Wade Guyton Leads Phillips $5.37m 'New Now' Auction in New York
3 min read · 12 Mar 2024
Untitled by Wade Guyton sold for $241,300. Image courtesy of Phillips
A work by Wade Guyton was the headline sale at Phillips 'New Now' auction on March 12 in New York.
- The sale totaled $5.37m, falling short of its pre-sale low estimate.
Snapshot of the sale
- 148 works sold totaling $5.37m.
- Estimates totaled: $6.23m (low) and $8.79m (high), excluding premiums.
- The sell-through rate was 67% of the original 220 lots announced.
The star lot was: Wade Guyton, Untitled (2007), which sold for $241,300, 225% above its $70,000 low estimate. It has been traded once in the past.
The outperformer sold for 500% above its low estimate. Richard Mayhew, Briarwood (1982), sold for $139,700 ($20,000 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
- 46 works, or 31%, sold above their high estimate.
- 65 works, or 44%, sold within their low and high estimate.
- 37 works, or 25%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
60 works were bought-in, including: Yoan Capote, American Appeal (Bridge) (2009), estimated at $120,000 (low) to $180,000 (high). It has not been traded before.
Withdrawn before the sale
12 works were withdrawn before the sale, including: Damien Hirst, Beautiful Dance with the Devil Painting (Undated) estimated at $280,000 (low) to $320,000 (high).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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.