Christie’s wrapped up a whirlwind week of auctions with its 21st Century Evening Sale on November 21—a quieter affair after the high-octane energy we saw earlier in the week but still buzzing with activity. The sale totaled $106.5 million, pushing the auction house’s November haul to a robust $623.2 million. While last night’s results came in just below those of the same sale last year—this time with fewer lots—the overall performance was a testament to Christie’s precision strategy. With plenty of lots under guarantees, adjusted estimates and an apparent comfort with results falling within or just below projections, the auction house played its hand shrewdly, embracing the season’s recurring trend of moderated expectations.
Taking the helm, Georgina Hilton commanded the room with her usual finesse, holding court until the excitement began to wane. The night’s sales kicked off with two ultra-contemporary stars making their debut on the evening stage, thanks to their recent recruitment by mega-galleries Hauser & Wirth and David Zwirner, and both artists shattered their previous records. After a celebrated solo exhibition at ICA Boston, Firelei Báez had her Josephine Judas GOAT hammer at $450,000 ($567,000 with fees) to a phone bidder. Meanwhile, Sasha Gordon’s whimsical nocturnal portrait of two women in a boat, acquired just a few years ago from Matthew Brown, hammered at $170,000 ($214,200 with fees), also to a phone bidder.
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Momentum carried through the night with a kaleidoscopic canvas by Denzil Forrester, an artist riding high with four current exhibitions in New York City. His 1989 painting, originally acquired from Stephen Friedman Gallery, smashed its $80,000-$120,000 estimate to achieve a record $189,000. Records kept tumbling, with Ana Mendieta’s Siluetas, from the esteemed Rosa de la Cruz Collection, fetching $756,000 (above its $300,000-$500,000 estimate), and Roni Horn’s luminous, enigmatic Untitled (“The yes without the no.”) soaring to $1,804,500 after barely a minute of bidding.
In total, Christie’s set eleven new auction records. Among the standout moments: Hilary Pecis’s work brought in $1,260,000; Louise Bourgeois smashed her record for work on paper with Les Fleurs selling for $2,591,000; Sarah Sze’s Long Ending achieved an impressive $1,071,000 after a dramatic bidding battle; and William Eggleston’s evocative photograph of a drink on an airplane tray table took off, landing at $1,441,500.
Records were also shattered for two of the night’s most anticipated lots, starting with Jean-Michel Basquiat’s monumental 1982 hero portrait, consigned by Peter Brant. The bidding kicked off at $13 million, well below its low estimate of $20 million, but escalated in a tense, drawn-out battle. For minutes, it stalled at $16 million as Michael Baptiste and Alex Rotter sparred via phone, but the room’s drama peaked when Alberto Mugrabi—arguably one of the most devoted Basquiat collectors—clinched the deal at $19.5 million. Though this was slightly under estimate, once fees were added, the total reached $22,950,000, setting a new record for works on paper by the artist. A similar frenzy followed for Keith Haring’s Untitled (Hollywood African Mask), where a heated phone-driven back-and-forth culminated in a $3,196,000 hammer price, breaking the record for a three-dimensional work by Haring.
Another highlight came a few lots later with Jeff Koons’ Large Vase of Flowers, consigned by Greek art collector Dakis Joannou and buoyed by a third-party guarantee. It landed at $8.2 million with fees, adding yet another win to the night. The ultra-contemporary darling Lucy Bull also soared, with her electrifying 2019 painting A New Dew, initially acquired from SMART OBJECTS, smashing its $600,000-$800,000 estimate to close at $1,197,000. The iconic Richard Prince Untitled (Cowboy) followed suit, galloping past its high estimate to reach $1,865,000. Rashid Johnson’s monumental triptych Anxious Men also pulled off a strong result. Its adjusted estimate of $1,800,000-$2,500,000 set the stage for intense bidding, culminating in a $2,712,000 sale on the phone, despite being covered by a third-party guarantee.
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Cecily Brown’s fresh-to-market The Butcher and the Policeman inspired a drawn-out bidding war, ultimately hammering within its estimate at $5,979,000, while David Hammons’ rare work—acquired directly from the artist—made a splash when it sold to an audience member for $3,922,000. But it’s worth noting that Christie’s pristine “white glove” result was partly engineered, thanks to two strategic withdrawals: a Diane Arbus photograph estimated at $500,000-$700,000 and an Eric Fischl painting with a $3-4 million estimate. These omissions helped Christie’s close with an enviable 100 percent sell-through rate by value and a hammer total 142 percent above the low estimate.
“The sale saw deep bidding for work from a diverse group of artists working in media, from sculpture to works on paper to photographs,” Alex Rotter, Christie’s chairman of 20th- and 21st-century art, commented to the press.”Christie’s set a record for a work on paper for Jean-Michel Basquiat at $23 million and records for six women artists. It is a privilege to offer the best of the contemporary art market each spring and fall, and the success. Tonight affirmed our confidence in the category.”
Phillips had its ups and downs this week
With Christie’s and Sotheby’s dominating headlines this week with record-breaking masterpieces and major consignments, the Phillips results felt like an afterthought. The auction house, which had a more subdued showing this season, had a mix of modest results, notable flops and the occasional bright spot during its Modern & Contemporary November sales, held across Evening and Day sessions.
The Evening Sale on November 20 brought in $54.1 million, including fees—a sharp 23 percent drop from last year’s $70 million total. Of the thirty-three cataloged lots, three were withdrawn pre-sale, and four failed to sell, leaving an 83 percent sell-through rate. Only five lots exceeded their estimates, while about a third sold below expectations. Among the night’s biggest disappointments was Jean-Michel Basquiat’s 1983 self-portrait, which failed to find a buyer despite a presale estimate of $10-15 million. Other notable misses included a Robert Ryman monochrome from 1963/1964 with a strong exhibition history, Andy Warhol’s silkscreen Gun (1981/1982) with an estimate of $4-6 million and an Edward Hopper painting expected to fetch $300,000-$500,000.
The evening’s few standout moments came early, starting with Li Hei Di’s Unfolding a Flood (2022), which sparked competitive bidding both online and on the phones. The work doubled its estimate, selling for $127,000, marking a strong debut for the 27-year-old Chinese-born artist who recently joined Pace Gallery after stints with Pippy Houldsworth. Another highlight was a Matthew Wong work that carried a third-party guarantee but still exceeded its estimate, achieving $1,754,000. Similarly, Lynette Yiadom-Boakye’s Watcher (1994), a fresh-to-market piece originally acquired directly from her show at Jack Shainman that same year, narrowly surpassed expectations to sell for $1,754,000 with fees.
The climax of the sale arrived with Elizabeth Peyton’s Kurt (sunglasses) (1995), an intimate and intriguing canvas fresh-to-market from the consignor, who had purchased it directly from Gavin Brown’s gallery. In a five-minute bidding war between the room and phone bidders, the small but exquisite painting shattered expectations, tripling its estimate to fetch $2,359,000, providing a rare high note in an otherwise tepid evening.
Another spark of excitement ignited with the evening’s top lot, Jackson Pollock’s Untitled, circa 1948, which achieved $15.3 million. When it last crossed the auction block at Sotheby’s in 1987, it sold for a mere $1.2 million—a testament to the enduring appeal and price trajectory of quality works by the Abstract Expressionist master. The momentum carried into the following lot, a Keith Haring from 1982, consigned by collector Larry Warsh and backed by a third-party guarantee, which comfortably exceeded its high estimate to sell for $2,238,000. However, the energy waned soon after, as a Joan Mitchell from 1960 landed just within its forecast, selling for $990,600 (also under a third-party guarantee).
Despite these highlights, Phillips likely expected stronger results for other lots that hovered within their estimates. For example, Jadé Fadojutimi’s Even an Awkward Smile Can Sprout Beyond the Sun (2021), consigned after being acquired from Pippy Houldsworth Gallery, managed a modest $571,500 with fees, even though the artist’s current Gagosian show is sold out. Other works fell short of their low estimates but sold nonetheless, including Claes Oldenburg’s whimsical glass case of 24 faux open-faced sandwiches from the Margulies Collection, which fetched $625,000—below its $700,000 low estimate. Similarly, Andy Warhol’s self-portrait achieved $3,448,000, while Jeff Koons’s Two Ball Total Equilibrium Tank (Spalding Dr. J Silver Series) (1985) sold for $3,569,000, likely to its guarantor. The Koons piece, consigned by Miami collector Barbara Goldfarb, boasted a robust exhibition history and provenance from Gagosian, but it failed to meet its estimate in what remains a tough market for the artist.
Toward the end, a last-minute triumph came with Derek Fordjour’s Twelve Tribes (2011), which doubled its $450,000-$550,000 estimate to achieve $1,143,000, setting a new record for the artist. The evening concluded with Andy Warhol’s New York Skyscrapers, an iconic portrait of Trump Tower, which nearly doubled its estimate at $952,500, closing the session on a brighter note.
The Morning and Afternoon sessions in the following days delivered mixed results, totaling $25,029,146 and bringing Phillips’ week to $79,173,546. Ed Ruscha’s Howl (1986) led the day session, hammering at $1,481,750 against its $600,000-$800,000 estimate. Strong performances also came from Jean-Michel Basquiat’s Arteries of the Left Arm (1983), which sold for $889,000, Takashi Murakami’s Together with the Flower Parent and Child (2021-2022), which exceeded its estimate at $762,000, and KAWS’s BETTER KNOWING (2013), which realized $571,500. A few lots significantly outperformed expectations, including Robert Zehnder’s Mineral Stop Light (2022), which soared to $63,500 from a $15,000-$20,000 estimate, and Stefanie Heinze’s Rear (Falling Leaf), which reached $107,950 against a $70,000-$90,000 estimate.
Phillips’ November sales also featured works from the collection of Lisa Schiff, the disgraced former art advisor embroiled in legal troubles. Court-appointed to liquidate at least 220 works, Phillips offered three pieces in this auction, including Ivy Haldeman’s Colossus, Knee to Elbow, Wrist Bent, Four Fingers Edge Out (2018), which sold below its $40,000-$60,000 estimate for $38,000. Wolfgang Tillmans’s Fire Island (2015) exceeded expectations, selling for $35,560 after an estimate of $15,000-$20,000, while Richard Prince’s joke painting failed to sell, unable to meet its $250,000-$350,000 estimate.
What the November auctions can tell us about the art market
Ultimately, when evaluating this week as a whole, if the November sales didn’t completely falter, it was thanks to the meticulously calibrated, strategically staged auctions and the high-caliber consignments that propped up the final totals. To better understand these mixed results and what they reveal about the state of the art market, we reached out to several art advisors for their insights.
“These auctions were about business, pure and simple,” Los Angeles-based advisor Dane Jensen told Observer. “ The big stories were largely around very established markets such as Ruscha and Magritte. In some ways, it almost looked like a throwback to ten years ago with a lot of Wool, Koons and Prince—but obviously without the sizzle of an emerging market. And while there was clearly an over-exuberance in the past several years, I have to say I did miss a bit of the ‘shock of the new.’”
Offering a more optimistic perspective, New York-based art advisor Angelica Semmelbauer remarked that while this week’s auction results were uneven, “it’s great to see the strong interest in quality works with great provenance, which bodes well for the future, not only for big-name contemporary artists but also emerging artists. Given the current heightened political and geopolitical state, it’s no surprise that many lots went unsold or sold below the low estimate. However, the buyers are still there to collect. Next year, if it’s calmer geopolitically, we’ll see more quality works enter the market, with buyers willing to part with their prized works and auction houses receiving stronger consignments in all art market segments.”
Others keeping an eye on the market see these results as more promising. “After a long market slump (that wasn’t as dire as some people believed), this auction season is showing signs of resurgence,” said art advisor Dan Oglander with upbeat candor. “However, I’ve always been a cheerful pessimist, so let’s see how the rest of the year shakes out.”
