Rudolf Stingel Leads Phillips $8.42m '20th Century & Contemporary Art Day Sale, Afternoon Session' in New York
3 min read · 16 Nov 2023
Untitled by Rudolf Stingel sold for $723,900. Image courtesy of Phillips
A work by Rudolf Stingel was the headline sale at Phillips '20th Century & Contemporary Art Day Sale, Afternoon Session' on November 15 in New York.
- The sale totaled $8.42m, falling short of its pre-sale low estimate.
Snapshot of the sale
- 83 works sold totaling $8.42m.
- Estimates totaled: $8.5m (low) and $12.06m (high), excluding premiums.
- The sell-through rate was 70% of the original 119 lots announced.
The star lot was: Rudolf Stingel, Untitled (2015), which sold for $723,900, 19% below its $900,000 low estimate. It has been traded twice in the past.
The outperformer sold for 700% above its low estimate. Salvo, Prima Primavera (1996), sold for $495,300 ($60,000 low estimate). It has been traded twice in the past.
Breakdown of results against auction house estimates that are disclosed
- 42 works, or 51%, sold above their high estimate.
- 33 works, or 40%, sold within their low and high estimate.
- 8 works, or 10%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
23 works were bought-in, including: Pat Steir, From Dark to Light (1990), estimated at $400,000 (low) to $600,000 (high). It has been traded once in the past.
Withdrawn before the sale
13 works were withdrawn before the sale, including: Glenn Ligon, Masquerade II #12 (2012) estimated at $250,000 (low) to $350,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.
