Derrick Adams Leads Phillips $144,000 'Works from the Lower East Side Printshop Archives' Auction in New York
3 min read · 17 Apr 2024
How I Spent My Summer by Derrick Adams sold for $40,600. Image courtesy of Phillips
A work by Derrick Adams was the headline sale at Phillips 'Works from the Lower East Side Printshop Archives' auction on April 16 in New York.
- The sale totaled $144,000, meeting the pre-sale estimate.
The Lower East Side Printshop has become a premier non-profit New York City printmaking studio over the past 70 years.
Snapshot of the sale
- 61 works sold totaling $144,000.
- Estimates totaled: $127,900 (low) and $195,000 (high), excluding premiums.
- The sell-through rate was 85% of the original 72 lots announced.
The star lot was: Derrick Adams, How I Spent My Summer (2021), which sold for $40,600, 100% above its $20,000 low estimate.
The outperformer sold for 1100% above its low estimate. Edward Baynard, [Untitled] (2008), sold for $3,810 ($300 low estimate).
Breakdown of results against auction house estimates that are disclosed
- 24 works, or 39%, sold above their high estimate.
- 16 works, or 26%, sold within their low and high estimate.
- 21 works, or 34%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
72 works were bought-in, including: Derrick Adams, How I Spent My Summer (2021), estimated at $20,000 (low) to $30,000 (high).
Withdrawn before the sale
0 works were withdrawn
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.