Phillips Evening Sale Shatters Records in Art Market
By Darren Smith, Arts Reporter
May 25, 2026
In a season defined by cautious optimism in the international art market, Phillips delivered a powerful affirmation of strength on May 19 with its Modern & Contemporary Art Evening Sale in New York. The auction achieved an impressive $115.2 million total — more than doubling the equivalent sale from the previous year — while posting a flawless 100% sell-through rate across all 41 lots offered.
The evening unfolded at the house’s flagship 432 Park Avenue saleroom, where auctioneer Henry Highley presided over a packed audience and strong online participation. Early momentum proved decisive. The first three lots all exceeded high estimates: Salman Toor’s Two Friends (2020) realized $335,400, Cecily Brown’s untitled 2019 canvas soared to $670,800, and a rare 1985 pastel on canvas by Lee Bontecou commanded $4.227 million, setting a new record for any two-dimensional work by the artist after intense bidding competition.
Andy Warhol emerged as a clear highlight of the night. His iconic Sixteen Jackies (1964) led the sale at $16.225 million, while 4 Colored Marilyns (Reversal Series) (1979-1986) achieved $5.63 million and a 1966 Self-Portrait brought $4.776 million. Other blue-chip standouts included Claude Monet’s luminous La Route de Vétheuil, effet de neige (1879) at $9.92 million and Gerhard Richter’s 1984 abstract Besen at $8.07 million.
The sale also celebrated strong demand for women artists across generations. A 1960 abstraction by Pat Passlof established a new artist record at $580,500. Joan Mitchell’s Plain (1989) from the Estate of Tina Hills realized $6.85 million, Helen Frankenthaler’s Paloverde (1978) more than doubled expectations at $2.19 million, and an Agnes Martin canvas from 1985 sold for $4.044 million.
Works from The Collection of Ambassador John L. Loeb, Jr. contributed $8.4 million overall. Highlights included P.S. Krøyer’s Self-Portrait, Sitting by His Easel at Skagen Beach (1902), which set a new record at $1.29 million, along with two Vilhelm Hammershøi interiors acquired by prominent institutions.
Observers credited much of the success to Phillips’ Priority Bidding initiative, which offers a 4% discount on the buyer’s premium for bids placed well in advance. Chairman Robert Manley noted a nearly six-fold increase in such bids year-over-year, helping secure the white-glove result with fewer guarantees than in previous seasons.
By thoughtfully balancing iconic 20th-century masters with fresh contemporary voices — including a new record for Joseph Yaeger at $477,300 — Phillips demonstrated that quality, provenance, and strategic innovation continue to drive collector enthusiasm. This standout performance not only solidifies the house’s growing presence in New York but signals broader resilience at the upper end of the market.
For collectors seeking to engage with exceptional works and future opportunities, explore the full results and upcoming auctions at Phillips’ official sale page. Learn more about the innovative Priority Bidding program, read in-depth coverage in Observer, and review detailed analysis at Artnet News. Sign up for Phillips auction alerts today to stay ahead of the market.
Cover image has been Ai generated
