Phillips’ Modern & Contemporary Evening Sale brought mixed results, with impressive performances by emerging talents and blue-chip artists alongside notable challenges from unsold works. Of the 31 lots originally slated for auction, two were withdrawn presale—Ed Ruscha’s Isle of Fear (1987) and Robert Ryman’s Manual (1993)—which had low estimates totaling $2.3 million. Seven additional works, including key pieces by Jean-Michel Basquiat and Andy Warhol, went unsold. Despite these hurdles, Phillips delivered strong results across several standout lots, maintaining its reputation for spotlighting fresh talent and balancing it with established names.
Li Hei Di’s Unfolding A Flood (2022):
Li Hei Di made a striking auction debut, marking a milestone for the Chinese London-based artist. Her oil-on-linen work exceeded expectations, hammering at $100,000 ($127,000 with fees) against a $60,000 high estimate. The piece’s dynamic brushwork and contemporary relevance captured the interest of collectors, signaling a promising market trajectory for the artist.
Elizabeth Peyton’s Kurt (Sunglasses) (1995):
Peyton’s celebrated portrait of Kurt Cobain, rendered in her signature intimate style, nearly matched her auction record of $2 million. The painting hammered at $1.9 million ($2.3 million with fees) against an $800,000 high estimate, reflecting the ongoing appeal of her cultural-icon-focused works. This result reaffirmed Peyton’s strong standing in the contemporary art market.
Jackson Pollock
Untitled (1948):
Pollock’s Untitled (1948) stood out as the evening’s star lot, carrying an unpublished estimate of $13 million. Featuring his signature splatter technique, the piece showcased earthy tones on a stark black background, a departure from his more vibrant compositions. Hammering at $13 million and achieving $15.3 million with fees, the sale reflected strong interest in Pollock’s legacy, though it reached only half of its anticipated value. Nevertheless, the piece has appreciated significantly since its 1987 Sotheby’s sale, where it fetched a fraction of its current value. The work was backed by both the auction house and a third-party guarantee, ensuring its success.
Untitled (1948):
Pollock’s Untitled (1948) stood out as the evening’s star lot, carrying an unpublished estimate of $13 million. Featuring his signature splatter technique, the piece showcased earthy tones on a stark black background, a departure from his more vibrant compositions. Hammering at $13 million and achieving $15.3 million with fees, the sale reflected strong interest in Pollock’s legacy, though it reached only half of its anticipated value. Nevertheless, the piece has appreciated significantly since its 1987 Sotheby’s sale, where it fetched a fraction of its current value. The work was backed by both the auction house and a third-party guarantee, ensuring its success.
Keith Haring
Untitled (1982):
This enamel-on-metal piece encapsulated Haring’s unique ability to blend street art with high art. Measuring one meter square, the painting featured his iconic figure with barking dogs leaping through a cutout hole in the figure’s torso—a nod to Haring’s punk-inspired and eclectic style. Hammering at $1.8 million ($2.2 million with fees), the piece approached its $2 million high estimate, showcasing a significant appreciation from its 2007 Sotheby’s sale price of $380,000. The result highlights sustained enthusiasm for Haring’s market, particularly for works that embody his playful yet poignant aesthetic.
Untitled (1982):
This enamel-on-metal piece encapsulated Haring’s unique ability to blend street art with high art. Measuring one meter square, the painting featured his iconic figure with barking dogs leaping through a cutout hole in the figure’s torso—a nod to Haring’s punk-inspired and eclectic style. Hammering at $1.8 million ($2.2 million with fees), the piece approached its $2 million high estimate, showcasing a significant appreciation from its 2007 Sotheby’s sale price of $380,000. The result highlights sustained enthusiasm for Haring’s market, particularly for works that embody his playful yet poignant aesthetic.
Jeff Koons
Two Ball Total Equilibrium Tank (1985):
Koons’ exploration of material and concept was on full display in this editioned work, which featured two basketballs suspended in equilibrium within a glass tank of distilled water. Hammering at $2.9 million ($3.5 million with fees), the piece fell short of its $4 million low estimate and was acquired by its guarantor. While Koons’ market has faced challenges in recent years, this sale reflects continued interest in his conceptual projects, particularly those that deviate from his balloon animal sculptures.
Two Ball Total Equilibrium Tank (1985):
Koons’ exploration of material and concept was on full display in this editioned work, which featured two basketballs suspended in equilibrium within a glass tank of distilled water. Hammering at $2.9 million ($3.5 million with fees), the piece fell short of its $4 million low estimate and was acquired by its guarantor. While Koons’ market has faced challenges in recent years, this sale reflects continued interest in his conceptual projects, particularly those that deviate from his balloon animal sculptures.
Andy WarholSelf-Portrait (1981):
Warhol’s diptych Self-Portrait, sold for $2.8 million ($3.4 million with fees), below its $4 million low estimate. However, this marked a substantial increase from its 1996 Sotheby’s sale price of $231,196, highlighting Warhol’s long-term value growth.
Shadow (1978):
This dramatic composition surpassed its $2 million high estimate with fees, hammering at $1.8 million and closing at $2.2 million. Despite the lack of guarantees, the piece performed strongly, underscoring sustained collector interest in Warhol’s experimental works.
This dramatic composition surpassed its $2 million high estimate with fees, hammering at $1.8 million and closing at $2.2 million. Despite the lack of guarantees, the piece performed strongly, underscoring sustained collector interest in Warhol’s experimental works.
New York Skyscrapers (1981):
Making its auction debut, this painting hammered at $750,000 ($952,500 with fees), outperforming its $700,000 high estimate. Its success reflects the ongoing market appetite for Warhol’s depictions of urban themes.
Making its auction debut, this painting hammered at $750,000 ($952,500 with fees), outperforming its $700,000 high estimate. Its success reflects the ongoing market appetite for Warhol’s depictions of urban themes.
Phillips’ Evening Sale demonstrated a balanced approach to showcasing emerging talent and blue-chip works, achieving notable successes despite a few challenges. Keith Haring’s untitled 1982 canvas emerged as a standout, achieving significant value growth since its last sale in 2007 and reflecting sustained enthusiasm for his vibrant and accessible aesthetic. Andy Warhol delivered mixed results but underscored the enduring appeal of his oeuvre; pieces like Shadow (1978) and New York Skyscrapers (1981) exceeded expectations without auction or third-party guarantees, while his Self-Portrait (1981) highlighted long-term value growth despite falling below estimates. Meanwhile, Jeff Koons’ Two Ball Total Equilibrium Tank (1985) fell short of its $4 million estimate, reflecting continued challenges in his market, yet reaffirming interest in his conceptual works. Phillips also demonstrated its strength in curating lower-valued works by emerging contemporary artists, driving strong demand and enthusiasm in the room. Overall, the sale balanced innovation with reliability, delivering solid results across a dynamic mix of artists and styles.
December 2, 2024
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