Phillips pledges funds for aid to Ukraine after his sale of contemporary art in London brought in $40 million

Against the grim backdrop of an escalating war in Ukraine, Phillips followed rivals Sotheby’s and Christie’s, hosting an evening sale of modern and contemporary art at its London headquarters that brought in 29.9 million pounds sterling ($40 million) on Thursday. The total surpassed the sum made at last year’s equivalent sale held in April, which fetched £24.8 million with premium ($34.2 million), from 30 lots.

During this sale, 36 lots out of a total of 41 were sold, resulting in a solid sale rate of 95%. Eight works, including those by David Hockney, Günther Förg and Henry Moore, were secured with the support of a third party before being offered for sale. After the withdrawal of four lots before the sale, the auction was expected to reach an estimated hammer price of between 24.7 and 36 million pounds sterling (33 and 48 million dollars). The final sale sum of $40m (£29.9m) includes the bounty.

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Phillips auctioneer Henry Highly took the hammer on Thursday to lead the sale. The atmosphere in the room appeared particularly depressed as reports of economic sanctions targeting key Russian financial institutions and Putin’s wealthy allies, following Russia’s invasion of Ukraine last week, continued to mount. intensify.

Hot on the heels of announcing earlier this week that he plans to sell a $70million Basquiat painting in May, which would mark a major milestone for the price of the house, Phillips is now being watched by his status as Russian company as armed conflict escalates abroad. Amid scrutiny of the home’s ownership by Moscow-based luxury giant Mercury Group, the house has pledged to donate the proceeds of the buyer’s premium and the seller’s commission from the Thursday sale to a Ukrainian relief fund. The sale raised a total of £5.8 million ($7.7 million) for the cause.

“Of course, no financial donation is going to remedy this terrible situation,” a Phillips spokesperson said. ART news in a report. “But we believe we are taking the lead in the art market by making a significant donation to express our solidarity with the Ukrainian people in a meaningful and practical way.”

The top lot of Thursday’s sale was a 1984 painting by David Hockney titled Self-portrait on the terrace, which sold for a final price of £4.9 million ($6.5 million). The red, pink and white canvas of Cecily Brown in 2016 When time ran out was the second best seller, for a final price of £3.7 million ($4.2 million), against an estimate of £2 million ($2.7 million).

A 2015 painting by Nicolas Party titled Houses, which features a cluster of five multicolored structures of varying heights, attracted auctions in London. He eventually went to a telephone bidder with Phillips British contemporary art specialist Charlotte Gibbs, selling for a final price of £1.5 million ($1.9 million).

A work by British painter Jadé Fadojutimi, whose work has seen a rapid rise in the auction circuit over the past year, has caught the eye of bidders in Asia. His canvas 2020 A cropped perspective of this swirl effect, an abstraction in a green palette, saw the bidding between Kevie Yang, Client Advisory Manager at New York-based Phillips, and Kathy Lin, London-based Client Liaison Officer for the Asia-Pacific region. It sold for £627,500 ($854,000) with premium, four times the estimate of £150,000 ($204,000), to Lin’s client.

In its auction debut, a work by Los Angeles-based artist Lauren Quin saw three bidders from Japan, Hong Kong and mainland China compete for the work. As the opening lot of the sale, the abstract composition, titled Air sickness (2021), boosted momentum at the start of the sale when it sold for a final price of £441,000 ($600,000), more than ten times the low estimate of £30,000 ($40,000 $). But that speed proved difficult to maintain as the sale progressed.

Only one record was set at the London Sale, tied with the performance of the London Mid-Season Sale in 2021; the only record set during this sale was for Tunji Adeniyi-Jones. Thursday, the 2019 canvas of Issy Wood Chalet, a nearly photorealistic painting of a pair of black leather gloves, sold for £441,000 ($590,499), four times the £100,000 estimate. The price surpassed Wood’s previous record of $468,750 set in 2021.

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