3 min read · 27 Sep 2024
Stepmonk's Diary by George Condo sold for $279,400. Image courtesy of Phillips
A work by George Condo was the headline sale at Phillips 'New Now: Modern & Contemporary Art' auction on September 25 in New York.
The star lot was: George Condo, Stepmonk's Diary (1996), which sold for $279,400, 39% above its $200,000 low estimate. It has not been traded before.
The outperformer sold for 1170% above its low estimate. Daisy Parris, I'd Rather Get No Sleep Next To You Than Sleep Alone (2022), sold for $254,000 ($20,000 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
No sales had a guarantee.
54 works were bought-in, including: Deborah Butterfield, Horse #9 (1982), estimated at $80,000 (low) to $120,000 (high). It has been traded 3 times in the past.
11 works were withdrawn before the sale, including: Vaughn Spann, A promise of sunshine after the rain (2021) estimated at $120,000 (low) to $180,000 (high).
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.