Phillips - Wired: Online Auction

Executive Summary

The Wired online auction, held from April 15-24, 2024, showcased a diverse range of contemporary art, featuring established and emerging artists across various mediums and price points. The auction achieved a total hammer price of £692,157, with a sell-through rate of 82.40%. The top-performing lots included works by Theodore Ereira-Guyer, Philippe Pastor, Caroline Walker, and Keith Haring, highlighting the strong demand for both established and rising talents in the contemporary art market.

The auction results demonstrated a concentration of value in the mid-to-high price ranges, with works priced between £5,000 and £50,000 accounting for over 87% of the total hammer price. However, the lower price ranges (below £5,000) represented a significant portion of the sold lots, catering to a broader collector base.

The artist analysis revealed the importance of factors such as medium, provenance, exhibition history, and artist reputation in driving market performance. The auction's success was largely driven by a select group of high-value works by established names, while emerging artists like Amoako Boafo and Pejac also achieved strong results.

The provenance analysis underscored the global nature of the contemporary art market, with galleries and collectors from the United States, Europe, and Asia participating in the auction. The presence of works previously held in notable private collections and exhibited at prestigious institutions contributed to their desirability and value.

Key Insights

• Diversity in mediums and price points: The auction featured a wide range of contemporary art across various mediums and price points, catering to diverse collector preferences and budgets.
• Concentration of value in mid-to-high price ranges: Works priced between £5,000 and £50,000 accounted for a significant portion of the total hammer price, highlighting the strong demand for high-value pieces.
• Importance of artist reputation and provenance: The auction's success was largely driven by works from established artists with strong reputations and provenance, such as Theodore Ereira-Guyer, Philippe Pastor, and Keith Haring.
• Emerging artists gaining traction: Rising talents like Amoako Boafo and Pejac achieved strong results, demonstrating the market's appetite for fresh perspectives and new voices.
• Global nature of the contemporary art market: The participation of galleries and collectors from various geographical regions underscored the international scope of the market.

Auction Overview

The Phillips Wired auction had a total of 125 lots, out of which 103 lots were successfully sold, resulting in a sell-through rate of 82.40%. This relatively high sell-through rate suggests a strong demand for the artworks offered in this auction.

The total auction value amounted to £692,157.00, with a total hammer price of £545,005.51. The hammer price represents the actual amount bid for the lots, while the total auction value includes the buyer's premium. The total median estimate for the auction was £659,300.00, indicating that the realized hammer price was lower than the anticipated median estimate. This could suggest that some of the lots sold below their expected price range.

The total buyer's premium collected in this auction was £147,151.49, which is the additional amount paid by the buyers on top of the hammer price. The average price per lot sold was £6,719.97, calculated by dividing the total auction value by the number of sold lots.

Lot Analysis

The top lot, Theodore Ereira-Guyer's "Somewhere in Africa (mountains)" (Lot 5), an etching on paper laid down on linen executed in 2018, achieved an impressive hammer price of £70,000 against a median estimate of just £8,500. The artwork's unique medium and the fact that it was acquired directly from the artist may have contributed to its strong performance.

Philippe Pastor's "Untitled (Blue Monochrome)" (Lot 52), a mixed media on canvas work from 2014, sold for £45,000, surpassing its £25,000 median estimate. The work's provenance, a private collection, and its previous inclusion in the "Monaco Modern'Art, The Essence of the Environment" exhibition in 2014 likely bolstered its appeal.

Caroline Walker's intimate oil on board painting, "Lottie" (Lot 1), created in 2009, fetched £35,000, comfortably above its £25,000 median estimate. The catalogue note, featuring a quote from the artist about her fascination with interiors, provides context for the work and may have resonated with collectors. The painting's provenance, having been acquired directly from the artist, adds to its desirability.

Keith Haring's "Untitled" (Lot 8), a felt tip pen on paper work from 1982, achieved £30,000, doubling its median estimate. Haring's status as a renowned artist, his distinctive style, and the work's provenance (Outsiders Galerie, Rouen) likely contributed to its success. The catalogue note, discussing Haring's artistic philosophy and the symbolism in his work, offers valuable insights for collectors.

Other strong performers include Katherine Bernhardt's "Hamburgers French Fries and Cigarettes" (Lot 4) from 2014, which sold for £20,000, and George Condo's "Untitled" (Lot 15), a 2007 ink on paper work, which achieved £17,000. Both artists have established reputations and their works have been widely exhibited and published, as evidenced by the literature and exhibition history provided.

Franz West's "Große Lampe (Large Lamp)" (Lot 102), an acrylic glass, rubber, steel, and electrical fitting sculpture from 2005, sold for £17,000, exceeding its median estimate of £5,000. The work's provenance, a private collection, may have contributed to its strong result.

Amoako Boafo's "Dipo Girls" (Lot 119), an oil, plastic, and thread collage on fabric executed in 2012, sold for £15,000, more than double its median estimate. Boafo's rising profile and the work's unique mixed media composition likely contributed to its success.

However, some lots, such as John Armleder's "Furniture Sculpture #201 with Kent Senator" (Lot 46) from 1988, sold below their median estimates. Despite the work's extensive exhibition history and literature references, the hammer price of £10,000 fell short of the £25,000 median estimate. This suggests that factors beyond an artwork's exhibition and publication history can influence auction outcomes.

The auction results for the top-performing lots provide valuable insights into the factors driving strong sales and the market's response to various artists, mediums, and styles. By examining the percentage deviation from the median estimate, we can gauge which lots exceeded expectations and by how much.

The top-performing lot again, Theodore Ereira-Guyer's "Somewhere in Africa (mountains)" (Lot 5), achieved an astounding hammer price of £70,000, soaring 723% above its £8,500 median estimate. The etching on paper laid down on linen, executed in 2018, was acquired directly from the artist, which may have contributed to its desirability.

Another notable overachiever was Salvo's "Untitled" (Lot 10), a colored pencil on paper work from 1992, which sold for £8,000, an impressive 357.14% over its £1,750 median estimate. The work's provenance and its inclusion in the Archivio Salvo in Turin, along with the accompanying certificate of authenticity, undoubtedly added to its appeal.

Caroline Walker's "Study for 'Lottie'" (Lot 2), a graphite on paper work from 2009, also performed exceptionally well, achieving a hammer price of £8,500, 240% above its £2,500 median estimate. The work's connection to Walker's oil painting "Lottie" (Lot 1), which sold for £35,000, 40% above its £25,000 median estimate, likely contributed to the strong interest in the study.

Franz West's "Große Lampe (Large Lamp)" (Lot 102), an acrylic glass, rubber, steel, and electrical fitting sculpture from 2005, sold for £17,000, 240% above its £5,000 median estimate. The work's provenance from a private collection and West's reputation as a significant contemporary artist likely drove the bidding.

Other notable performers include Jim Shaw's "Untitled (Building with stairs)" (Lot 72) from 2001, which achieved £3,000, 140% above its £1,250 median estimate; Andres Serrano's "Thinker" (Lot 89), a 1988 Cibachrome print that sold for £9,500, 137.5% above its £4,000 median estimate; and Amoako Boafo's "Dipo Girls" (Lot 119), a 2012 oil, plastic, and thread collage on fabric that achieved £15,000, 114.29% above its £7,000 median estimate.

Keith Haring's "Untitled" (Lot 8), a felt tip pen on paper work from 1982, also demonstrated the enduring appeal of the artist's iconic style, selling for £30,000, 100% above its £15,000 median estimate.

Among the lots that exceeded their median estimates by smaller margins, Philippe Pastor's "Untitled (Blue Monochrome)" (Lot 52) and Alvar Aalto's "Low-back cantilevered armchair, model #42" (Lot 105) still achieved hammer prices 80% and 40% above their respective estimates, indicating strong market interest.

The lowest-performing lot, a glass vase by Barovier & Toso (Lot 100) executed circa 1940, achieved a hammer price of just £150, a mere 7.52% of its £2,000 median estimate. This significant underperformance suggests that the market may have been hesitant to meet the expected price point for this particular piece, possibly due to factors such as condition, provenance, or shifting collector preferences.

Other notable underperformers include Stephane Graff's "Nude with Sphere" (Lot 93), a silver gelatin print on canvas from 1989, which sold for £200, only 9.3% of its £2,150 median estimate; Slater Bradley's "Yellow doppelganger" (Lot 90), a 2004 C-print that achieved £150, just 10.03% of its £1,500 median estimate; and Allen Ruppersberg's "Poem No.1 Flashback Startover" (Lot 109), a 2012 laminated panel work that also sold for £150, 10.03% of its £1,500 median estimate.

These results suggest that works by lesser-known or emerging artists may face challenges in meeting their estimated values, particularly when presented alongside more established names. The lack of extensive provenance, exhibition history, or literature references for these pieces may have contributed to the muted bidding.

Even works by more recognized artists, such as Sage Vaughn's "Barcelona" (Lot 108) and Ritsue Mishima's "Seme Di Stella" (Lot 101), fell short of expectations, achieving hammer prices that were only 12% and 12.5% of their respective median estimates. This underscores the notion that an artist's reputation alone does not guarantee strong auction results, and individual works may still face difficulty in finding their market value.

Some lots, such as Ruth Bernhard's "Two Leaves" (Lot 92) and Zhang Zhenyu's "Dust 151210" (Lot 55), performed slightly better but still only achieved hammer prices around 13-14% of their median estimates. These results suggest that factors like medium, subject matter, and overall market trends can impact a work's performance, even when the artist has an established reputation.

The auction results, sorted by hammer price per square centimeter, provide valuable insights into the factors contributing to strong sales performance, even for smaller-scale works. By examining the price achieved per unit of area, we can identify artists and pieces that punch above their weight, generating significant value in compact formats.

The top-performing lot by this measure is Keith Haring's "Untitled" (Lot 8), a felt tip pen on paper work from 1982, which achieved an impressive £52 per square centimeter. Despite its modest dimensions of 20.5 x 28.2 cm, the work realized a total hammer price of £30,000, underscoring the enduring appeal and market strength of Haring's iconic style. The work's provenance, with direct acquisition from Outsiders Galerie in Rouen, and the included catalogue note discussing Haring's artistic philosophy and the symbolism in his work, likely contributed to its strong performance.

Another standout result is George Condo's "Untitled" (Lot 15), a 2007 ink on paper work measuring 23 x 21.6 cm. The piece achieved £34 per square centimeter, with a total hammer price of £17,000. Condo's reputation and the work's provenance, which includes notable private collections in New York, Miami, and Los Angeles, undoubtedly played a role in its success.

Caroline Walker's oil on board painting "Lottie" (Lot 1) also performed exceptionally well, realizing £32 per square centimeter and a total hammer price of £35,000. Though larger than the Haring and Condo works at 30 x 36 cm, "Lottie" demonstrates the market's willingness to pay a premium for high-quality, fully realized works by emerging artists. The catalogue note, featuring a quote from the artist about her fascination with interiors, and the painting's direct acquisition from the artist herself, likely enhanced its appeal to collectors.

Other notable performances include Pejac's "Silencio" (Lot 112), a hand-cut patent leather paper collage on paper from 2009, which achieved £22 per square centimeter; Salvo's "Untitled" (Lot 10), a 1992 colored pencil on paper work that realized £20 per square centimeter; and Paul P.'s "Untitled" (Lot 14), a 2019 oil on linen painting that garnered £13 per square centimeter.

These results suggest that collectors are willing to pay significant sums for works on paper, collage, and smaller-scale paintings when the artist's reputation, the work's provenance, and the overall quality of the piece justify the price. The inclusion of insightful catalogue notes, exhibition history, and literature references can further bolster a work's appeal and value.

It's worth noting that even larger works, such as Theodore Ereira-Guyer's "Somewhere in Africa (mountains)" (Lot 5) and Amoako Boafo's "Dipo Girls" (Lot 119), achieved strong results when considered on a per-square-centimeter basis. This indicates that size alone does not determine a work's market value and that collectors are willing to invest in high-quality pieces across a range of scales and mediums.

The majority of the total auction value (60.72%) is concentrated in the £10,000 - £50,000 price range, which accounts for £190,000 out of the total £312,905.51. This suggests that the auction features a significant number of high-value lots that drive the overall sales.

The £5,000 - £10,000 price range also contributes a substantial portion (26.42%) to the total auction value, amounting to £144,000. Combined with the £10,000 - £50,000 range, these two categories make up over 87% of the total value, indicating a strong market for lots in the mid to high price ranges.

Although the £1,000 - £5,000 price range only accounts for 23.21% of the total value, it represents the second-highest percentage of sold lots at 43.69%. This suggests that while these lots may have lower individual values, they form a significant portion of the auction's volume and likely appeal to a broader base of collectors.

The lowest price range (< £1,000) has the highest percentage of sold lots at 29.13%, demonstrating a strong demand for more affordable pieces. However, due to the lower price points, this category only contributes 2.66% to the total auction value.

The £50,000 - £100,000 price range, while only representing a single lot (0.97% of sold lots), still accounts for a notable 12.84% of the total auction value. This highlights the impact that individual high-value lots can have on the overall sales figures.

Notably, there were no lots sold in the highest price range (> £100,000), suggesting that either no lots were offered at this level or that the market demand for such high-value pieces was limited in this particular auction.

In summary, the auction results demonstrate a strong market for mid to high-value lots, with the £5,000 - £50,000 price ranges contributing the lion's share of the total auction value. The lower price ranges (< £5,000) represent a significant portion of the sold lots, catering to a wider collector base, while individual high-value lots (£50,000 - £100,000) also play a notable role in driving the overall sales. The absence of sales in the highest price bracket (> £100,000) suggests a potential upper limit to the market demand in this specific auction context.

Artist Analysis

Theodore Ereira-Guyer emerges as the auction's top performer in terms of total sales and average price, with a single work achieving an impressive hammer price of £70,000. This remarkable result suggests a strong market demand for Ereira-Guyer's work and a potential for continued success in future auctions.

Caroline Walker secures the second spot in total sales, with four lots sold for a combined hammer price of £47,700, demonstrating a consistent demand for her works. George Condo and Arnulf Rainer also have a strong presence, with two lots each, highlighting the appeal of both established and contemporary artists.

However, the unsold lots reveal a more mixed picture. Notable works by artists such as Peter Doig (median estimate £17,500), László Mulasics (£15,000), A.R. Penck (£12,500), and Damien Hirst (£10,000) failed to find buyers, suggesting a mismatch between the auction's pricing strategy and market demand for these specific pieces.

The inability to sell works by artists like Conor Harrington, Fabrice Hyber, Gary Hume, and Jiri Hauschka, with median estimates ranging from £7,000 to £8,500, indicates that while these artists may have a following, the specific works offered or their price points did not resonate with collectors at this auction.

The unsold lots also include works by emerging and mid-career artists such as Billy Childish, Matias Faldbakken, David Kim Whittaker, Brandon Lipchik, and Mr Doodle, with median estimates between £5,000 and £6,000. This suggests a more cautious approach from collectors towards lesser-known artists or a need for more targeted marketing efforts to generate interest in their works.

Takashi Murakami stands out as the auction's top artist by lot count, with four pieces sold, but the lower total sales and average price per lot indicate that Murakami's works, while popular, commanded lower individual prices compared to some of the other top-performing artists.

Provenance Analysis

The provenance information provided for the lots in the Wired online auction offers valuable insights into the artwork's history, previous ownership, and exhibition record. By analyzing the provenance details, we can gain a deeper understanding of the art market, the role of galleries, private collections, museums, and exhibitions in shaping an artwork's value and desirability.

Galleries:
The auction features artworks sourced from a diverse range of galleries across various geographical locations. Notable galleries include:

United States:

• CLEARING, New York / Brussels (Lot 50, Aaron Garber-Maikovska)
• Friedrich Petzel Gallery, New York (Lot 77, Charline von Heyl)
• 303 Gallery, New York (Lot 48, Jacob Kassay)
• Perrotin, Paris (Lot 83, Mr.)
• China Art Objects Gallery, Los Angeles (Lot 4, Katherine Bernhardt)
• OHWOW, Los Angeles (Lot 42, Lucien Smith)
• BravinLee programs, New York (Lot 78, Jonas Wood)
• Metro Pictures, New York (Lot 73, Jim Shaw)
• Marc Jancou Contemporary, New York (Lot 41, Barry McGee; Lot 60 & 124, Steven Claydon)

Europe:

• White Cube, London (Lot 23, Gary Hume; Lot 43, Cerith Wyn Evans; Lot 117, Elad Lassry)
• Galerie kreo, Paris (Lot 103, Konstantin Grcic)
• Galerie Catherine Bastide, Brussels (Lot 45, Kelley Walker and Wade Guyton)
• Galerie Gisela Capitain, Cologne (Lot 27, Martin Kippenberger)
• Galería Fran Reus, Palma de Mallorca (Lot 112, Pejac)
• Galleri Magnus Karlsson, Stockholm (Lot 61, Klara Kristalova)

The presence of renowned galleries from the United States and Europe underscores the international scope of the auction and the global nature of the contemporary art market. The high hammer prices achieved by works from galleries such as White Cube, Friedrich Petzel Gallery, and Galerie kreo demonstrate the importance of gallery representation and provenance in driving value.

Private Collections:
Many of the lots in the auction have previously been held in private collections, often following acquisition from prominent galleries. Some notable private collection provenances include:

• Lot 1 (Caroline Walker), Lot 2 (Caroline Walker), Lot 5 (Theodore Ereira-Guyer), and Lot 125 (Pascal Möhlmann): Acquired directly from the artist by the present owner
• Lot 15 (George Condo): Private Collection, New York; Private Collection, Miami; Private Collection, Los Angeles
• Lot 26 (Gilbert & George): Collection of Robert William Burke, Paris
• Lot 65 (Elisabeth Frink): Private Collection (gifted by the artist); Private Collection (by descent from the above)

The direct acquisition of artworks from artists and the presence of works previously held in notable private collections contribute to the provenance and desirability of the lots.

Museums and Exhibitions:
Several lots in the auction have been exhibited at prestigious museums and galleries, enhancing their provenance and art historical significance. Notable exhibitions include:

• Lot 46 (John Armleder): Exhibited at Musée Rath, Geneva; Staatliche Kunsthalle, Baden-Baden; Swiss Institute, New York
• Lot 52 (Philippe Pastor): Exhibited at Monaco Modern'Art, The Essence of the Environment
• Lot 20 (Fiona Rae): Exhibited at CCA: Centre for Contemporary Arts, Glasgow; Hayward Gallery, London; Pierre Bernard Gallery, Nice
• Lot 43 (Cerith Wyn Evans): Exhibited at Hayward Gallery, London; Deutsche Guggenheim, Berlin
• Lot 76 (Arnulf Rainer): Exhibited at Museum Morsbroich, Leverkusen; Städtische Galerie, Regensburg; Kunstverein, Braunschweig

The inclusion of works that have been exhibited at major institutions adds to their provenance and underscores their art historical importance, potentially increasing their value and collector appeal.

The provenance analysis reveals the global nature of the contemporary art market, with galleries and collectors from the United States, Europe, and Asia represented in the auction. The presence of high-value lots sourced from renowned galleries such as White Cube, Friedrich Petzel Gallery, and Galerie kreo highlights the significance of gallery representation in driving value.

The direct acquisition of works from artists, as seen in the case of Caroline Walker (Lots 1 and 2), Theodore Ereira-Guyer (Lot 5), and Pascal Möhlmann (Lot 125), suggests a growing trend of collectors engaging directly with artists, potentially bypassing traditional gallery structures.

The exhibition history of certain lots, particularly those shown at major museums and institutions, demonstrates the importance of institutional recognition in establishing an artwork's art historical significance and market value.

Overall, the provenance information provided in the auction highlights the complex network of relationships between artists, galleries, collectors, and institutions that shape the contemporary art market. By understanding these connections and the role of provenance in driving value, collectors and market participants can make more informed decisions when engaging with the art market.

Collector Recommendations

• Diversify your collection: Consider acquiring works across different mediums, styles, and price points to build a well-rounded and resilient collection.
• Invest in established artists with strong provenance: Prioritize works by renowned artists with a proven track record and notable exhibition history to maximize the potential for long-term value appreciation.
• Keep an eye on emerging talents: Monitor the performance of rising stars like Amoako Boafo and Pejac, as they may represent attractive investment opportunities with room for growth.
• Research provenance and exhibition history: Pay close attention to the provenance and exhibition history of potential acquisitions, as these factors can significantly impact the artwork's desirability and value.
• Engage with the global art market: Explore opportunities to acquire works from international galleries and artists to diversify your collection and tap into the global contemporary art market's potential.