The recent Phillips auction in London revealed small signs of recovery in the struggling art market, pulling in £12.2m, albeit below expectations. Despite a notable 90% sell-through rate and a 12% increase compared to last year's auction, the average sale was significantly lower than in 2023. The auction focused on well-established artists rather than emerging talent, which has become a trend due to volatility in the ultra-contemporary sector. Experts highlighted a mismatch between high estimates and buyer willingness, contributing to a low confidence indicator in the auction results.
"It is no secret that the market for ultra-contemporary material has been more volatile recently and Phillips—once known for specialising in emerging art—erred towards tried and tested names."
"Just three lots sold above mid-estimate and 25 went below mid-estimate, giving a particularly low confidence indicator of 10.7, which shows that estimates were just too high for buyers' appetite."
Collection
[
|
...
]