The evening auction of modern and contemporary art by Phillips in London totaled 17.3 million dollars, marking a decline compared to the previous edition but with some noteworthy results.
How did the Phillips evening auction in London conclude?
On Thursday evening, the modern and contemporary auction by Phillips in London reached about 13 million pounds (equivalent to 17.3 million dollars). The total revenue, calculated in pounds, was 16% lower than the same auction the previous year, indicating a more cautious market context.
Despite the slowdown, the catalog featured some highly appealing works. In particular, two leading lots contended for the top of the evening, closing at the same figure inclusive of fees and supported by third-party guarantees, confirming the selective interest of collectors.
Which works led the sales ranking?
At the top of the results was Andy Warhol with a version of Mao. The work, dated 1973, achieved 1.6 million pounds (about 2 million dollars), against a starting estimate between 1.4 and 1.8 million pounds (1.86-2.4 million dollars). The painting is part of the famous cycle dedicated to the Chinese leader, among the most recognizable of the artist’s pop production.
At the same figure was the painting by Vilhelm Hammershøi Interior of Woman Placing Branches in Vase on Table (Interiør med kvinde, der stiller grene i et glas, Strandgade 30), dated 1900. The work, a rarefied and silent domestic interior, expresses the intimate language of the Danish painter, now highly sought after on the international market.
What is the significance of the new record for Anna Ancher?
The evening also recorded an auction record for the Danish painter Anna Ancher. The 1902 painting Young Girl Reading a Letter (Ung pige, der læser et brev) reached 154,800 pounds (about 207,000 dollars), effectively tripling the maximum estimate of 50,000 pounds.
The work came, like Hammershøi’s painting, from the collection of John L. Loeb Jr., former U.S. ambassador to Denmark, known for his focus on Danish artists. This collecting context helped strengthen buyers’ interest in the Nordic segment.
According to the Artnet Price Database, Ancher’s previous record was far lower. The painting Interior med siddende ung kvinde med opsat hår was sold for only 6,079 dollars at the Bruun Rasmussen auction house in Lyngby, near Copenhagen, in 2002. The new result thus marks a significant repositioning of her work in the market.
How do the results compare to last year?
The total after fees was 12,964,910 pounds (17.3 million dollars), compared to 15.4 million pounds (19.6 million dollars) for the equivalent auction last year. The hammer total reached 10,129,000 pounds (13.6 million dollars), indicating a certain gap compared to the auction house’s initial expectations.
In terms of estimates, this year’s sale started from a low presale estimate of 12 million pounds (16 million dollars). After the withdrawal of some lots, the lower estimate was revised to 11.5 million pounds (15.4 million dollars). However, the hammer total remained below both thresholds.
What was the gap between results and estimates?
The comparison between the hammer result and expectations is telling. Compared to the original low estimate, the total was lower by 1.8 million pounds (about 2.4 million dollars). In relation to the revised low estimate, the gap was reduced but remains significant: -1.37 million pounds (equivalent to -1.8 million dollars).
These data indicate a selective market, where buyers focus on the most convincing lots from a qualitative and art-historical perspective. In other words, top-tier works still perform well, while the mid-range is more affected by macroeconomic uncertainties.
How many lots were sold and with what sell-through rate?
The catalog featured 29 lots. Before the start of the sale, 2 works were withdrawn, reducing the effective offering. Of the remaining lots, 23 were sold, while 4 went unsold.
The sell-through rate after the withdrawals was therefore around 85%, a solid figure in terms of the percentage of sales. Considering the original composition of the catalog, the sell rate drops to 79%, highlighting the impact of withdrawals on overall performance.
What role did third-party guarantees play?
A key element of the evening was the use of third-party guarantees. In total, 4 lots were covered by agreements with external parties, while there were no house guarantees from Phillips. This choice reduces the risk for the house, transferring it to collectors or dealers involved in the operation.
The total value of the low estimate associated with third-party guaranteed lots amounted to 4.2 million pounds (5.6 million dollars). This is about 36% of the total low presale estimate, indicating targeted coverage on strategically considered works. Similar practices are now widespread among competitors like Sotheby’s and Christie’s, confirming an increasingly sophisticated risk management model.
What was the impact of the withdrawn lots?
Before the sale, 2 lots were withdrawn, with a total low estimate value of 530,000 pounds (708,000 dollars). This adjustment brought the lower presale estimate from 12 million pounds (16 million dollars) to 11.5 million pounds (15.4 million dollars).
Withdrawals affect the overall tone of an auction session, reducing potential revenue but sometimes avoiding weak outcomes in the room. In this case, the adjustment was not sufficient to bridge the gap between expectations and the hammer total, but it helped maintain a numerically robust sell-through rate.
What prospects does the next Phillips sale open?
Overall, the London evening shows a market that rewards quality and good provenance, as demonstrated by the results of Warhol, Hammershøi, and Ancher. At the same time, the 16% drop compared to 2023 and the failure to meet the more cautious estimates indicate a phase of adjustment.
Phillips now looks to the next modern and contemporary art auction scheduled for Saturday, March 7, which could offer further insights into collector behavior. For those following the international market, it will be interesting to compare these results with those of competing houses and with long-term data, also available through databases like Artnet.
IMAGE: Vilhelm Hammershøi, Interior of Woman Placing Branches in Vase on Table (Interiør med kvinde, der stiller grene i et glas, Strandgade 30), sold for £1,642,000
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
