Phillips opened its New York auction week with a modern and contemporary evening sale that brought in $54.1 million, including fees. This result marked a 23% drop from last year’s November sale, which totaled $70 million. Despite revisions to the sale’s low estimate—from $62 million to $50.4 million after the withdrawal of two lots—the evening’s hammer price of $44.2 million fell significantly short of expectations.

The auction featured 30 lots, with only 26 selling. High-profile works by established artists struggled, with Jean-Michel Basquiat’s Self-Portrait, estimated at $10 million, failing to sell. Similarly, Claes Oldenburg’s Glass Case with 24 Sandwiches (1964) fetched $625,000, falling short of its $700,000 estimate. These underwhelming results weighed heavily on the overall sale, particularly for older works expected to anchor the event.

Jackson Pollock’s Untitled (1948), a black-and-white drip painting, achieved $15.3 million, aligning with its high estimate. However, this result was insufficient to counterbalance the broader subdued atmosphere, where bidding was largely restrained, with minimal competition for many lots.

The evening was not without highlights. Emerging and mid-career artists demonstrated stronger momentum, with Chinese-born, London-based artist Li Hei Di’s Unfolding a Flood (2021) standing out. The work, making its auction debut, sold for $127,000—more than double its high estimate of $60,000—underscoring interest in fresh voices in the contemporary market.

Elizabeth Peyton’s Kurt (Sunglasses) performed exceptionally well, selling for $2.4 million, nearly triple its high estimate. Derek Fordjour’s Twelve Tribes also exceeded expectations, achieving $1.1 million, more than double its estimate. According to art appraiser David Shapiro, Fordjour’s strong showing reflects the competitive nature of his primary market, where access to his works remains limited.

Some younger artists, whose prices surged during the pandemic, showed signs of market stabilization. Jadé Fadojutimi’s Even an Awkward Smile Can Sprout Beyond the sun (2021) sold for $571,500, within its estimate, while Matthew Wong’s Untitled (2017) achieved $1.8 million, surpassing its $1 million estimate. These results suggest a recalibration for contemporary artists who gained rapid market attention in recent years.

Technical difficulties marred the start of the sale, with a live stream glitch affecting the visibility of early bidding activity. However, the overall subdued mood underscored shifting dynamics in the art market, with a noticeable reduction in the competitive bidding that has characterized recent years.

Phillips’ performance reflects broader market trends as collectors and galleries navigate a recalibration of values and demand. While the sale struggled to meet its financial goals, it highlighted emerging talents and demonstrated resilience in key segments of the contemporary art market.

Sayart / Maria Kim, sayart2022@gmail.com