Phillips held its modern and contemporary evening sale in New York on Wednesday, following Christie’s and Sotheby’s auctions that had already generated nearly $1.4 billion. The 33-lot sale achieved $67.3 million, a 24% increase from the equivalent sale last year, with a 94% sell-through rate. Headlining lots included an untitled Joan Mitchell painting ($14.3 million), a Francis Bacon diptych ($16 million), and a juvenile triceratops skeleton that sold for $5.3 million, exceeding its high estimate. Only two lots failed to sell, and notable results included works by Ruth Asawa, Firelei Báez, Jean-Michel Basquiat, and Max Ernst.
The sale matters because it highlights the ongoing stratification of the auction market, where Phillips—known for cutting-edge contemporary art—struggled to match the blockbuster results of its larger rivals, which focused on blue-chip modernist works and major estates. The subdued bidding for top lots, despite overall growth, reflects a market that has slowed for contemporary art, as noted by adviser Liberté Nuti. Phillips’ performance underscores the challenges of competing in a season dominated by high-value collections and established names, while also demonstrating resilience with strong sell-through rates and record-breaking moments for emerging artists like Firelei Báez.