George Condo Leads Phillips $16.51m 'Modern & Contemporary Art: Evening & Day Sale' in London

A work by George Condo, which had a guarantee, was the headline sale at Phillips 'Modern & Contemporary Art: Evening & Day Sale' on June 27 in London.

• The sale totaled $16.51m, meeting the pre-sale estimate.

Snapshot of the sale

• 94 works sold totaling $16.51m.
• Estimates totaled: $15.25m (low) and $22.5m (high), excluding premiums.
• The sell-through rate was 69% of the original 136 lots announced.

The star lot was: George Condo, Green and Purple Head Composition (2018), which sold for $1.28m, 44% above its $889,100 low estimate. The work was backed by a guarantee. It has been traded 3 times in the past.

The outperformer sold for 500% above its low estimate. Alex Da Corte, Siren (After E.K. Charter) (2015), sold for $62,600 ($10,200 low estimate). It has been traded once in the past.

• 48 works, or 51%, sold above their high estimate.
• 37 works, or 39%, sold within their low and high estimate.
• 9 works, or 10%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

3 works were backed by guarantees, including: George Condo, Green and Purple Head Composition (2018). It sold for $1.28m, 44% above its $889,100 low estimate.. It has been traded 3 times in the past.

Works that did not sell

38 works were bought-in, including: Chris Ofili, Triple Eye Vision (2000), estimated at $635,000 (low) to $889,100 (high). It has been traded once in the past.

Withdrawn before the sale

4 works were withdrawn before the sale, including: Michelangelo Pistoletto, Worker's Exit (Undated) estimated at $190,500 (low) to $254,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.