In an event marked by both anticipation and adjustments, Phillips’s Modern and Contemporary Art Auction in New York on May 15, 2024, concluded with impressive results, totaling $86.3 million. The auction, held at Phillips’s headquarters, showcased a blend of established and emerging artists, reflecting the dynamic nature of today’s art market.
Top Sales
Jean-Michel Basquiat was the leading figure of the auction:
- “Untitled (ELMAR)” (1982) sold for $46.5 million, just above its $40 million low estimate.
- “Untitled (Portrait of Famous Ballplayer)” (1981) fetched $7.9 million, within its $6.5 million to $8.5 million estimate.
Record-Breaking Sales
Several artists set new auction records:
- Kent Monkman: “The Storm” (2020) sold for $381,000, more than doubling the previous record for the artist.
- Martin Wong: “Portrait of Mikey Piñero at Ridge Street and Stanton” (1985) sold for $1.6 million.
- Diane Arbus: “Identical Twins (Cathleen and Colleen), Roselle, New Jersey” (1966) sold for $1.2 million.
- Reggie Burrows Hodges: “In the Service of Others” (2019) sold for $882,000.
Withdrawn Lots
Two significant lots were withdrawn shortly before the auction:
- Pablo Picasso’s “Buste de femme au chapeau” (1962): Originally estimated to sell between $12 million and $18 million, this piece was the second-most-valuable lot of the auction. Its withdrawal was a notable change, as it significantly altered the presale estimates and expectations for the evening
- Milton Avery’s “Sunset Sea” (1958): This painting, valued between $1 million and $1.5 million, was also pulled from the auction. The absence of these works reduced the auction’s low estimate from $90 million to $75 million.
Mixed Performance
Several high-profile works failed to sell, indicating selective buyer interest and market caution. Notably, works by established artists such as Robert Mangold, Pierre Bonnard, and Frank Stella did not meet their reserve prices. Frank Stella’s “Lettre sur les sourds et muets II” (1974), estimated at $5 million to $7 million, was one of the more prominent lots that did not find a buyer. This pattern reflects a cautious approach by collectors, possibly influenced by broader economic conditions or specific market dynamics
Emerging Trends
The Phillips Modern and Contemporary Art Auction in May 2024 highlighted several emerging trends that reflect the evolving dynamics of the art market. Here are some key insights:
1. Increased Recognition for Indigenous and Underrepresented Artists
One of the standout moments of the auction was the new record set by Canadian Cree artist Kent Monkman. His work “The Storm” (2020) sold for $381,000, more than doubling his previous auction record. This trend underscores a growing interest in Indigenous art and the increasing value placed on works by underrepresented artists. Collectors are expanding their horizons beyond the traditional canon, seeking out diverse voices and perspectives in contemporary art.
2. Resilient Market for Contemporary Art
Despite economic uncertainties and last-minute changes, the auction demonstrated a robust demand for contemporary art. Jean-Michel Basquiat’s “Untitled (ELMAR)” achieved a significant sale at $46.5 million, highlighting the continued strength of blue-chip contemporary artists. This resilience indicates that high-quality contemporary works remain a solid investment, even in a fluctuating market.
3. Selective Buyer Interest
The auction revealed a more selective approach from buyers. While some high-profile lots were withdrawn, including works by Pablo Picasso and Milton Avery, other pieces by emerging artists saw competitive bidding. This selectiveness suggests that buyers are becoming more discerning, focusing on works that offer unique value or align with current collecting trends. For example, the success of less-established artists like Kent Monkman points to a shift towards seeking out fresh and innovative works.
4. Market Adaptability and Flexibility
The auction’s ability to achieve strong results despite the withdrawal of major lots reflects the market’s adaptability. Phillips adjusted its sales estimates in real-time, responding to changes in the auction lineup. This flexibility is crucial in maintaining market confidence and ensuring successful outcomes even when faced with unforeseen challenges.
5. Digital and Online Engagement
The presence of online and phone bidders played a significant role in the auction’s success. The use of digital platforms for bidding continues to expand, making auctions more accessible to a global audience. This trend is likely to grow, with auction houses increasingly leveraging technology to reach a broader and more diverse pool of buyers
The mixed performance of Phillips’s May 2024 Modern and Contemporary Art Auction reflects the current complexities of the art market. High-value pieces and emerging artists saw robust interest, while other segments experienced more selective bidding. This outcome underscores the importance of market dynamics and collector sentiment in shaping auction results, highlighting the need for strategic planning and adaptability in future sales.
Overall Results
Overall, the auction achieved a total of $86.3 million, falling within the auction house’s adjusted estimate range of $75.9 million to $110.3 million. While the strong performance of leading lots and the record sales for emerging artists were positive highlights, the mixed results for other lots indicate a selective and unpredictable market. Collectors’ preferences appeared to favor established high-value works and promising new artists, while some mid-market and less renowned pieces struggled to attract bids.
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