Phillips held its marquee May auction in New York, achieving $52 million in total sales, down from $86.3 million the previous year. The top lot was a Jean-Michel Basquiat work owned by David Bowie, which sold for $6.59 million. Four lots were withdrawn before the sale, five failed to sell, and the sell-through rate was 77.5 percent. Despite a low-energy room, five artist records were set, including four for women artists: Ilana Savdie, Olga de Amaral, Kiki Kogelnik, and Grace Hartigan, and one for James Turrell.
The results reflect a challenging auction market, with the hammer total falling $10.5 million below the presale low estimate. However, the sale demonstrated strong appetite for fresh-to-market works with distinguished provenance, as noted by Phillips executives. The evening also marked Olga de Amaral's successful evening auction debut, with a textile work selling for more than double its high estimate. The auction underscores ongoing market volatility and the importance of standout consignments in driving demand.