A two-part Phillips auction of 20th-century and contemporary art in New York on Tuesday began with optimism and excitement, prompting staff to bring out additional chairs. However, the atmosphere took a turn midway through the sale as many lots failed to impress.
The mood in the room noticeably shifted around lot 23 out of the 56 works being auctioned, and by lot 45, many chairs were left vacant. The situation was not improved by the fact that the 56 lots collectively fetched a hammer price of $128 million, resulting in total sales with fees of $154.6 million, just shy of the house's initial presale low estimate of $130 million.
Twenty lots still ended up with hammer prices falling below their lower estimated values, mostly during the first half of the auction. Among these were artworks by prominent artists such as Alexander Calder, Edgar Degas, Joan Mitchell, and Paul Gauguin. Notably, a Pablo Picasso painting with a pre-sale estimate of $15 million to $20 million also fell into this category.
One particular work of interest was an untitled piece by Joan Mitchell from 1953, which was estimated to be worth between $8 million to $12 million. Given that Mitchell had just set a new auction record at Christie's earlier in the week with a painting selling for $29.2 million, there was keen anticipation surrounding this piece. However, it ultimately sold for a hammer price of only $6.5 million, or just under $7.9 million when including fees.
Lucio Fontana's artwork, "Concetto spaziale, Attese," also fell short of its pre-sale estimate. It was expected to fetch between $1.5 million to $2 million but ultimately closed at a hammer price of $1.2 million or $1.5 million when fees were included.
The disappointing outcomes for Mitchell and Fontana were not isolated incidents. None of the top 20 results of the evening auction exceeded their high estimates. This included the best-performing piece of the night, Gerhard Richter's two-part painting, "Abstraktes Bild (636)," created in 1987. Although it had a pre-sale estimate "in the region of $30 million," it sold for exactly that amount as a hammer price, reaching $34.8 million with fees. Nonetheless, this figure was significant enough to rank among the top five prices ever achieved for Richter's work.
Observers present at the auction took note of the subdued atmosphere, with one remarking, "I've never seen an auction so quiet." Nevertheless, it's worth mentioning that the sale marked Phillips' second-largest auction ever, and its results represented an 11 percent increase compared to the house's November modern and contemporary art auction in New York from the previous year.
In a post-auction press conference, Robert Manley, Phillips' deputy chairman and worldwide co-head of 20th century and contemporary art, acknowledged that the night's mixed performance was consistent with recent results seen at other auction houses. He stated, "Tonight's outcome resembled the trends we've observed over the past few months. While bidding was somewhat subdued, most items found buyers. Considering the global context, the art market has displayed remarkable resilience. Art appears to be something people turn to in challenging times."
One notable exception was the artwork "Mare = Ballerina" (1913-14) by Italian Futurist painter Gino Severini. Initially estimated to be worth between $80,000 to $120,000, this lot garnered intense bidding lasting 4 minutes and 46 seconds, ultimately closing at a hammer price of $350,000, nearly three times its upper estimate, or $444,500 when including fees. It's worth noting, however, that this result falls significantly short of Severini's auction record of $29.6 million.
Some emerging artists had a strong showing at the auction. For instance, Ambera Wellmann's painting "Ritz" from 2018, initially estimated at $40,000 to $60,000, exceeded expectations by closing at a hammer price of $105,000 or $133,350 with fees.
Lucy Bull's artwork "Dark Companion" from 2020 performed exceptionally well, hammering at $820,000 or over $1 million with fees. This impressive result came on an estimate of $400,000 to $600,000, making it one of the most expensive works ever sold at auction by her.
Ben Sledsen's piece "A Nice Second Break" from 2017 sparked intense competition between a phone bidder, Manley, and online bidders in Hong Kong and Qatar. The vigorous bidding drove the hammer price for the midnight forest tableau to $1.55 million, or $1.94 million with fees, far exceeding the estimated range of $600,000 to $800,000.
Jadé Fadojutimi's colorful painting, "Quirk My Mannerism," created in 2021, set a new record for the young London-based artist, who had been featured in last year's Venice Biennale. After more than five minutes of spirited bidding, the lot closed with a hammer price of $1.55 million, or $1.94 million with fees, greatly surpassing the estimated value of $600,000 to $800,000.
The abstract painter Jadé Fadojutimi has risen to become one of the most sought-after emerging artists, even joining the prestigious Gagosian gallery's roster last year. In the London auctions held in October 2021, Fadojutimi set two auction records at Sotheby's and Phillips on consecutive days, a fact humorously acknowledged during Tuesday evening's press conference. Robert Manley remarked, "We had it one and a half years ago, and now it's back. Back where it belongs."
He went on to explain, "It's not surprising to see fewer extraordinary results for younger artists. Prices have been steady, just less extravagant. The way things were a few years ago was unsustainable. The move towards more sustainable prices and growth is indicative of a healthier art market."
The Phillips sale on Tuesday followed the relatively subdued results of Sotheby's modern evening art sale, which generated $224 million, as well as Phillips' successful sale of 31 works from the Emily Fisher Landau Collection, bringing in $406 million. Additionally, Christie's achieved a remarkable $640 million in a sale of 20th-century art last Thursday, setting several artist records in the process.
Selena Mattei