Simon de Pury and collector Robert Tomei discuss their obsession with design as a harbinger of the contemporary market: “Collecting design is quite a new phenomenon,” he says. “In the past, collectors rarely attempted to buy great design as well as great art. Robert, though, is passionate about both, but he doesn’t take himself seriously. His collecting is all done in a spirit of fun, with a genuine interest and curiosity”, says de Pury. Tomei began by collecting video installations form the 90s and owns work by Maarten Baas, Piet Hein Eek, Sebastian Brajkovic, Rolf Sachs, Olafur Eliasson and Elmgreen & Dragset, among others. (more…)

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.

(more…)

Image: Gerhard Richter, Abstraktes Bild, 1977
oil on canvas, 78 3/4 x 118 1/8 in
ESTIMATE £2,500,000 – 3,500,000
SOLD AT £2,449,250

Phillips de Pury & Co. realized £12,223,600 ($19,565,094) in its Contemporary Evening sale in London on October 10th, with 24 of 37 lots sold. Notable sales were a Basquiat entitled Big Joy from 1984, sold just above its low estimate at £2,617,250 including premium ($4,189,170), and a Gerhard Richter Abstraktes Bild from 1977, which sold for £2,449,250 ($3,920,269), with a presale estimate of £2,500,000-3,500,000 ($4,001,500 – $5,602,100). (more…)

Michael McGinnis has taken on the role of CEO at auction house Phillips de Pury & Co. McGinnis will replace Bernd Runge, who will function as a special advisor to the shareholders. McGinnis has been head of the contemporary department since 1999.
(more…)

Phillips de Pury & Co. is set to auction AK-47 weapons decorated by Damien Hirst and other artists in October in London. The guns, decorated by more than 20 different artists, are on display at the Institute of Contemporary Arts (ICA) in London until Sept 30th and Phillips will host the auction on Oct 4th. (more…)

Jackson Pollock’s Red, Black & Silver has been pulled from Phillips de Pury & Company‘s Sept. 20th auction, because of a Vanity Fair profile on the painting’s controversial history. Supposedly Pollock’s last painting ever made, the work was owned by the late Ruth Kligman, Pollock’s mistress. She died in 2010, and it was never authenticated by Lee Krasner or the Pollock-Krasner Authentication Board, who could not corroborate the information given about the work. The executor of Kligman’s estate, Davey Frankel, stated: “Following the article in Vanity Fair, the [Kligman] Trust was approached by parties interested in possibilities for further study of the painting, and felt it in the interest of Ruth and Red, Black & Silver to investigate these options before taking the painting to auction.”  The piece is still consigned to Phillips for a future sale. (more…)