Ed Ruscha Leads Phillips $14.36m 'Modern & Contemporary Sale, Morning Session' in New York

A work by Ed Ruscha was the headline sale at Phillips 'Modern & Contemporary Art Day Sale, Morning Session' on November 20 in New York.

• The sale totaled $14.36m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 95 works sold totaling $14.36m.
• Estimates totaled: $14.48m (low) and $21.2m (high), excluding premiums.
• The sell-through rate was 74% of the original 129 lots announced.

The star lot was: Ed Ruscha, Howl (1986), which sold for $1.48m, 146% above its $600,000 low estimate. It has been traded once in the past.

The outperformer sold for 693% above its low estimate. Herbert Bayer, Messages Through Atmosphere (1942), sold for $63,500 ($8,000 low estimate). It has been traded once in the past.

• 43 works, or 45%, sold above their high estimate.
• 40 works, or 42%, sold within their low and high estimate.
• 12 works, or 13%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

3 works were backed by guarantees, including: Jean-Michel Basquiat, Arteries of the Left Arm (1983). It sold for $889,000, 11% above its $800,000 low estimate.. It has been traded once in the past.

Works that did not sell

30 works were bought-in, including: Isamu Noguchi, To Split and Carve (1979), estimated at $400,000 (low) to $600,000 (high). It has been traded twice in the past.

Withdrawn before the sale

4 works were withdrawn before the sale, including: Diego Rivera, Una familia de vendedores callejeros (Vendedores callejeros) (1936) estimated at $400,000 (low) to $600,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.