Raymond Pettibon Leads Phillips $998,000 'Editions & Works on Paper' Auction in New York
3 min read · 28 Jun 2024
No Title (Hermosa Beach) by Raymond Pettibon sold for $50,800. Image courtesy of Phillips
A work by Raymond Pettibon was the headline sale at Phillips 'Editions & Works on Paper' auction on June 27, 2024 in New York.
- The sale totaled $998,000, meeting the pre-sale estimate.
Snapshot of the sale
- 165 works sold totaling $998,000.
- Estimates totaled: $715,100 (low) and $1.08m (high), excluding premiums.
- The sell-through rate was 92% of the original 180 lots announced.
The star lot was: Raymond Pettibon, No Title (Hermosa Beach) (2019), which sold for $50,800, 27% above its $40,000 low estimate.
The outperformer sold for 1000% above its low estimate. Takashi Murakami, Homage to Director Hideaki Anno: Godzilla Resurgence & Evangelion (2019), sold for $9,525 ($800 low estimate). It has been traded twice in the past.
Breakdown of results against auction house estimates that are disclosed
- 76 works, or 46%, sold above their high estimate.
- 53 works, or 32%, sold within their low and high estimate.
- 36 works, or 22%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
15 works were bought-in, including: Kaws, NO REPLY (2015), estimated at $50,000 (low) to $70,000 (high). It has been traded 3 times in the past.
Withdrawn before the sale
0 works were withdrawn
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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.