Jean-Michel Basquiat Leads Phillips $86.02m 'Modern & Contemporary Art Evening Sale' in New York

A work by Jean-Michel Basquiat, which had a guarantee, was the headline sale at Phillips 'Modern & Contemporary Art Evening Sale' on May 14 in New York.

• The sale totaled $86.02m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 24 works sold totaling $86.02m.
• Estimates totaled: $88.95m (low) and $129.8m (high), excluding premiums.
• The sell-through rate was 80% of the original 30 lots announced.

The star lot was: Jean-Michel Basquiat, Untitled (ELMAR) (1982), which sold for $46.48m, 16% above its $40m low estimate. The work was backed by a guarantee. It has been traded 3 times in the past.

The outperformer sold for 150% above its low estimate. Jadé Fadojutimi, The Pour (2022), sold for $1.08m ($400,000 low estimate). It has been traded once in the past.

• 7 works, or 29%, sold above their high estimate.
• 16 works, or 67%, sold within their low and high estimate.
• 1 works, or 4%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

14 works were backed by guarantees, including: Jean-Michel Basquiat, Untitled (ELMAR) (1982). It sold for $46.48m, 16% above its $40m low estimate.. It has been traded 3 times in the past.

Works that did not sell

4 works were bought-in, including: Frank Stella, Lettre sur les sourds et muets II (1974), estimated at $5m (low) to $7m (high). It has not been traded before.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Pablo Picasso, Buste de femme au chapeau (1939) estimated at $12m (low) to $18m (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.