Phillips auction house generated $67.3 million from its modern and contemporary evening sale on Wednesday in New York, achieving an impressive 94 percent sell-through rate with only two lots failing to find buyers. The concise 33-lot sale featured high-profile works including an untitled Joan Mitchell painting with a high estimate of $15 million, a Francis Bacon diptych estimated at $18 million, and notably, a juvenile triceratops skeleton named "Cera" that sold for $4.5 million against a high estimate of $3.5 million.
The sale took place after Phillips' larger competitors, Christie's and Sotheby's, had already moved nearly $1.4 billion worth of modern and contemporary art earlier in the week. Robert Manley, Phillips' chairman and worldwide head of modern and contemporary art, expressed enthusiasm about the results, telling ARTnews that he was "ecstatic" about the outcome. He noted that the only unsold items were "a large piece of gold, which I wouldn't exactly call our specialty, and a painting that was just so massive that, frankly, very few people can handle it," referring to works by Thunderbolt and Jadé Fadojumti's 118-by-197-inch untitled piece, respectively.
Manley emphasized the strength of the current market, stating, "I only wish we had more work to sell because the market is so strong right now." His comments reflect the robust demand at the top end of the art market, even as industry observers continue to warn about challenges in the middle and lower market segments.
Meanwhile, Bonhams announced a significant expansion with plans to relocate its U.S. headquarters to 111 West 57th Street in February, establishing a new flagship location inside the meticulously restored Steinway Hall. The move represents a major strategic shift for the auction house, founded in 1793 and now operating globally across more than 60 categories. The new space will occupy 42,000 square feet, approximately 30 percent larger than their former Madison Avenue location.
The restored Steinway Hall, a Beaux-Arts landmark originally created by Warren & Wetmore for piano manufacturer Steinway & Sons, had been closed to the public for a decade. JDS Development Group and Gensler have carefully restored the building's limestone exterior, domed rotunda, intricate mosaics, marble arches, and sculptural details. The new Bonhams headquarters will feature an impressive 80-foot glass atrium and triple-height galleries specifically designed for major exhibitions and sales.
Bonhams Managing Director Lilly Chan explained to ARTnews that the company required "a larger, unified base" and emphasized the strategic importance of establishing a presence in 57th Street's cultural corridor. CEO Seth Johnson described the new space as "a game-changer," positioning the auction house to expand its national reach and attract top-tier consignments. The company plans to reopen the building as a public cultural venue, offering free exhibitions, guest installations, and live performances to the community.
In related market developments, demand for female photographers is reportedly rising, though questions remain about whether their prices are increasing proportionally. Arts and culture organizations across the United States are declining grants when required to avoid diversity, equity, and inclusion initiatives, according to recent reports.
The art market is also seeing technological innovation with the launch of Artsignal, promoted as the first "agentic AI platform" for art and collectibles. Co-founder and CEO Sam Glatman told The Art Newspaper that the platform aims to transform how collectors navigate the art market by democratizing market intelligence traditionally accessible only to insiders or advisers. Launched in September with backing from Christie's Ventures, the AI-driven platform uses open-source data to generate accessible market reports and valuation context, compiling auction results, exhibition updates, and news to produce comprehensive reports with pricing signals and detailed metrics.
