Phillips de Pury saleroom photo by ArtObserved
On Thursday night, boutique auction house Phillips de Pury & Co. hosted the final Contemporary Art Evening Sale in a blockbuster week for the art market. Tallying $79.9 million against its projected estimate of $73 to $110 million, Phillips de Pury’s Chief Executive Officer, Michael McGinnis, stated “we’re happy with the competition and prices,” especially after the third consecutive night of Contemporary Art sales. McGinnis reflected on the evening saying ” it was a small and deliberate sale, with works specifically chosen to compliment the week.”
Andy Warhol Mao courtesy Phillips de Pury & Co.
Despite achieving just over its low estimates for the sale, Phillips de Pury had a sell by value of 98% and a sell by lot of 83%. With a very carefully selected 35 lots offered, only six artworks failed to find a buyer. However, all of the lots had third party guarantees, of which there were five guarantors.