Last night, Phillips sold what may become the most expensive artwork of the marquee May auctions in New York: Jean-Michel Basquiat’s 1982 Untitled (ELMAR). It was a big win for the house, since it usually lags behind the Sotheby’s-Christie’s duopoly—and since these are such uncertain times in the art market.
The sale of the Basquiat influenced the night’s total significantly, as did the withdrawal of a portrait by Pablo Picasso that was estimated to sell for between $12 million and $18 million. While those two lots shifted outcomes in opposing ways, the sale of many smaller lots steadied the waters. Below, we’ve laid out how the evening fared from a numerical perspective.
Total Sales After Fees: $86.3 million
Total of Equivalent Sale Last Year: $70 million
Hammer Total: $72.3 million
Top Seller: Jean-Michel Basquiat, Untitled (ELMAR), 1982, for $46.5 million
Lots on Offer: 28
Lots Withdrawn: 2
Lots Sold: 25
Sell-through Rate: 80%
Sell-through Rate After Withdrawals: 86%
Presale Low Estimate: $90 million
Presale Low Estimate After Withdrawals: $75 million
Hammer Total vs. Presale Low Estimate: -$17.7 million
Hammer Total vs. Presale Low Estimate (revised after withdrawals): -$2.7 million
Lots Guaranteed: 14
Lots With House Guarantees: 0
Lots With Third-Party Guarantees: 14
Total Low Estimate of Withdrawn Lots: $13 million
Total Low Estimate of Third-Party Guaranteed Lots: $65.2 million (75.5% percent of total presale low estimate)
Quote of the Night: “We are proud to have sold the highest estimated lot of the week—Jean-Michel Basquiat’s Untitled (ELMAR), which realized $46.5 million,” Jean-Paul Engelen, Phillips’s president for the Americas and worldwide co-head of modern and contemporary art, said. “The sale we assembled here tonight marks a 24 percent increase from the previous year and is a testament to the market’s trust in Phillips.”
Lasting Memory: The many raised eyebrows around the room when the auctioneer announced that lot 17, the Pablo Picasso that was estimated to sell for between $12 million and $18 million, had been withdrawn.
Parting Shot: In these difficult times, Basquiat’s strong hold on the art market remains firm.
Next Sale Up: Sotheby’s modern evening auction, tonight at its York Avenue headquarters.
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