Beatriz Milhazes, O Moderno, 2002 (est. $1-1.3 million, realized $1.1 million), via Phillipsdepury.com
Phillips de Pury’s Contemporary art evening sale on Monday night at their new space in the Claridge’s Hotel, London realized $17 million for 27 of 31 lots sold. The sum (which includes fees) fell within presale estimates of $16.4-27.3 million despite the withdrawal of a high priced Cindy Sherman, reportedly because another version of the work sold at Art Basel earlier this month. The equivalent sale last year at Phillips realized just $6 million and nearly half the lots offered went unsold.
The top lot was a Basquiat self-portrait with an estimate of $3.2-4.8 million. The work carried a third-party guarantee and sold to a telephone bidder for $3.3 million. Self-Portrait was last at auction in 2007, when it sold for $647,500 at Phillips in November of that year.
Two artist records were set. Beatriz Milhazes‘s colorful O Moderno sold within presale estimates for $1.1 million and set a record for the Brazilian artist at auction. Ugo Rondinone‘s cast aluminum tree, one of an edition of three plus one artist’s proof, set his record when it sold for $842,000. Both lots carried third-party guarantees.
Other lots that performed well include Kelley Walker‘s four-color process silkscreen, which sold for $232,440 against a high estimate of $112,000. The same price was paid for a silver canvas by Jacob Kassay that also had a high estimate of $112,000.
The Phillips sale, which is usually the last of the two week blitz of auctions and often suffers for it, gave the week of Contemporary auctions a healthy start. Christie’s follows on Tuesday night with its Post-War and Contemporary sale. Check back for results.
Phillips results [Phillips de Pury]
London’s Contemporary Season Gets Going at Phillips de Pury [The Art Newspaper]
Basquiat Led a Band of Younger Art Stars in Phillips de Pury’s $17 Million Contemporary Sale in London [ARTINFO]
Basquiat’s Price Soars Fivefold as $320 Million Auctions Start in London [Bloomberg]