AO Auction Results – London: Contemporary Art Evening Auction at Phillips de Pury Realizes $12.9M for 23 of 35 Lots SoldOctober 12th, 2011
Andy Warhol & Jean-Michel Basquiat, Thin Lips, 1984-85 (est. $1.1-1.6 million, bought in), via Phillipsdepury.com
The week’s Contemporary art sales in London got off to a lukewarm start on Wednesday at Phillips de Pury. The evening sale realized $12.9 million against estimates of $15.6-22.7 million, and 12 of the 35 lots offered failed to find buyers. The auction’s featured lot – Jeff Koons‘s rendition of stacked trash cans punctuated by inflatable toys – sold for $3.3 million against a low estimate of $3.1 million (prices realized include the buyer’s premium, estimates do not). A collaborative work by Andy Warhol and Jean-Michel Basquiat that was expected to fetch at least $1.1 million was bought in, as were works by George Condo, Lucio Fontana, Cindy Sherman, and Paula Rego.
A few select works were in high demand. Jacob Kassay‘s silvered canvas more than doubled its high estimate when it sold for $257,000. Similar results were had for Tauba Auerbach‘s CMY 5, which was purchased for $77,550 against a high estimate of $31,500.
The Contemporary art auctions continue tomorrow night with a 47-lot sale at Sotheby’s London. Check back for results.