Phillips recently concluded its Modern and Contemporary Art Evening Sale in New York, showcasing a diverse array of artworks and yielding notable results amidst a dynamic art market landscape. Here's an overview of the highlights, trends, and significant sales from the auction.
The auction commenced with strong momentum, highlighted by the successful sale of Noah Davis's "Untitled (Boy with Glasses)" (2010), which surpassed its estimate, fetching $220,000. Following this, Derek Fordjour's "Numbers" (2018) garnered significant attention, ultimately selling for $700,000 to an online bidder in Greece.
Michaela Yearwood-Dan's vibrant canvas "Freedom don't come for free" (2021) also attracted robust bidding, reaching its high estimate of $300,000 and closing at $381,000 with fees. This exemplifies the demand for contemporary artworks that resonate with themes of social and cultural relevance.
A standout piece from the auction was Barkley L. Hendricks's "Vendetta" (1979), featuring a compelling portrait of a Black sitter against a white background. The artwork exceeded its estimate, selling for $3.2 million and demonstrating the enduring appeal of Hendricks's early works.
Jean-Michel Basquiat's presence loomed large over the auction, with two of his paintings from Francesco Pellizzi's collection commanding substantial prices. "Untitled (ELMAR)" (1982), a notable eight-foot-wide canvas, fetched $46.4 million, while "Untitled (Portrait of a Famous Ballplayer)" (1981) sold for $7.8 million. Basquiat's artworks continue to captivate collectors worldwide, reflecting his enduring influence and significance in the art market.
The auction also witnessed competitive bidding for works by other renowned artists, such as Helen Frankenthaler and Donald Judd. Frankenthaler's "Acres" (1959) surpassed its high estimate, selling for $3.6 million, while Judd's sculptures fetched $5.9 million and $2.7 million, respectively. These results underscore the continued demand for masterpieces by iconic figures in modern and contemporary art.
However, the auction experienced some setbacks, with four lots failing to sell. Despite this, Phillips remains optimistic about the overall outcome, emphasizing the strong results achieved, particularly for works by younger artists. Amanda Lo Iacono, Phillips's deputy chief executive, noted that the auction's total with fees reached $86.2 million, representing a 24% increase from the equivalent sale in May 2023.
The auction's success can be attributed to the quality and freshness of the artworks presented, with over 80% of the lots never previously auctioned. Additionally, Phillips expressed satisfaction with the diversity of offerings and the balanced market response, avoiding excessive speculation and maintaining sustainability in pricing.
Looking ahead, Phillips anticipates continued enthusiasm for exceptional artworks, both from established masters and emerging talents. The art market's resilience and adaptability amidst evolving circumstances reaffirm its enduring appeal and significance in the cultural landscape.
Phillips's Modern and Contemporary Art Evening Sale in New York showcased remarkable artworks, achieved strong results, and reflected the dynamic nature of the art market. With a focus on quality, diversity, and sustainability, the auction underscored the enduring value of art as a form of expression, investment, and cultural heritage.
