Keith Haring Leads Phillips $10.3m 'Modern & Contemporary Day Sale, Morning Session' in New York

A work by Keith Haring was the headline sale at Phillips 'Modern & Contemporary Art Day Sale, Morning Session' on May 14 in New York.

• The sale totaled $10.32m, falling short of its pre-sale low estimate.

The comparable sale at Phillips New York in May 2024 totaled $14.6m.

Snapshot of the sale

• 82 works sold totaling $10.32m.
• Estimates totaled: $12.13m (low) and $17.59m (high), excluding premiums.
• The sell-through rate was 73% of the original 113 lots announced.

The star lot was: Keith Haring, Untitled (1984), which sold for $698,500, its estimated price. It has been traded 8 times in the past.

The outperformer sold for 1614% above its low estimate. Jean-Michel Basquiat, Untitled (from Tuxedo) (1985), sold for $342,900 ($20,000 low estimate). It has been traded twice in the past.

• 43 works, or 52%, sold above their high estimate.
• 29 works, or 35%, sold within their low and high estimate.
• 10 works, or 12%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

6 works were backed by guarantees, including: Jean Dubuffet, Animation parcellaire (1979). It sold for $355,600, 1% above its $350,000 low estimate.. It has been traded 3 times in the past.

Works that did not sell

25 works were bought-in, including: Ellsworth Kelly, Black Curve, Radius 12 Feet (1976), estimated at $400,000 (low) to $600,000 (high). It has been traded 7 times in the past.

Withdrawn before the sale

6 works were withdrawn before the sale, including: Richard Serra, Elevational Weights, High Level (2010) estimated at $500,000 (low) to $700,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.