Phillips London Evening Sale Sees Strong Demand for Emerging Artists

Phillips held its 20th Century & Contemporary Art Evening Sale in London on October 14, 2022, achieving a total of £18.7 million against a pre-sale estimate of £15-21 million, with a 94% sell-through rate. The auction featured a compact catalog of 37 lots (reduced to 33 after four works by Cecily Brown, Damien Hirst, Sigmar Polke, and Pierre Soulages were withdrawn). The top lot was Alberto Burri's 'Sacco e Rosso' (1956), which sold for £3,047,500 against an estimate of £3-4 million. Other strong results included Banksy's 'Sorry The Lifestyle You Ordered Is Currently Out Of Stock' (2012) at £1,837,500 and 'Laugh Now But One Day We’ll Be In Charge' (2002) at £1.1 million. The sale was notable for the strong performance of emerging artists, with several records set. Julian Pace made his auction debut with 'Kanye' (2021), a portrait of Kanye West, selling for £120,000 against a low estimate of £20,000. Robert Nava's 'Before Minotaur' (2019) achieved £639,600, a new record, against a low estimate of £180,000. Caroline Walker set a new record with 'Night Scenes' (2017) at £516,600. Other records were set by Michaela Yearwood-Dan and Doron Langberg. Anna Weyant's 'Cynthia' (2019) sold for £302,400, doubling its high estimate, though below her previous auction results. The auction reflects a growing market for young artists, with demand driven by trends seen at Frieze London, which closed on October 16, and collectors' appetite for fresh works.