In Phillips's $52 Million Sale, Momentous Moments from Female Artists Soften a Notable Decline Compared to Previous Year
In a departure from previous years, Phillips New York's modern and contemporary evening sale on Tuesday saw a 40% drop in total earnings, raising concerns about a potential cooling in the art market. The sale, which generated $52 million, fell significantly short of the $86 million earned at the equivalent sale in 2021.
Five lots failed to find buyers, contributing to the auction realizing its pre-sale estimate of $52 million. However, notable milestones were achieved in the sale, with five new records set for women artists. Despite male artists leading in value, artists like Kiki Kogelnik and Ilana Savdie saw their works fetch prices above expectations. A Kogelnik figurative painting sold for $280,000, doubling its $150,000 estimate, while a Savdie work was driven to $180,000, more than double its $100,000 estimate.
Records were also set for Olga de Amaral and Grace Hartigan, with Amaral's 1996 fiber work, Imagen perdida 27, selling for $1.2 million, nearly four times its $300,000 estimate. Hartigan's The Fourth (1959) earned $1.6 million, while James Turrell's Ariel (2022) achieved the sole record for a male artist, selling for $660,400, just $400 above its previous one.
Alexander Calder's mobile, The Fourth, was the top-selling lot, fetching $1.88 million, pushing a Basquiat work out of the top ten. Basquiat's Untitled (1984) and an Ed Ruscha painting followed, selling for $6.6 million and $4.9 million, respectively. A Donald Judd stack wrapped up the top three lots, earning $4.3 million.
Basquiat was the financial anchor for the auction, with a work on paper by the artist realizing $3 million. The combined sale price of the Basquiat works totaled $9.6 million, accounting for over 18% of the auction's total.
Several lots garnered interest from multiple bidders, with many winning buyers based in the US. The opening lot, a painting by Japanese artist Yu Nishimura, estimated at $80,000, hammered at $220,000, driven by a specialist's phone bidder in New York. Kogelnik's work was bid on by a New York bidder, outperforming others from Florida and Washington, D.C., while Hartigan's piece was ultimately won by an adviser from Los Angeles.
Other notable performers included a painting by Danielle Mckinney and Barbara Hepworth's small bronze sculpture from the 1960s, both of which outperformed their estimates. Results for pieces with seven-figure values were mixed, with some selling near the low estimate or within the range.
A shift in collector preference towards older, established artists is increasingly evident in the contemporary art market. In times of economic uncertainty, these artists tend to provide a sense of stability and security for collectors. Their proven track record, familiarity, and perceived lower risk make them more attractive investments, with their continued popularity driving up prices.
As the art market evolves, collectors prefer established artists for both financial and emotional returns. With the rise of digital art and emerging artists, traditional art forms and well-known artists continue to hold significant value in the eyes of collectors. This preference for familiar names is tempered by market fluctuations, leading some collections to focus on these artists to ensure a more reliable return on investment.
- In contrast to previous years, the modern and contemporary evening sale at Phillips New York saw a 40% drop in total earnings, raising concerns about a potential cooling in the art market.
- Despite the overall decline in sales, five new records were set for women artists in the auction, with notable performances by Kiki Kogelnik, Ilana Savdie, Olga de Amaral, Grace Hartigan, and James Turrell.
- Fashion-and-beauty, food-and-drink, and technology enthusiasts might find interest in the trend of collectors favoring established artists in the contemporary art market, as these artists offer a sense of stability and security during times of economic uncertainty.
- A Kogelnik figurative painting sold for $280,000, more than doubling its $150,000 estimate, while a Savdie work was driven to $180,000, more than double its $100,000 estimate, showcasing the increased value of contemporary art.
- Traditional art forms and well-known artists continue to hold significant value in the eyes of collectors, with a preference for familiar names driving up prices in the evolving art market.
- The shift in collector preference towards older, established artists is increasingly evident in the contemporary art market, as these artists tend to provide a safer investment opportunity, especially during times of market volatility.
