Phillips Modern & Contemporary Art Auction Totals $8.76m

A work by Georg Baselitz was the headline sale at Phillips 'Modern & Contemporary Art' auction on October 17 in London.

• The sale totaled $8.76m (GBP6.58m), meeting the pre-sale estimate.

Snapshot of the sale

• 93 works sold totaling $8.76m.
• Estimates totaled: $6.57m (low) and $9.51m (high), excluding premiums.
• The sell-through rate was 77% of the original 121 lots announced.
• An additional 19 works were sold privately ahead of the sale to benefit The Dartington Hall Trust.

The star lot was: Georg Baselitz, Transmission (2004), which sold for $858,000, 332% above its $198,400 low estimate. It has been traded once in the past.

The outperformer sold for 332% above its low estimate. Georg Baselitz, Transmission (2004), sold for $858,000 ($198,400 low estimate). It has been traded once in the past.

• 37 works, or 40%, sold above their high estimate.
• 44 works, or 47%, sold within their low and high estimate.
• 12 works, or 13%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Auction Record

Hassan Sharif, Slippers (2016), sold for $163,000, beating the artist’s previous auction record by $59,200, a 57% rise.

Guaranteed sales

No sales had a guarantee.

Works that did not sell

26 works were bought-in, including: David Hockney, Black and White Figure (Paul Jenkins) (1963), estimated at $238,100 (low) to $330,700 (high). It has been traded twice in the past.

Withdrawn before the sale

2 works were withdrawn before the sale, including: Rose Wylie, Pink Tablecloth (Close Up) (2013), estimated at $158,700 (low) to $238,100 (high).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. Estimates, sale prices and totals are converted into US dollars. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.