Last week, Phillips held two back-to-to back sales of contemporary art at its New York headquarters, generating $7 million in total sales with fees. These auctions may not be as closely watched as the November evening sales by Phillips and its competitors, but they provide a window onto trends that may be seen next month on the block.
Phillips specialists initially expected the more than 200 lots auction last week to bring in up to $9 million. But almost 50 lots went unsold, and total hammer prices ended up adding up to just over $5 million. This may not bode well for the November sales.
Many recent reports have suggested that sales at the market is slumping, with auction houses’ sales declining by more than 20 percent since 2023, according to one survey. The day sales, which often mirror what is taking place elsewhere in the market, could be further proof of the downturn feared by many.
Yet the Phillips day sales also brought some positive news, showing that lesser-known names could still stand out, even when some collectors have scaled back their buying.
At the top end, work by famous figures like Richard Prince and George Condo still sold well. Prince had two works in the sales, with Untitled (de Kooning) realizing $279,400, while Condo saw three works cross the auction block, with Stepmonk’s Diary selling for $279,400. Each work by Prince and Condo hammered above its low estimate.