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Basquiat Masterworks Lead Phillips’ Evening Sale of Modern & Contemporary Art in New York
Untitled (ELMAR) Realizes $46.5 Million, with Strong Prices Achieved for Post-War & Contemporary Masters, Including Helen Frankenthaler, Derek Fordjour, and Noah Davis
New Auction Record Set for Kent Monkman
New York, 14 May 2024 Sale Total: $86,297,799 / £68,546,342 / €79,756,426
Jean-Paul Engelen, President, Americas, and Worldwide Co-Head of Modern & Contemporary Art, said, “In a style that is distinctly Phillips, we continue to offer our community of collectors the most significant works of art from across the past century and we are proud to have sold the highest estimated lot of the week – Jean-Michel Basquiat’s Untitled (ELMAR), which realized $46.5 million. The sale we assembled here tonight marks a 24% increase from the previous year and is a testament to the market’s trust in Phillips and the relationships we’ve built across the industry. This is reflected in the great consignors, fiduciaries, and estates we’ve had the privilege of working with this season – from the Pellizzis to the Terners to the Bakwins. Assembling a great sale is only half the battle; it’s also our duty to deliver strong results, which we have clearly done here tonight. Bidders from 30 countries, including a strong showing from Asia, competed in the room, on the phone, and a very active online platform for the works in the auction, the vast majority of which had never been sold at auction before.”
Robert Manley, Deputy Chairman and Worldwide Co-Head of Modern & Contemporary Art, said, “We are very proud of the sale our team assembled this season, which spanned the true breadth of the category. Post-War and Contemporary works performed exceptionally well. Grace Hartigan’s Montauk Highway realized over $900,000, the third highest price achieved for one of the most important American Abstract Expressionists, while the Helen Frankenthaler from the same collection soared to $3.7 million, the highest price paid for a 1950s work by the artist. Derek Fordjour’s Numbers realized nearly $900,000, the second highest price for the artist at auction, and Barkley Hendricks’ Vendetta achieved $3.2 million. It was also an honor to offer two Basquiat masterworks that were in the esteemed collection of Francesco Pellizzi for four decades, and we look forward to the third work from the group seeing a great deal of enthusiasm in our Hong Kong sale later this month.”
Top Ten Lots
New Auction Records
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*Lot 24 was sold after the lot closed, whilst the sale was ongoing and is therefore included in the total sale result. Exchange Rate on 14 May 2024: US$1 = £0.7943, €0.9242, HK$7.8125
ABOUT PHILLIPS Phillips: where the world’s curious and bold connect with the art, design and luxury that inspires them. As a leading global platform for buying and selling 20th and 21st century works, Phillips offers dedicated expertise in the areas of Modern and Contemporary Art, Design, Photographs, Editions, Watches, and Jewels. Auctions and exhibitions are primarily held in New York, London, Geneva, and Hong Kong, with representative offices based throughout Europe, the United States and Asia. Phillips offers a regular selection of live and online auctions, along with items available for immediate purchase. Phillips also offers a range of services and advice on all aspects of collecting, including private sales and assistance with appraisals, valuations, and financial planning. Visit phillips.com for further information.
*Estimates do not include buyer’s premium; prices achieved include the hammer price plus buyer’s premium.
PRESS CONTACTS: NEW YORK – Jaime Israni, Head of PR and Corporate Communications, Americas jisrani@phillips.com
PHILLIPS NEW YORK – 432 Park Avenue, New York, NY 10022 PHILLIPS LONDON – 30 Berkeley Square, London, W1J 6EX PHILLIPS HONG KONG – G/F, WKCDA Tower, West Kowloon Cultural District, No. 8 Austin Road, West Kowloon
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