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This year Phillips offers only 37 works for their NY May evening sale (versus 70 lots last year) for a total value of $51 million.
Almost 65% of the works (24 artworks) have a Low Estimate (LE) of less than $1 million, while only 2 works have a LE of more than $5 million. These works are "Naked" by Jeff Koons and "Star (for Patti Smith)" by Brice Marden and both have estimates of $5 to $7 million.
This is a far cry from last year, when the highlight of the sale was "Seated Woman" by Francis Bacon, which reached a hammer price of $25 million (for an estimate of $25 to $35 million).
Out of the 37 works offered, Phillips is guaranteeing 19 lots (51%), with most backed by irrevocable bids except for two lots. |
