Basquiat's Untitled - ELMAR Achieves USD 46.5 Million at Phillips' New York Auction

New York, 14 May 2024

In an impressive display of art market strength, Phillips’ Evening Sale of Modern & Contemporary Art showcased top-tier works, led by Jean-Michel Basquiat's Untitled (ELMAR), which sold for $46.5 million. The sale featured exceptional results for Post-War and Contemporary Masters, including Helen Frankenthaler, Derek Fordjour, and Noah Davis, with a new auction record set for Kent Monkman.

Basquiat Masterpieces Dominate Phillips’ Evening Sale of Modern & Contemporary Art

Jean-Paul Engelen, President, Americas, and Worldwide Co-Head of Modern & Contemporary Art, emphasized Phillips' commitment to offering significant works from the past century, expressing pride in selling the highest estimated lot of the week. He highlighted the sale's 24% increase from the previous year, reflecting market trust in Phillips and strong relationships with consignors, fiduciaries, and estates.

Robert Manley, Deputy Chairman and Worldwide Co-Head of Modern & Contemporary Art, praised the breadth of the sale, noting exceptional performances by Post-War and Contemporary works. He mentioned Grace Hartigan’s Montauk Highway achieving over $900,000 and Helen Frankenthaler's Acres reaching $3.7 million, the highest price for a 1950s work by the artist.

Derek Fordjour’s Numbers and Barkley Hendricks’ Vendetta also achieved notable results. Manley looked forward to continued enthusiasm for Basquiat masterworks in Phillips' upcoming Hong Kong sale.

Top Ten Lots Lot Description Estimate (USD) Price Achieved (USD)

5 Jean-Michel Basquiat, Untitled (ELMAR), 1982 $40,000,000 - 60,000,000 $46,479,000

6 Jean-Michel Basquiat, Untitled (Portrait of Famous Ballplayer), 1981 $6,500,000 - 8,500,000 $7,892,500

12 Donald Judd, Untitled, 1978 $5,500,000 - 7,500,000 $5,989,000

7 Helen Frankenthaler, Acres, 1959 $1,800,000 - 2,500,000 $3,690,000

4 Barkley L. Hendricks, Vendetta, 1977 $2,500,000 - 3,500,000 $3,206,000

9 Donald Judd, Untitled, 1994 $2,000,000 - 3,000,000 $2,722,000

13 Jean-Michel Basquiat, Untitled (Grain Alcohol), 1983 $1,000,000 - 1,500,000 $1,996,000

11 Yayoi Kusama, Nets in the Night (TPXZZOT), 2007 $1,500,000 - 2,000,000 $1,875,000

14 Rashid Johnson, Anxious Red Painting September 24th, 2020 $1,000,000 - 1,500,000 $1,391,000

15 George Condo, Focusing on Space, 2016 $1,000,000 - 1,500,000 $1,270,000 New Auction Records Lot Description Estimate (USD) Price Achieved (USD)

25 Kent Monkman, The Storm, 2020 $300,000 - 500,000 $381,000

Phillips reported a sale total of $86,297,799, with 89% of lots sold by lot and 94% by value. The auction attracted bidders from 30 countries, with strong participation from Asia.

Phillips’ Evening Sale demonstrated the robust demand for high-value art, particularly for works by Basquiat and other Post-War and Contemporary Masters. The strong results and new auction records underscore Phillips' influence in the art market and the growing trust from global collectors.