I have been without telephone (cell phone occasionally works), cable and internet service since the storms came through the DC area on Friday evening. With that, although I had plenty of time, I had no access to any art world news or the ability to post. I am at another location and quickly signed into a computer to make a fast post.
The Phillips de Pury sales totaled a very respectable $42.6 million including buyers premium. The evening sale totaled $36.23 million (including buyers premium) and sold 86% by lot and 98% by value. Now, my main question is with the Phillips sales looking good and a quality level just below the very best, how is it that this sale was as strong as it was, especially after much trade press about the top end of the market vs everything else. After the poor Soteheby's contemporary evening sale, and the very good Christie's sale, Phillips should be very happy with the results.
Phillips reports
PHILLIPS de PURY & COMPANY’S LONDON JUNE CONTEMPORARY ART AUCTIONS TOTAL £27,499,625/$42,624,419
CONTEMPORARY ART EVENING AUCTION SURPASSED PRE-SALE HIGH ESTIMATE AT £23,376,400/$36,233,420
CONTEMPORARY ART DAY AUCTION TOTALS £4,123,225/$6,390,999
FOR IMMEDIATE RELEASE
London - 29 June 2012 - Phillips de Pury & Company’s Contemporary Art Evening auction totaled £23,376,400/$36,233,420, selling 98% by value and 86% by lot. The Day auction totaled £4,123,225/$6,390,999 selling 61% by value 61% by lot. The June Contemporary Art auctions combined realised £27,499,625/$42,624,419 selling 90% by value and 64% by lot.
28 June - Phillips de Pury & Company’s Evening auction totaled over its high estimate; the only auction house to do so in the present season. The top lot of the auction was Jean-Michel Basquiat’s seminal painting Irony of Negro Policeman selling for £8,161,250/$12,649,938, above its pre-sale estimate.
There was competitive bidding for lot 8, the collaboration between Warhol and Basquiat, fittingly sold in the London Olympic year. A world record was achieved for this work at £6,761,250/$10,479,938 beating its previous record held by Phillips de Pury since May 2011.
"We are thrilled with tonight’s results which demonstrate that works of rarity and of high quality like Basquiat’s Irony of Negro Policeman, continue to attract strong bidding and excellent results. The Basquiat/Warhol collaboration realised a spectacular price and world record." Michael McGinnis, Senior Director and Worldwide Head, Contemporary Art.
"The day sale saw great results for some of today’s freshest artists as well as museum quality pieces like Robert Longo’s Black Revolver and Yayoi Kusama’s Heart." George O’ Dell, Head of Contemporary Art Day Sale.
CONTEMPORARY ART EVENING SALE TOP TEN LOTS
12 JEAN-MICHEL BASQUIAT, Irony of Negro Policeman, £8,161,250/$12,649,938
8 ANDY WARHOL & JEAN-MICHEL BASQUIAT, Olympics, £6,761,250/$10,479,938
19 ANDY WARHOL, Diamond dust shoes, £1,105,250/$1,713,138
11 ANDY WARHOL, Princess Diana, £993,250/$1,539,538
9 ANDY WARHOL, Gun, £802,850/$1,244,418
15 MIQUEL BARCELÓ, De Mars, £713,250/$1,105,538
13 RUDOLF STINGEL, Untitled, £668,450/$1,036,098
6 RICHARD PRINCE, Untitled (cowboys), £601,250/$931,938
10 GLENN BROWN, Kinder Transport, £481,250/$745,938
7 JOHN CHAMBERLAIN, Opera Chocolates, £421,250/$652,938
CONTEMPORARY ART EVENING SALE ARTIST WORLD RECORDS
8 ANDY WARHOL & JEAN-MICHEL BASQUIAT, Olympics, £6,761,250/$10,479,938
3 WADE GUYTON, U Sculpture (v.5), £193,250/$299,538 (For a sculpture)
Source: Phillips de Pury & Company
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