Phillips’ Modern & Contemporary Art Evening Sale in London delivered mixed results, reflecting the cautious mood that continues to shape the global art market. While signs of recovery have emerged during London’s marquee auction week, the sale underperformed against expectations, highlighting collectors’ increasingly selective approach to buying.
The auction generated £12.2 million before fees (£15.4 million including fees), falling below its pre-sale estimate of £16.4 million to £24.2 million.
Sale Faces Softer Demand
The 29-lot auction saw two works withdrawn before bidding began, while three failed to sell altogether.
Although Phillips achieved a respectable 90% sell through rate, most works sold below their mid-estimates, indicating that buyers remained cautious despite renewed activity in the market.
Market analysts noted that only a handful of lots exceeded expectations, suggesting that pricing remained more ambitious than current demand.
Blue-Chip Artists Lead the Sale
Unlike previous seasons, when Phillips focused heavily on emerging contemporary artists, this auction emphasized established post-war and modern masters.
The sale featured works by internationally recognized artists including:
- Pablo Picasso
- Jean-Michel Basquiat
- Joan Mitchell
- Christopher Wool
Around one-third of the works dated from the 1970s or earlier, reflecting a noticeable shift toward more established names.
Joan Mitchell Tops the Auction
The highest-selling work of the evening was Canada II (1975), a large-scale triptych by Joan Mitchell.
Despite attracting multiple telephone bidders, the painting sold for £2.2 million (£2.7 million with fees), below its estimate of £3 million to £5 million.
The result demonstrated continued demand for major artists, although buyers remained disciplined about pricing.
Mixed Results for Picasso and Basquiat
A late-period painting by Pablo Picasso failed to find a buyer despite carrying an estimate of £1.5 million to £2 million.
Meanwhile, Jean-Michel Basquiat’s Pattya (1984)—a rare landscape rather than one of his signature figurative works—sold for £1.4 million (£1.7 million including fees), below its estimated range of £2 million to £3 million.
Although the work had exceptional provenance, having once belonged to Andy Warhol, collectors responded cautiously.
Strong Competition for Christopher Wool
One of the evening’s most competitive bidding battles centered on Christopher Wool’s text-based artwork featuring the phrase “YOU MAKE ME.”
After several minutes of bidding between multiple collectors, the piece sold for £730,000 (£927,100 with fees), comfortably within its estimated value.
The result showed that high-quality contemporary works continue to attract strong interest when pricing aligns with market expectations.
Emerging Artists Continue to Gain Attention
Despite the market’s focus on established artists, younger talent also performed well.
New auction records were set for French artist Nathanaëlle Herbelin and German painter Florian Krewer, demonstrating that collectors remain interested in promising contemporary artists, particularly at more accessible price levels.
Market Outlook Remains Cautious
The Phillips auction concluded a London sales week marked by contrasting performances among the major auction houses.
While Phillips experienced softer than expected results, the broader market showed signs of resilience, with collectors continuing to pursue exceptional works while becoming increasingly selective about quality and pricing.
Industry observers remain cautiously optimistic ahead of the New York auction season, although uncertainty continues to shape buyer confidence.
