Salvador Dali Leads Phillips $2.91m 'Modern & Contemporary Art' Auction in New York

A work by Salvador Dali was the headline sale at Phillips 'Modern & Contemporary Art' auction on July 17 in New York.

• The sale totaled $2.91m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 116 works sold totaling $2.91m.
• Estimates totaled: $3.21m (low) and $4.62m (high), excluding premiums.
• The sell-through rate was 77% of the original 151 lots announced.

The star lot was: Salvador Dali, Saint Georges et le dragon (1962), which sold for $222,300, 11% above its $200,000 low estimate. It has been traded 3 times in the past.

The outperformer sold for 500% above its low estimate. Chantal Joffe, Ivana (2015), sold for $38,100 ($6,000 low estimate). It has been traded once in the past.

• 45 works, or 39%, sold above their high estimate.
• 43 works, or 37%, sold within their low and high estimate.
• 28 works, or 24%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

1 work was backed by a guarantee: Richard Prince, American/English (Naked Lunch) (2006). It sold for $7,620, 49% below its $15,000 low estimate. It has been traded once in the past.

Works that did not sell

26 works were bought-in, including: Jim Dine, Prayer on the Mirror (2004), estimated at $80,000 (low) to $120,000 (high). It has been traded once in the past.

Withdrawn before the sale

9 works were withdrawn before the sale, including: McArthur Binion, DNA: Sepia: IX (2016) estimated at $120,000 (low) to $180,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.