$71 Million in Art Is Sold at Phillips, Near Low Estimate

"Phillips de Pury & Company’s auction of contemporary art — which started this week’s back-to-back big-money auctions — was a tepid affair, with price resistance on everything from paintings by Warhol and Lichtenstein to sculptures by Jeff Koons and Maurizio Cattelan.

It was the first time that Phillips led off the week’s lineup, but whether this new position helped or hurt sales was impossible to gauge. The auction brought $71.2 million, just above its low $66.1 million estimate but nowhere near its optimistic $97.3 million high. Of the 44 works on offer, 7 failed to sell."  [Read Full Article]

Published by:  The New York Times
On:  11/07/11
Website:  http://www.nytimes.com

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