Andy Warhol Leads Phillips $6.85m 'Editions & Works on Paper' Auction in New York

A work by Andy Warhol was the headline sale at Phillips 'Editions & Works on Paper' auction on October 22-24 in New York.

• The sale totaled $6.85m, meeting the pre-sale estimate.

Snapshot of the sale

• 358 works sold totaling $6.85m.
• Estimates totaled: $4.83m (low) and $7.12m (high), excluding premiums.
• The sell-through rate was 89% of the original 404 lots announced.

The star lot was: Andy Warhol, *Cowboys and Indians * (1986), which sold for $825,500, 37% above its $600,000 low estimate. It has been traded twice in the past.

The outperformer sold for 535% above its low estimate. Andy Warhol, *Sitting Bull * (1986), sold for $190,500 ($30,000 low estimate).

• 188 works, or 53%, sold above their high estimate.
• 126 works, or 35%, sold within their low and high estimate.
• 44 works, or 12%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

43 works were bought-in, including: Ernst Ludwig Kirchner, Melancholie. - Nackte Frau. - Selbstbildnis mit Erna (Melancholy. - Naked Woman. - Self-Portrait with Erna) (1922), estimated at $70,000 (low) to $100,000 (high). It has been traded 3 times in the past.

Withdrawn before the sale

3 works were withdrawn before the sale, including: Ellen Gallagher, Bouffant Pride (2003) estimated at $8,000 (low) to $12,000 (high).

Terms and definitions

All results include the fees and premiums added to the price of a work of art when the auctioneer's hammer falls. Sale prices are compared to the auction house’s low estimate, which do not include premiums.

Guarantees: Sometimes an auction house guarantees to pay a seller for a work, regardless of whether the bidding reaches the reserve price, a figure that is typically confidential.

Bought-in: If there are no bids for a work, or if bidding falls short of the reserve price, the lot is unsold or “bought-in”.

Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.

Premiums: Typically a sliding-scale of charges paid in addition to the hammer price by the buyer, plus any other fees.