Auction Watch: Phillips Evening Sale Basquiat Withdrawn and Warhol Mixed Results

Phillips’ Modern & Contemporary Evening Sale this year featured 31 lots, with two works withdrawn presale: Ed Ruscha’s Isle of Fear (1987) and Robert Ryman’s Manual (1993), which collectively could have added $2.3 million at their low estimates. Of the remaining 31 lots, 24 found buyers, while seven–including works by Edgar Degas, Edward Hopper, Jean-Michel Basquiat, and Andy Warhol–went unsold. The most notable unsold pieces were Basquiat’s Self-Portrait (1983), one of the star lots of the sale estimated at $10-$15 million, and Warhol’s Gun (1981), screenprinted on pink canvas, which passed at a $4-$6 million estimate. Together, these unsold works could have brought Phillips’ total to $58.2 million, matching the results of last year’s equivalent sale (excluding the exceptional Triton Foundation Collection secured by Phillips in 2023).

Here are the highlights:

Li Hei Di and Elizabeth Peyton Lead Strong Auction Start with Record-Setting Results

The sale began on a strong note with the early lots exceeding expectations. Li Hei Di, a Chinese London-based artist, made an impressive auction debut on the secondary market with Unfolding A Flood (2022), an oil on linen, achieving $100,000 at the hammer ($127,000 with fees) against a $60,000 high estimate. Similarly, Elizabeth Peyton, celebrated American Contemporary artist known for her intimate portraits of cultural icons and close friends, came close to her auction record of $2 million set at Sotheby’s in 2022. Her work Kurt (Sunglasses) (1995) reached $1.9 million at the hammer ($2.3 million with fees) against an $800,000 high estimate.

Jackson Pollock’s Untitled (1948) Achieves $15.3 Million

Among the blue chip highlights, Jackson Pollock's Untitled (1948) stood out as the star lot, carrying an unpublished estimate of $13 million. The last time a Pollock abstract splatter painting of this calibre, valued above $10 million, came to auction was in 2022 at Christie’s. Featuring earthy tones splattered against a black canvas, this work achieved $13 million at the hammer and $15.3 million with fees–half of its expected value but over 12 times its price when it last sold at Sotheby’s in 1987. This piece was auction house and third-party guaranteed.

November Sales Spotlight Keith Haring

Following the Pollock lot, an untitled Keith Haring canvas from 1982 took centre stage. Measuring three feet in scale (1 metre), this enamel-on-metal piece showcased Haring’s signature style, featuring his iconic figure with a line of barking dogs leaping through a cutout hole in its torso. Eclectic and punk-inspired, the work seamlessly blends street art and high art. Backed by both the auction house and a third-party guarantee, the piece hammered at $1.8 million, near the upper end of its $2 million high estimate, achieving $2.2 million with fees. Originally sold at Sotheby’s in 2007 for just $380,000, this sale marked a significant appreciation in value.

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Jeff Koons Market: Risky or Resiliant?

Jeff Koons, a polarising figure in the art market since his 2014 peak, remained a subject of debate during the November sales. Departing from his iconic balloon animal sculptures, this auction spotlighted a fresh perspective on his other works. Despite his status as a key figure in Contemporary art, Koons's market continues to prove challenging, with Two Ball Total Equilibrium Tank (Spalding Dr. J Silver Series) (1985), an edition of two, hammering at $2.9 million ($3.5 million with fees). This fell short of its $4 million low estimate and was ultimately acquired by its guarantor.

Andy Warhol's Mixed Results but Strong Value Growth

Andy Warhol fared better than Koons, though with a mixed performance. Warhol’s Self-Portrait (1981), a diptych on a clean white canvas, reached $2.8 million at the hammer ($3.4 million with fees), falling short of its $4 million low estimate. However, it marked a significant increase in value from its original sale at Sotheby’s in 1996, where it fetched $231,196 with fees.

On the other hand, Shadow (1978) delivered a strong hammer-to-estimate ratio, achieving $1.8 million at the hammer and surpassing its $2 million high estimate with fees, closing at $2.2 million. Notably, this work was sold without an auction or third-party guarantee. Additionally, Warhol’s New York Skyscrapers (1981) also outperformed expectations, hammering at $750,000 against a $700,000 high estimate and achieving $952,500 with fees. This marked its first auction appearance, also without any backing or guarantee.

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Performance Outlook

Phillips’ sale performed well overall, despite challenges posed by a high number of withdrawals and unsold lots. True to its past performance, Phillips showcased several lower-valued works by emerging contemporary artists, where strong demand often drives prices above high estimates, bringing excitement to the room and spotlighting fresh talent. Additionally, blue chip names performed solidly, with notable enthusiasm surrounding Haring this November season, whose piece exceeded its auction house and third-party guarantee. Similarly, Warhol's works that sold did so without guarantees, reflecting strong organic demand. For a detailed comparison, refer to our Sotheby’s auction report.