Despite a vibrant atmosphere at Phillips's New York auction, the evening's sale of modern and contemporary art underperformed significantly, bringing in $44.2M against a $60.1M to $89M estimate.
Notable highlights included a landscape painting by Li Hei Dei that fetched $100,000, acting as both a strong start and a new artist auction record, while other works also demonstrated competitive bidding.
The sale showcased a mix of success and struggle; while the atmosphere buzzed with excitement, five lots failed to sell and many sold below their estimates.
Phillips reported an 83.3% sell-through rate by lot, signifying an active market, yet the overall revenue fell short of pre-sale expectations, indicating potential market challenges.
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