David Hockney Leads Phillips $19.79m 'Modern & Contemporary Art Evening Sale' in London
3 min read · 10 Oct 2024
Path Through Wheat Field, July by David Hockney sold for $4.34m. Image courtesy of Phillips
A work by David Hockney was the headline sale at Phillips 'Modern & Contemporary Art Evening Sale' on October 10 in London.
- The sale totaled $19.79m (GBP15.13m), falling short of its pre-sale low estimate.
Snapshot of the sale
- 24 works sold totaling $19.79m.
- Estimates totaled: $20.81m (low) and $30.62m (high), excluding premiums.
- The sell-through rate was 73% of the original 33 lots announced.
The star lot was: David Hockney, Path Through Wheat Field, July (2005), which sold for $4.34m, 64% above its $2.63m low estimate. It has been traded once in the past.
The outperformer sold for 910% above its low estimate. Joseph Yaeger, Sphinx without a secret (2021), sold for $265,700 ($26,300 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
- 8 works, or 33%, sold above their high estimate.
- 13 works, or 54%, sold within their low and high estimate.
- 3 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
7 works were bought-in, including: Andy Warhol, Portrait of Prince Charles (1982), estimated at $1.31m (low) to $1.97m (high). It has been traded 4 times in the past.
Withdrawn before the sale
2 works were withdrawn before the sale, including: Shara Hughes, Thin Ice (2018) estimated at $394,500 (low) to $657,400 (high).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. Estimates, sale prices and totals are converted into US dollars. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.