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.

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‪‬Simon de Pury is subject of Sucklord doll, as part of Lot 158 at Phillips de Pury’s contemporary auction next week [AO Newslink]

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Urs Fischer, Untitled (Lamp/Bear), 2005/2006, via Wall Street Journal

Untitled (Lamp/Bear), a 23-foot, 16-ton sculpture of bright yellow teddy bear slumped beneath a Bakelite lamp, will be on display at the Seagram Building (375 Park Avenue, at 53rd St) through September 2011. The piece, by Swiss sculptor Urs Fischer, is a highlight of Christie’s Post-War and Contemporary Art auction, and began its life as a 1-foot teddy bear, which was then scanned three-dimensionally with lasers in Switzerland and cast in bronze in Shanghai. Christie’s will be auctioning the installation on May 11th.

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The Royal College of Art Secret Postcard fundraiser via The Guardian

-The Royal College of Art’s Secret 2009 event has 2,500 postcards for sale for £40, made by artists including Anish Kapoor, Grayson Perry and Yoko Ono.  Though buyers don’t know who the artist is until after they buy. [Times UK]

-Penelope Curtis has been appointed director of Tate Britain, the first woman to hold a directorship at Tate. [Guardian]

-Tracey Emin opens a new exhibition in New York, that, while popular, comes nowhere near the levels of sales or attendance she normal receives in Britain. [NY Times]

An artist’s rendering of Olafur Eliasson’s ‘Cirkelbroen’ bridge to be built in Copenhagen via Artinfo

-Olafur Eliasson has designed a bridge to be completed by 2012 in Copenhagen’s harbor. Called ‘Brikelbroen,’ the bridge is comprised of five circles that take pedestrians on a winding path rather than straight across. [Artinfo]

To stay apprised of most of the relevant art news for this past week… (more…)

Polaroid Wall, Dash Snow (2005) all images via Phillips de Pury

This week we have been reporting on the Post-War and Contemporary evening sales in New York and last night Art Observed was on site at the final auction of the week – a smaller, more boutique event at Phillips de Pury in the meatpacking district of the city overlooking the celebrated Highline railway and Hudson River that was overseen by Simon de Pury himself.  Unlike the multi-million totals achieved at Sotheby’s and Christie’s Contemporary evening sales, Phillip’s modest sale brought in a grand total of $7,099,250, within the pre-sale estimate of $5.8 – $8.4million.

Ice Bucket, Jeff Koons (1986) sold under estimate $230,500

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200 One Dollar Bills, Andy Warhol

Last night’s Postwar and Contemporary Sale at Sotheby’s, New York easily outmatched their rival Christie’s sale the night before with a total of $134,438,000 and only 2 lots unsold. While 59% of works sold over their pre-sale estimates, it was Andy Warhol‘s 200 One Dollar Bills, which sold for $43,762,500 over an estimate of $8-12million, that catapulted the total sales revenue way over the initial estimate of $67-97 million.

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Violins, Violence, Silence, Bruce Nauman. Record for a neon by Nauman – $4,002,500

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Large Vase of Flowers, Jeff Koons. Sold by Benedict Tashcen to Dominique Levy for $5,682,500. All images via Christie’s

Last night Christie’s, New York brought-in a total of $74,151,500 from the sale of 39 lots at their Post War & Contemporary sale. While this figure falls within the pre-sale estimate of $64 – 88 million, and an impressive 21 lots sold for over the $1million mark, the sum is still a strong step down in comparison to that acquired from last year’s Fall Contemporary Auction at Christie’s which brought in $113.6million for a 43 lot sale.  In the end, major marquee works went unsold.  After a remarkable Impressionist and Modern auction at Sotheby’s last week, rumors were flying that the Art Market was flourishing once again – however, it now appears that the art world may have spoken too soon.

Reflection (What does your soul look like),Peter Doig

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