Art Market Watch
May 15, 2006PHILLIPS CONTEMPORARY DOES $29.5 MILLION
The May 11 evening contemporary art sale at Phillips, de Pury & Co.
on West 15th Street in Chelsea was hot -- in more ways than one. "They need more ventilation in that room," exclaimed one art dealer. But the market-makers stuck it out, and the sale totaled $29,499,600 (with premium), with 74 of 76 lots finding buyers, or more than 97 percent. The final result was about $2,000,000 above the presale high estimate.