"Before Phillips kicked off its own modern and contemporary evening sale on Wednesday in New York, almost $1.4 billion of modern and contemporary art had already found buyers this week at its much larger competitors, Christie's and Sotheby's. That's a tough act to follow, especially given that not even 24 hours prior Sotheby's sold a Gustav Klint portrait for $236.4 million, the highest price for any work of modern art sold at auction and the second-highest price ever paid for an artwork at auction."
"The sale netted a total of $67.3 million (all prices listed are inclusive of fees unless otherwise noted); only two lots failed to find buyers, achieving a sell-through rate of 94 percent by lot. In its post-sale release, Phillips noted that this year's sale was a 24 percent increase from the equivalent sale last year, which brought in $54.1 million; it's worth pointing out that last November's auction was itself a 23 percent decrease from the 2023 auction, as ARTnews previously reported."
Almost $1.4 billion of modern and contemporary art sold earlier in the week at Christie's and Sotheby's, including a Gustav Klint portrait for $236.4 million and about $160 million more for two landscapes. Phillips mounted a concise 33-lot evening sale with highlights including an untitled Joan Mitchell (high estimate $15 million), a Francis Bacon diptych (high estimate $18 million), and a juvenile triceratops skeleton (high estimate $3.5 million). The Phillips sale totaled $67.3 million with a 94 percent sell-through by lot and two lots unsold. The dinosaur exceeded its high estimate, selling for $5.3 million; Mitchell sold for $14.3 million and Bacon for $16 million. The result represented a 24 percent increase from the equivalent sale last year.
Read at ARTnews.com
Unable to calculate read time
Collection
[
|
...
]