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Phillips: Latin America Auction Analysis

  • Phillips New York
  • Phillips New York
May 28, 2015

A rather strange and not very successful afternoon sale occurred at Phillips, New York, where Latin America auction took place on Tuesday, May 26. Why was it strange? Because one lot was sold for 40 percent of the value of all sold lots. You don’t see that very often. Why was it unsuccessful? Because less than two thirds of auctioned lots were sold, with the sum of hammer prices pretty close to the sum of low estimates of sold lots. That one lot, gigantic in comparison to others, was Wifredo Lam’s Présages from 1947, that was sold for $2.2 million.

The Story About Artwork: Carlos Cruz-Diez’s Physichromie No. 655 (1973)

After two trips to Paris, Carlos Cruz-Diez returned to his native Venezuela in 1956, where, among others, developed the basis of the Venezuelan kinetic art movement. But, unlike other kinetic artists, who worked with moving parts, Cruz-Diez combined light and color on various surfaces, creating visual effects on a standing base. With his Physichromie No. 655, Cruz-Diez tested the boundaries of perception, while removing everything from the picture apart from colors. The result? Impressive, as the entire color spectrum is visible, while Cruz-Diez used just certain colors – the colors shift as the viewer moves around the artwork.

  • Phillips New York

The Overview of Phillips: Latin America

Just 67 out of 105 lots, or 63.8 percent, were sold at Latin America auction at Phillips. The estimated value of all lots was $7,359,000 – $10,843,000, the expected value of sold lots was $4,975,000 – $7,437,000, and Latin America totalled $5,462,900, or just 9.8 percent above the sum of low estimates. Most lots – 29, or 43.3 percent – were sold in range of estimated values, but many of sold lots went for less than their low estimate – 27, or 40.3 percent of sold lots. As we said, Wifredo Lam’s Présages from 1947 had the highest hammer price at $2.2 million, and it was almost five times larger than the hammer price of the second placed lot (Armando Reverón’s Desnudo from 1939, sold for $450,000). The average hammer price was $81,536 per lot, and the median hammer price was $20,000.

Other than those two lots that we’ve mentioned, Mira Schendel’s Objeto gráfico from 1973 ($400,000), Carlos Cruz-Diez’s Physichrome No. 655 from 1973 ($210,000) and Leonora Carrington’s Bat-men (How true my love) from 1950 ($200,000) had hammer prices at $200,000 or higher. Just 11 lots had their hammer prices above their high estimates, and Oswaldo Guayasamín’s Portrait of Mary Waller, n.d. had the biggest difference between hammer price and high estimate with +175 difference (estimated at $15,000 – $20,000, sold for $55,000). Many more lots (27) was sold bellow their low estimate, and the worst result achieved Juan Melé’s Círculos Invention from 1973, which had -72.5 percent difference between hammer price and low estimate (estimated at $20,000 – $30,000, sold for $5,500).

Phillips New York
Oswaldo Guayasamín – Portrait Of Mary Waller, n.d. (Lot 39). Estimated at $15,000 – $20,000, sold for $55,000. This lot had, by far, the biggest difference between hammer price and high estimate with +175 percent – the next one had +25 percent.
Phillips New York
Vik Muniz – Outlet (Fabrica, Iron Mine), 2005 (Lot 77). Estimated at $15,000 – $20,000, sold for $16,000.
Phillips New York
Luis Enrique Camejo – Evidencia, 2007 (Lot 104). Estimated at $5,000 – $7,000, sold for low estimate.
Phillips New York
Left: Mira Schendel – Objeto Gráfico, 1973 (Lot 11). Estimated at $300,000 – $500,000, sold for $400,000. Objeto gráfico is a paradigmatic work in the oeuvre of Mira Schendel. She utilizes the basic building blocks of words – the medium through which language conveys concepts, emotions, concrete images – to convey her vision of the function and meaning of art. Schendel creates a conversation with the basic elements of two languages, dissecting them in order to find alternative ways of depicting her own vision of reality. This lot once again evidences Mira Schendel’s importance as one of the most innovative and radical artists of the second half of the 20th century. / Right: Tania Bruguera – Destierro (Displacement), 1998-2003 (Lot 1). Estimated at $40,000 – $60,000, sold for $65,000.
Phillips New York
Carlos Cruz-Diez – Physichromie No. 655, 1973 (Lot 9). Estimated at $220,000 – $280,000, sold for bellow its low estimate, for $210,000
Phillips New York
Wifredo Lam – Présages, 1947 (Lot 25). Estimated at $2,000,000 – $3,000,000, sold for $2,200,000. The highest priced lot of the auction, its hammer price was five times larger than of the second placed lot.
Phillips New York
Armando Reverón – Desnudo, 1939 (Lot 31). Estimated at $400,000 – $600,000, sold for $450,000. This lot had the second highest hammer price.
Phillips New York
Bosco Sodi – Untitled – 0089, 2011 (Lot 83). Estimated at $40,000 – $60,000, sold for $70,000. Only eleven lots were sold over high estimate, and this one had +16.7 percent difference.
  • Phillips New York

Phillips: Latin America in Details

In two tables bellow you can find more details on every lot that was auctioned at Phillips: Latin America auction on Tuesday, May 26.

Total number of lots:105
Number of sold lots:67
Sold lots [%]:63.8
Total [$]:5462900
Number of sold lots over high estimate:11
Over high estimate (Total) [%]:10.5
Over high estimate (Sold) [%]:16.4
Number of sold lots in range of estimated values:29
In range of estimated values (Sold) [%]:43.3
Number of sold lots under low estimate:27
Under low estimate (Sold) [%]:40.3
Results were under estimate spread of [%]:32.1
Max Hammer [$]:2200000
Average Hammer [$]:81536
Median Hammer [$]:20000
Median Hammer Average Hammer Difference [%]:-75.5
Lot No.Artist NameArtwork NameLow Estimate $High Estimate $Hammer Price $Hammer High Estimate Difference [%]Hammer Low Estimate Difference [%]
1Tania BrugueraDestierro (Displacement), 1998-20034000060000650008.362.5
2Roberto ObregónEne Eme y Ene De, 1994150000250000140000-44-6.7
3Rivane NeuenschwanderOne Thousand and One Possible Nights [N. 51-55], 2006500007000060000-14.320
4Rivane NeuenschwanderConversations, 2002400006000040000-33.30
5Tomás SaracenoFlying Garden/Air-Port-City/12 SW Iridescent, 2008180002200022000022.2
6Arturo HerreraBedspring (Blue/Green), 20052500035000Not SoldNot SoldNot Sold
7Anna Maria MaiolinoUntitled (from the Objeto pictorico series), 19935000070000Not SoldNot SoldNot Sold
8Alejandro OteroUntitled, circa 1965-197080000120000Not SoldNot SoldNot Sold
9Carlos Cruz-DiezPhysichrome No. 655, 1973220000280000210000-25-4.5
10Mathias GoeritzMensaje dorado, 1960100000150000130000-13.330
11Mira SchendelObjeto gráfico, 1973300000500000400000-2033.3
12Zilia SánchezTopología (serie Amazona), 1967/1993/2006400006000040000-33.30
13Sergio CamargoUntitled (Relief No. 273), 1970700009000065000-27.8-7.1
14Antonio AsisVibration Couleur, 1970300004000028000-30-6.7
15GegoUntitled, 19661500020000220001046.7
16Elsa GramckoUntitled, 19692500035000Not SoldNot SoldNot Sold
17Mateo ManaureColumna policromada, 19983000040000Not SoldNot SoldNot Sold
18Eduardo TerrazasFrom the series Possibilities of a structure subseries Cosmos, 1974-20133000040000Not SoldNot SoldNot Sold
19Cildo MeirelesInserções em circuitos ideológicos, 1970/20135000070000Not SoldNot SoldNot Sold
20Rosângela RennóHeaven and Hell, 1991150002000012000-40-20
21Vik MunizThe Birth of Venus, after Botticelli (from Pictures of Junk), 2008150000250000140000-44-6.7
22Luiz ZerbiniCorcovado, 1989150000250000160000-366.7
23Mariana PalmaUntitled, 20134000060000Not SoldNot SoldNot Sold
24Guillermo KuitcaUntitled, 1990-1991150000250000150000-400
25Wifredo LamPrésages, 1947200000030000002200000-26.710
26Wifredo LamSans Titre, 1944500000700000Not SoldNot SoldNot Sold
27Wifredo LamLas aguadoras, 19299000012000085000-29.2-5.6
28MattaL'impossible de l'un et de l'autre, 19438000001200000Not SoldNot SoldNot Sold
29Leonora CarringtonBat-men (How true my love), 1950200000300000200000-33.30
31Armando ReverónDesnudo, 1939400000600000450000-2512.5
32Rufino TamayoEl canto y la música, 1933700009000055000-38.9-21.4
33David Alfaro SiqueirosExplosión en la ciudad, 193580000120000Not SoldNot SoldNot Sold
34Remedios VaroStudy for “Phenomenon”, 196290000120000Not SoldNot SoldNot Sold
35Juan O'GormanPaisaje de la época feudal, circa 1975280003500030000-14.37.1
36Diego RiveraMujer sentada en el mercado con rebozo azul y flores, 19376000080000850006.341.7
37Miguel CovarrubiasTwo works: (i) Introduction: The Singer; (ii) Midday Siesta at Sea, n.d.150002000019000-526.7
38Francisco ToledoBenito Juárez flechador, 19856000080000Not SoldNot SoldNot Sold
39Oswaldo GuayasamínPortrait of Mary Waller, n.d.150002000055000175266.7
40Eduardo KingmanContienda, 19503000040000Not SoldNot SoldNot Sold
41Pedro FigariDesafinación, 1938300004000040000033.3
42Francisco ToledoThree works: (i) Hombre sonriendo con sombrero negro; (ii) Niña gata con círculo; (iii) Niña gatita, 19652000030000320006.760
43Rodolfo MoralesUntitled, n.d.150000200000Not SoldNot SoldNot Sold
44Ricardo MartinezFigura recostada, 19723500045000Not SoldNot SoldNot Sold
45Rafael CoronelFive works: Untitled, circa 1980800012000Not SoldNot SoldNot Sold
46Francisco ToledoUntitled, c. 1960s3000040000Not SoldNot SoldNot Sold
47Carlos MéridaThree Figures, 19692500035000Not SoldNot SoldNot Sold
48Enrique MetinidesCar crash with firemen, 1960/201340006000Not SoldNot SoldNot Sold
49Kati HornaLeonora, 19506000800085006.341.7
50Alejandra LaviadaRed Totem (from the series Re-Constructions), 201130005000Not SoldNot SoldNot Sold
51Carlos Eduardo HellmundOlas verdes (Green Waves), 2014300050002200-56-26.7
52Anna Maria MaiolinoEcce Homo, 196760008000Not SoldNot SoldNot Sold
53León FerrariUntitled, 197810000150009000-40-10
54Cildo MeirelesFontes, 1992-2008400006000045000-2512.5
55Los CarpinterosLa Panera, 2004300004000026000-35-13.3
56Iván CapoteThe Key to All Things, 2006500070006500-7.130
57Los CarpinterosArchivo doble, 200310000150009000-40-10
58José ToiracPlaza, 1992500070002600-62.9-48
59Tania BrugueraSin título, 2002600080003200-60-46.7
60Yoan CapoteIn Love (After Brancusi), 20085000700075007.150
61Tania BrugueraSunflower #2, 200210000150008000-46.7-20
62Gabriel OrozcoEl jardín del mundo (The Garden of the World), 19988000120009500-20.818.8
63Gabriel OrozcoMichiote, 20002500035000Not SoldNot SoldNot Sold
64José DávilaEjercicios de lo posible, 20071500020000240002060
65Luis Felipe OrtegaPrimer desplazamiento: Tabatinga-Manaus, 2001-20148000100008000-200
66Alexander ApóstolSopa de letras II, 1995-19972000030000Not SoldNot SoldNot Sold
67TungaFive works: (i)True Rouge Shadow with Profile I; (ii)True Rouge Shadow with Profile II; (iii)True Rouge Shadow with Profile III; (iv) True Rouge Shadow with Profile IV; (v) True Rouge Shadow with Profile V, 2000100001500013000-13.330
68Anna Maria MaiolinoCodificações Matericas, 2000200003000020000-33.30
69Liliana PorterUntitled with menáce, 20013000040000Not SoldNot SoldNot Sold
70Carlos AmoralesTypographical Patterns for Mass Reproduction, 20132500035000Not SoldNot SoldNot Sold
71Gabriel de la MoraD.A.S., 2011250003500023000-34.3-8
72Mauro PivaUntitled, 200212000180008000-55.6-33.3
73Dr. LakraSin título, 2007500070005500-21.410
74Dr. LakraUntitled (Don Getulio Vargas), 20068000120008000-33.30
75Stefan BrüggemanUp Coming Down, 2006800012000Not SoldNot SoldNot Sold
76Sandra CintoUntitled, 20018000120008500-29.26.3
77Vik MunizOutlet (Fabrica, Iron Mine), 2005150002000016000-206.7
78José BecharaTriptico #5 Sem Titolo, 19951500020000Not SoldNot SoldNot Sold
79Adriana VarejãoContingente- Linha do Equador, 200140006000Not SoldNot SoldNot Sold
80Janaina TschäpeArco Naturale (100 Little Deaths), 199940006000Not SoldNot SoldNot Sold
81Nino CaisSem título, (Série cabeça de pássaros), 20048000100007000-30-12.5
82Marco MaggiSliding, 20012000030000Not SoldNot SoldNot Sold
83Bosco SodiUntitled - 0089, 201140000600007000016.775
84Edgar NegretNavegante, 1976300005000040000-2033.3
85Edgar NegretCódice, 19933000040000Not SoldNot SoldNot Sold
86Eduardo MollPerú (Serie Banderas, Número 14), 1969500070003000-57.1-40
87Rogelio PoleselloCírculos centrales, 1968100001500010000-33.30
88Elba DamastUntitled, 1973700090006000-33.3-14.3
89Ella KrebsSin título (Cinético), 196060008000100002566.7
90Juan MeléCírculos Invention, 197320000300005500-81.7-72.5
91Pedro FriedebergUntitled, 197215000200008000-60-46.7
92Antonio SeguíEl día feriado, 20023000040000Not SoldNot SoldNot Sold
93KchoUntitled, 1995250003500020000-42.9-20
94Armando MariñoThe Raft (La Patera), 200230004000Not SoldNot SoldNot Sold
95Raúl MartínezCuba no está sola, 1966500070002500-64.3-50
96José BediaEnseñanzas de la roca, 199910000150008000-46.7-20
97Ernesto PujolCarriages and Scissors, 1993500070005000-28.60
98Rubén AlpízarSueño de una tarde de verano, 20111000015000160006.760
99Daniel GuzmánTwo works: (i) Chupacabras Mix; (ii) Mala (from the series Chupacabras Mix), 199840006000Not SoldNot SoldNot Sold
100Miriam MedrezStaring Out into the Infinite, 2013700090007000-22.20
101Gustavo VélezVisions, conceived in 2011, cast in 2012350004500032000-28.9-8.6
102Eduardo AbaroaUntitled, 200350007000Not SoldNot SoldNot Sold
103Fernanda BrunetLAALA-LA!, 200550007000Not SoldNot SoldNot Sold
104Luis Enrique CamejoEvidencia, 2007500070005000-28.60
105Douglas Pérez CastroCazando en la hispanidad, 199950007000Not SoldNot SoldNot Sold
106Cildo MeirelesTwo works: (i) Zero Dollar (ii) Zero Cruzeiro200030001900-36.7-5
TOTAL (Sold lots):497500074370005462900-26.59.8

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All images and lot info courtesy of Phillips.