The response by collectors at the auction of works by Jean- Michel Basquiat and Donald Judd at Phillips de Pury & Co has shown that contemporary artists who are well known, are in stronger demand. At the latest auction, Phillips sold 6.1 million pounds ($9.6 million) of art, its mid-estimate figure.
While bidders were more cautious in particularly after their purchases at Sotheby’s and Christie’s, the verdict was clearly in favour of established contemporary artists at this one, compared to the other two auctions where older works were preferred. Collectors have a thing or two to cheer about as the market, they feel, is a lot better, and geared towards strong names.
This comes as a feel good factor even as the global financial crisis that witnessed a steep fall in the prices of works by contemporary artists fall, buyers and sellers alike prefer established names like Judd. Of the 43 offered works under the hammer, five sold through telephone bids for more than 500,000 pounds. Before the auction, there was some speculation that the Phillips auction that sells pieces of living artists, may not attract buyers after all. But the figures show all is well.
Via: Bloomberg, Phillips de Pury