Irving Penn Leads Phillips $1.67m 'Photographs' Auction in London

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.

• 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Withdrawn before the sale

1 work was withdrawn before the sale: Nick Knight, Kate, 2006 (2006), estimated at $61,100 (low) to $85,600 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.