Phillips London's evening sale of Modern and contemporary art on Thursday totaled £10.3 million ($13.9 million), a 32 percent drop from the equivalent sale in 2024. The 45-minute auction saw 4 of 26 lots withdrawn before bidding, and 4 of the remaining 22 failed to sell, including works by Banksy, Andreas Gursky, Sigmar Polke, and Andy Warhol. The top lot was Jean-Michel Basquiat's *Untitled (Pestus)* (1982), which sold for £2.37 million ($3.19 million), just below its estimate. A new auction record was set for Emma McIntyre, whose painting *Seven types of ambiguity* (2021) more than doubled its high estimate to fetch £167,700 ($225,355).
The results underscore a cooling art market, with a sell-through rate of 69 percent (82 percent after withdrawals) and a hammer total well below the presale low estimate. The decline reflects broader market uncertainty, as even works by established names struggled to find buyers. The sale's performance contrasts sharply with the same period last year, signaling that collectors are becoming more selective amid economic headwinds. The record for McIntyre, a young Los Angeles-based artist represented by David Zwirner, suggests that fresh, emerging talent can still command strong prices.