Irving Penn Leads Phillips $1.67m 'Photographs' Auction in London
3 min read · 22 Nov 2023
Sitting Nude Rear, New York by Irving Penn sold for $135,400. Image courtesy of Phillips
A work by Irving Penn was the headline sale at Phillips 'Photographs' auction on November 21 in London.
- The sale totaled $1.67m, meeting the pre-sale estimate.
Snapshot of the sale
- 80 works sold totaling $1.67m.
- Estimates totaled: $1.5m (low) and $2.22m (high), excluding premiums.
- The sell-through rate was 68% of the original 118 lots announced.
The star lot was: Irving Penn, Sitting Nude Rear, New York (1993), which sold for $135,400, 250% above its $36,700 low estimate. It has been traded twice in the past.
The outperformer sold for 400% above its low estimate. Evelyn Bencicova, I don’t exist from Artificial Tears (2017), sold for $71,700 ($12,200 low estimate).
A talking point was Prince Gyasi, Limitless (2023), which sold for $55,700, 150% above its $22,500 low estimate. This work is Artist Proof 2 from the sold-out edition of 5 + 2 APs.
Breakdown of results against auction house estimates that are disclosed
- 40 works, or 50%, sold above their high estimate.
- 34 works, or 42%, sold within their low and high estimate.
- 6 works, or 8%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
37 works were bought-in, including: Nick Knight, Devon 1997 (Undated), estimated at $48,900 (low) to $73,400 (high). It has been traded once in the past.
Withdrawn before the sale
1 work was withdrawn before the sale: Nick Knight, Kate, 2006 (2006), estimated at $61,100 (low) to $85,600 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.
