David H0ckney, Autumn Pool, 1978 (est 700,000 – 1 million GBP, realized 1,329,250 GBP), via Phillipsdepury.com
Wednesday’s Contemporary Art Evening Sale at Phillips de Pury in London, which carried a presale estimate of 5.6 – 8 million GBP, brought in 6,562,900 GBP, with 21 of 56 lots unsold (86% by value, 69% by lot). The featured lot, David Hockney‘s Autumn Pool, sold for 1.3 million GBP against a high presale estimate of 1 million GBP. This also broke the record for a work on paper by the artist at auction.
more story and pictures after the jump…
Andy Warhol‘s The Scream was the second highest earning lot, bringing in 657,250 GBP against a presale estimate of 500,000-700,000 GBP.
Auction records were set for Aaron Young and Sterling Ruby, both with works produced in the last three years. Aaron Young’s Greeting Card 10a, whose sinuous lines were created by motorcyclists riding over its surface, brought in 121,250 GBP. Sterling Ruby’s SP58 brought in 193,250 GBP within a presale estimate of 150,000-250,000 GBP.
Works by Chen Zhen and Jack Goldstein performed well. Goldstein’s Untitled realized 75,650 GBP against a high estimate of 30,000 GBP, while Zhen’s Un village sans frontières realized 163,250 GBP against a high estimate of 70,000 GBP.
Andy Warhol’s set of 10 screenprints, one of an edition of 250, also passed its high estimate of 350,000 GBP, bringing in 469,250 GBP.
The only work by Ed Ruscha at the sale found a buyer, but for a sum significantly under the low presale estimate. Bee? brought in 331,250 GBP against a presale estimate of 400,000-600,000 GBP.
Three lots by Anselm Reyle, all from the collection of the New York based collector Adam Lindemann, did not meet expectations. Untitled (Otto Freundlich mystic jogging) was bought in, Untitled sold under the low presale estimate, and an untitled sculpture sold at the low end of its presale estimate.
The Phillips sale was the first of a series of Contemporary Art auctions being held in London during the Frieze Art Fair. For better or worse, the results of the sale make no conclusive statement about the art market’s climate. The results of Thursday’s sale at Christie’s and Friday’s sale at Sotheby’s will hopefully reveal a more dynamic image of the market trajectory. Check back for coverage of these auctions.