Phillips New York: Contemporary Art Day Sale Auction Analysis

May 18, 2015

The day after very successful Phillips New York: Contemporary Art Evening Sale Auction, on May 15 Phillips New York organized another auction - Contemporary Art Day Sale Auction. The lots offered on auction were not as attractive for buyers as before mentioned auction, but we have seen plenty of 6-digit prices, and not even one crossing the threshold of one million dollar. Out of 231 lots offered at this auction, 181 were sold, making that a great 78.4 percent of sold lots. Maximum hammer price was seen in the sale of Mark Grotjahn's Untitled (Colored Butterfly White Background 2 Wings). Still, the biggest success was achieved in the sale of Patrick Hughes' Ins and Outs from 2007.

Optical Illusions of Patrick Hughes

Patrick Hughes is a British artist working in London famous for his invention of reverspective, an optical illusion on a 3-dimensional surface where the parts of the picture which seem farthest away are actually physically the nearest. Reverspective paintings are 3-dimensional paintings when viewed from the front give an impression of a flat painted surface with a perspective view. But, the moment the viewer tilts its head or moves it, the three dimensional surface that supports the perspective view accentuates the depth of the image and accelerates the shifting perspective far more than the brain normally allows. It is manifested as a powerful and disorienting impression of movement and depth.

Phillips New York: Contemporary Art Day Sale In Details

Please, scroll down to find out more about each lot that was auctioned at Phillips New York: Contemporary Art Day Sale Auction – find out their estimated values, hammer prices and find out which lots weren’t sold.

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All images are courtesy of Phillips New York.

The Overview Of Phillips New York: Contemporary Art Day Sale Auction

As afore mentioned, 181 out of 231 lots were sold at Phillips New York: Contemporary Art Day Sale Auction, making that 78.4 percent of sold lots. Over high estimate, we have seen 44 lots being sold or 24.3 percent, as opposed to 67 lots sold under the low estimate or 30.6 percent. Most of the lots, or 70 lots, were sold in range of estimated value with 38.7 percent. The auction gathered $11777800 which is almost 2 million dollars more than the sum of low estimates for sold lots, but at the same time around 2 million dollars less than the high estimate sums of sold lots. The highest hammer price was seen in the sale of previously mentioned Mark Grotjahn’s work Untitled (Colored Butterfly White Background 2 Wings) which was sold for $350000. Average hammer price at this auction was $65071. Hammer price median was $35000 (this means that the same number of lots were sold for more than $35000 and for less than $35000). The difference between average hammer price and median was -46.2 percent, which means that almost the same number of lots were sold bellow this auction’s average price as above it.

Besides Mark Grotjahn's artwork, the highest prices were seen in the sales of Thomas Demand's Yellowcake (Embassy I,II, III, IV, IV.a, V, VI, VII, VII.a), Mark Bradford's Untitled from 2007, Gerhard Richter's Abstraktes Bild (454-4) and Donald Judd's Untitled from 1989. Most notable results were seen in the sales of Patrick Hughes Ins and Outs (topping high estimate for 300 percent), Marcel Broodthaers' Le Drapeau Noir (The Black Flag), Michael Krebber's Vampire? and Jacqueline Humphries' 95%. On the other hand, following lots failed to meet the expectations: Nick Darmstaedter's Happy, Jean-Baptiste Bernadet's  Untitled and George Condo's Untitled from 1984.

Scroll down to see the best and the worst performing lots of Phillips New York: Contemporary Art Day Sale Auction.

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Patrick Hughes - Ins and Outs, 2007, (lot 325) (Estimated at $15,000 – $20,000. Sold for $80,000)

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Thomas Demand - Yellowcake (Embassy I,II, III, IV, IV.a, V, VI, VII, VII.a), 2007, (lot 142) (Estimated at $250,000 – $350,000. Sold for $340,000)

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George Condo - Untitled, 1984, (lot 253) (Estimated at $12,000 – $18,000. Sold for $5,000)

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Left: Richmond Burton - Three, 1989, (lot 334) (Estimated at $6,000 – $8,000. Sold for $3,000) / Right: Richmond - Thought Plane 24, 1990, (lot 335) (Estimated at $6,000 – $8,000. Sold for $3,500)

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Wolfgang Tillmans - paper drop (blue), 2007, (lot 144) (Estimated at $50,000 – $70,000. Sold for $120,000)

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Marcel Broodthaers - Le Drapeau Noir (The Black Flag), 1968, (lot 246) (Estimated at $20,000 – $30,000. Sold for $70,000)

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Left: Jean-Baptiste Bernadet - Untitled, 2012, (lot 299) (Estimated at $30,000 – $40,000. Sold for $10,000) / Right: Nick Darmstaedter - Happy, 2013, (lot 298) (Estimated at $30,000 – $40,000. Sold for $10,000)

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Left: James Lee Byars - Untitled, circa 1958, (lot 133) (Estimated at $40,000 – $60,000. Sold for $100,000) / Right: Sam Gilliam - Untitled, 1980, (lot 235) (Estimated at $10,000 – $15,000. Sold for $26,000)

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Left: Grear Patterson - Popeye, 2013, (lot 106) (Estimated at $30,000 – $40,000. Sold for $80,000) / Right: Michael Krebber - Vampire?, 2000, (lot 245) (Estimated at $10,000 – $15,000. Sold for $26,000)

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Left: Gerhard Rihter - Abstraktes Bild (454-4), 1980, (lot 239) (Estimated at $350,000 – $450,000. Sold for $320,000) / Right: Mark Grotjahn - Untitled (Colored Butterfly White Background 2 Wings), 2006, (lot 174) (Estimated at $200,000 – $300,000. Sold for $350,000)

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Left: Chris Succo - Bitemark to the Chin, 2014, (lot 109) (Estimated at $10,000 – $15,000. Sold for $28,000) / Right: Donald Judd - Untitled (89-26), 1989, (lot 179) (Estimated at $200,000 – $300,000. Sold for $280,000)

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