale was Jackson Pollock’s “Untitled” from around 1948, which sold for $15.3 million. This painting last sold for $1.2 million in 1987.

New artist records were set for Li Hei Di, whose “Unfolding a Flood” from 2022 sold for $127,000, more than twice its high estimate, and Derek Fordjour, whose “Twelve Tribes” from 2021 sold for $1.1 million.

Other notable sales included Elizabeth Peyton’s “Kurt (sunglasses)” from 1995, which sold for $2.3 million—close to triple its high estimate—and Keith Haring’s “Untitled” from 1982, which fetched $2.2 million. Matthew Wong’s “Untitled” from 2017 sold for $1.7 million.

What types of writing assistance can I receive​ for my project?

It seems like you might have had a typo in your request. Could you please clarify what you’d like assistance with? Whether you’re looking⁤ for ‌professional advice, writing assistance, or something⁢ else, I’m here to help!

Jadé Fadojutimi’s “Even an Awkward Smile Can Sprout Beyond the Sun” from 2021 sold for $571,500, and Cy Twombly’s “Crimes of Passion I” from 1960 reached $6.1 million.

The auction concluded with Andy Warhol’s “New York Skyscrapers” from 1981, which sold for $952,500, surpassing its estimate of $500,000 to $700,000.

Phillips’ Co-Heads of Modern and Contemporary Art, Jean-Paul Engelen and Robert Manley, stated, “The demand for exceptional works of 20th-century and contemporary art remains solid.” The next Modern & Contemporary Art sales are set to take place in Hong Kong next week.