Jean-Michel Basquiat Leads Phillips $17.59m 'Modern & Contemporary Art: Evening & Day Sale' in London

A work by Jean-Michel Basquiat, which had a guarantee, was the headline sale at Phillips 'Modern & Contemporary Art: Evening & Day Sale' on June 26 in London.

• The sale totaled $17.59m (GBP12.82m), meeting the pre-sale estimate.

Snapshot of the sale

• 115 works sold totaling $17.59m.
• Estimates totaled: $13.52m (low) and $20.09m (high), excluding premiums.
• The sell-through rate was 88% of the original 131 lots announced.

The star lot was: Jean-Michel Basquiat, MP (1984), which sold for $6.7m, 41% above its $4.74m low estimate. The work was backed by a guarantee. It has been traded 3 times in the past.

The outperformer sold for 708% above its low estimate. Christo, Over the River (Project for Arkansas River, State of Colorado) (2005), sold for $383,200 ($47,400 low estimate). It has been traded once in the past.

• 67 works, or 58%, sold above their high estimate.
• 36 works, or 31%, sold within their low and high estimate.
• 12 works, or 10%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

2 works were backed by guarantees, including: Jean-Michel Basquiat, MP (1984). It sold for $6.7m, 41% above its $4.74m low estimate.. It has been traded 3 times in the past.

Works that did not sell

12 works were bought-in, including: Damien Hirst, Invocation (2006), estimated at $541,600 (low) to $812,400 (high). It has not been traded before.

Withdrawn before the sale

4 works were withdrawn before the sale, including: Daniel Richter, KLAVIERSTUNDENTRÄUME (2021) estimated at $203,100 (low) to $270,800 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.