The June sales week in London was a bit of a rollercoaster. It started with a broken record and ended with a hammered work for $127.
The Phillips sale, which took place on Friday June 30, at first appeared to pick up momentum from Christie’s Evening sale 20/21 two days earlier. Phillips merged daytime and evening sales in June, unlike its most recent June sales, in 2022 and 2019. The result was a much thinner sale, with far fewer lots offered than during daytime sales. and June evening events combined in these two years. .
Then the star lot of the sale, that of Lucio Fontana Spatial concept, also the only lot with a seven-figure presale estimate, was withdrawn at the last minute. Nearly 30 percent of works, including those by recent market darlings such as the Japanese artist Ayako Rokkaku, hammered at prices below the low estimate, signaling lower reserves. A number of popular names in the market remained unsold: George Condo, Banksy, Richard Prince, Andy Warhol and Harold Ancart.
Condominium George, Jesus (2007). Estimate £500,000-£700,000. Courtesy of Philips.
Here is the breakdown of sales data:
Total sales after fees: £9 million ($11.5 million)
Lots sold (including guaranteed lots): 93
Lots offered before withdrawals: 116
Lots withdrawn: 5
Lots purchased: 18
Sale rate including withdrawals: 80 percent
Sale rate excluding withdrawals: 84 percent
Total Hammer: £7 million ($9 million)
Low pre-sale estimate before withdrawals: £11 million ($14 million)
Total Hammer vs Presale Low Estimate (Before Withdrawals): – £3.9 million ($5 million)
Total low estimate of withdrawn batches: £2.5m ($3m, approx. 23% of total pre-sale low estimate before withdrawals)
Total Low Estimate of Guaranteed Lots: £600,000 ($761,661, approx. 5% of total presale low estimate before withdrawals)
Lots with house guarantees: zero
Total low estimate of guaranteed third-party prizes: £600,000 ($761,661, approx. 5% of total presale low estimate before withdrawals)
Lots with Third Party Guarantees: two
Top rated seller: Lucia Fontana, Concetto Spaziale (1966-67) hammered at £450,000 and sold for £571,500 ($721,633) after adding costs. Georg Baselitz Wel lam ruch nichtet mihr (Frebl aill lew) (2013) also hammered in for £450,000 and sold for £571,500 ($721,633) with fees. The Baselitz structure was one of two under third-party guarantee.
Lasting memory: At least the sale ended on a high note, ending with the sale of the colorful canvas work by Albert Willem in 2021 Overall not bad for its first attempt. It hammered in at £180,000, 18 times the low estimate, and eventually sold for £228,600 ($290,184) after adding fees. The market correction is indeed underway, but all is not bleak.
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