Phillips’s evening sale of modern and contemporary art on Tuesday achieved a 'white glove' result, selling all 41 lots for a total of $115.2 million with fees, near the $121.7 million top estimate. The sale marked a 119 percent increase over the same sale last year, driven by strong bidding on works by Salman Toor, Lee Bontecou, P.S. Krøyer, Joseph Yaeger, Helen Frankenthaler, Anna Weyant, and Pat Passlof. Two works were withdrawn before the sale, and about half of the lots had third-party guarantees. Despite some lots hammering below their low estimates, including works by Andy Warhol, Francis Picabia, Henri Matisse, and a Jackson Pollock at the center of a lawsuit, the overall result signals renewed market confidence.
This sale matters because it follows Christie’s $1.1 billion evening sale on Monday, suggesting a potential upswing in the art market after a period of uncertainty. The strong performance at Phillips, particularly the 119 percent year-over-year gain and multiple artist records, indicates that high-quality works are attracting competitive bidding, even as some blue-chip names underwhelm. The results offer a key data point for collectors, dealers, and investors assessing the health of the contemporary art market heading into the next season.