Phillips' recent Modern and Contemporary Art Evening Sale in New York has successfully concluded, generating a total of $67.3 million. This performance represents a significant 24% increase compared to the previous year's equivalent sale. Despite the challenge of following substantial sales at rival auction houses Christie's and Sotheby's, Phillips achieved a commendable 94% sell-through rate. The highlight of the evening was Francis Bacon's notable diptych, which fetched $16 million. Additionally, a unique juvenile triceratops skeleton exceeded expectations, selling for $5.3 million, showcasing the diverse appeal of the auction's offerings.

Phillips' Auction Triumphs Amidst Art Market Giants

On a brisk Wednesday evening in New York, Phillips hosted its Modern and Contemporary Art Evening Sale, navigating a market recently dominated by the colossal sales figures of Christie's and Sotheby's. Earlier in the week, these art market titans had collectively moved nearly $1.4 billion worth of modern and contemporary art, including a Gustav Klimt portrait that set a new benchmark for modern art at auction, selling for an astounding $236.4 million. In this competitive landscape, Phillips presented a curated collection of 33 lots, featuring a significant Joan Mitchell painting, Francis Bacon's iconic diptych, and a remarkably preserved juvenile triceratops skeleton.

The auction's total proceeds reached $67.3 million, a figure that includes buyer's premiums. Out of the 33 lots, only two remained unsold, indicating strong buyer interest and resulting in an impressive 94% sell-through rate. This year's total represents a 24% increase from the $54.1 million generated in the previous year's corresponding sale. However, it is worth noting that last year's figure had seen a 23% decline from the 2023 auction.

While the top lots, such as the Joan Mitchell painting and the Francis Bacon diptych, did not ignite the fervent bidding wars seen at the rival houses, they nonetheless achieved substantial prices. The Mitchell artwork, created between 1957 and 1958, sold for $14.3 million. Bacon's 'Study for Head of Isabel Rawsthorne and George Dyer' (1967) was the evening's leading sale, commanding $16 million. The juvenile triceratops skeleton, a truly unique offering, was the only lot among the headliners to surpass its high estimate, realizing $5.3 million—a testament to its rarity and appeal.

Auctioneer Henry Highley commenced the sale with a promising start, as a Ruth Asawa hanging wire sculpture fetched $1 million against a high estimate of $600,000. Further momentum was built when Firelei Báez's 'Daughter of Revolutions' (2014) reached $645,000, temporarily breaking her previous record. This record was subsequently surpassed later that evening at Christie's. The sale of 'Cera,' the triceratops skeleton, maintained the excitement, followed by an untitled Jean-Michel Basquiat work on paper that sold for $1.25 million, slightly above its high estimate. Another Basquiat piece, 'Exercis' (1984), realized $3.85 million. Max Ernst's 'Dans les rues d’Athènes' (1960) bronze was another standout, more than doubling its high estimate to sell for $1.5 million after a spirited 10-minute bidding session. Other notable sales included Camille Pissarro's 'Le pré et la maison d’Éragny, femme jardinant, printemps' (1901) for $1.9 million, Sean Scully's 'Wall of Light Pale Green' (2014) for $838,500, and Robert Motherwell's 'A Sculptor’s Picture, with Blue' (1958) for $1.2 million.

Industry observers offered varying perspectives on Phillips' strategy. London-based adviser Liberté Nuti suggested that Phillips' timing, placing its sale after Christie's and Sotheby's initial offerings, could be challenging, especially in a season marked by high prices for established modern and blue-chip artists. She noted that Phillips, known for cutting-edge contemporary art and design, might face a slower market in that segment, as collectors this season appeared more focused on classic modern and contemporary works from significant collections. However, Robert Manley, Phillips' chairman and worldwide head of modern and contemporary art, expressed immense satisfaction with the results, arguing that the market's strength meant they only wished for more works to sell.

New York-based adviser Dane Jensen acknowledged the presence of "really great works" at the Phillips sale, such as Mark Tansey's 'Revelever' (2012), which sold for $4.6 million. Nevertheless, he echoed the sentiment that the extraordinary sales earlier in the week by Phillips' larger competitors might have drawn some of the market's initial fervor.

The auction's success demonstrates Phillips' ability to carve out its niche and achieve solid results even in the shadow of art market giants. It underscores the continued robustness of the art market, particularly for high-quality, unique pieces, and highlights the dynamic strategies auction houses employ to attract buyers and achieve favorable outcomes in an ever-evolving global art scene. Phillips' ability to achieve a 24% increase in sales, especially with a 94% sell-through rate, signals a healthy appetite among collectors for carefully curated selections, even if they aren't always breaking the absolute top records. The inclusion of unconventional items like the triceratops skeleton also points to an innovative approach in engaging a broader spectrum of collectors and enthusiasts.