Young emerging artists continue to dominate Frieze Week auctions as Phillips sets seven records

The first moments of the evening sale of contemporary and twentieth art by Phillips yesterday were indicted, with bids coming from all corners of the room and Phillips auctioneer Henry Highley quickly shifted his focus from telephone banks and bidders in the room to those in New York and Hong Kong, then to offers coming online every few seconds. This energy was almost palpable even during the live broadcast of the sale, in part because there were, for the first time in 18 months, real people bidding on the art who were physically located at 30 Berkeley Square.

But the real source of energy was the works for sale. The first 30 minutes, during which the first nine lots were sold, far exceeded the remaining hour and a half thanks to exorbitant bids. Asian bidders set the tone for the first quarter, although the first two lots went to a collector over the phone in London. The two works have sold more than ten times the low estimate: that of Serge Attukwei Clottey Fashion icons (2020-2021), whose sale was estimated between £ 30,000 and £ 40,000, reached £ 270,000 (£ 340,000 with fees) while Flora Yukhnovich Tondo (2016) reported £ 420,000 (£ 529,200 with buyer’s premium) against an estimate of £ 40,000-60,000.

Serge Attukwei Clottey, Fashion icons (2020-2021). Image: Courtesy of Phillips

The trend continued on subsequent lots, each scoring either a record auction record for the artist or selling for around ten times the low estimate, often both. But these were young artists, some of whom had only come up for auction in recent years. It is worth considering whether such emerging artists have their place in an evening sale, and whether such stratospheric prices can be sustained. Most still have primary market work in the £ 30,000 to £ 60,000 range.

“There was a time when critical value and investment value were inseparable,” said artistic advisor Lisa Schiff. The arts journal, ” this is no longer the case. The art market is increasingly a fan-based economy. When you see awards like this for artists who are out-of-the-box, labor is, more than anything else, a tradable commodity. Auctions are based on trends. You have to follow the conversation on Discord or Reddit and then speculate. Evening sales, which were once the most coveted and organized sales, have become more focused on what can sell to the greatest number. “

There is another factor to consider when examining the awards obtained for these relatively young artists: cultural value. Phillips showed he was aware of this fact by bringing in east London rapper Kano to consult him on both daytime and evening sales. One of his recommendations for the evening sale, that of Serge Attukwei Clottey Fashion icons (2020-2021), was one of the record lots, breaking nearly 50 times the artist’s previous auction record of $ 9,600, which was only set in 2021.

The more established artists in the auction could also shine, although many remaining lots sold below or just above the low estimate. Albert Oehlen, Sigmar Polke, Günther Förg all had major works for sale. by Förg, Ohne Title (untitled, 2008) did exceptionally well, reaching £ 490,000 (£ 615,400 with food) against an estimate of £ 350,000-450,000. The same buyer picked up a nice Kusama, Silver nets (EOKI) (2011) for £ 1.5m (£ 1.83 with fees) against an estimate of £ 1.2m to £ 1.5m. Also worth mentioning is the wonderful, but uncomfortable, title of Sigmar Polke, Negerplastik (negro sculpture, 1968), which reached £ 2.5million (£ 3million with fees), just between his estimate of £ 2-3million.

“We are delighted with tonight’s result of over £ 25.2million, which exceeded the high pre-sale estimate and sold 96% by value and 93% by lot”, Olivia Thornton, Head of Phillips of 20th century and contemporary art, Europe, mentioned. “The vibrant energy in London during Frieze Week is a testament to our global collectors’ unwavering appetite for art and the strength of the market. Energy indeed. During the sale, seven artist records were set as well as two auction world records. Not bad considering that 82% of the works had never been auctioned.

Source link

About Frances White

Check Also

Penticton’s 44th Annual Fine Art Auction scheduled for early December – Penticton Western News

After nearly two years of on-the-fly adjustment and forced to reschedule events, the Penticton Art …

Leave a Reply

Your email address will not be published. Required fields are marked *