Jean-Michel Basquiat Leads Phillips $9.4m 'New Now: Modern & Contemporary Art' Auction in New York
3 min read · 28 Feb 2025
Feng Yao by Jean-Michel Basquiat sold for $825,500. Image courtesy of Phillips
A work by Jean-Michel Basquiat was the headline sale at Phillips 'New Now: Modern & Contemporary Art' auction on February 28 in New York.
- The sale totaled $9.4m, falling short of its pre-sale low estimate.
Snapshot of the sale
- 159 works sold totaling $9.4m.
- Estimates totaled: $9.63m (low) and $13.75m (high), excluding premiums.
- The sell-through rate was 73% of the original 219 lots announced.
The star lot was: Jean-Michel Basquiat, Feng Yao (1983), which sold for $825,500, 17% above its $700,000 low estimate. It has been traded 3 times in the past.
The outperformer sold for 1170% above its low estimate. Eliot Greenwald, Night Car (jungle egg) (2021), sold for $38,100 ($3,000 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
- 64 works, or 40%, sold above their high estimate.
- 65 works, or 41%, sold within their low and high estimate.
- 30 works, or 19%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
50 works were bought-in, including: Kaws, UNTITLED (2015), estimated at $300,000 (low) to $400,000 (high). It has been traded twice in the past.
Withdrawn before the sale
10 works were withdrawn before the sale, including: Keith Haring, Untitled (1979) estimated at $400,000 (low) to $600,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.