Phillips Modern & Contemporary Afternoon Session Auction Totals $12.56m

A work by Richard Prince was the headline sale at Phillips 'Modern & Contemporary Art: Afternoon Session' auction on May 21 in New York.

• The sale totaled $12.56m, meeting the pre-sale estimate.

Snapshot of the sale

• 109 works sold totaling $12.56m.
• Estimates totaled: $9.71m (low) and $14.33m (high), excluding premiums.
• The sell-through rate was 88% of the original 124 lots announced.

The star lot was: Richard Prince, High Times (2017), which sold for $838,500, 39% above its $600,000 low estimate. It has been traded once in the past.

The outperformer sold for 416% above its low estimate. James Turrell, Top Right (2000), sold for $154,800 ($30,000 low estimate). It has been traded once in the past.

• 60 works, or 55%, sold above their high estimate.
• 40 works, or 37%, sold within their low and high estimate.
• 9 works, or 8%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Auction record

Alec Monopoly, Skeleton Monopoly Bag (2021), sold for $193,500, beating the artist’s previous auction record by $142,200, a 275% rise.

Guaranteed sales

2 works were backed by guarantees, including: Olga de Amaral, Tabla 20 (1996). It sold for $361,200, 44% above its $250,000 low estimate.. It has been traded once in the past.

Works that did not sell

14 works were bought-in, including: Kaws, UNTITLED (CHUM, HOUSTON STREET) (2000), estimated at $250,000 (low) to $350,000 (high). It has been traded 3 times in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Cindy Sherman, Untitled Film Still #12 (1978), estimated at $200,000 (low) to $300,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.