Auction Watch: Phillips Editions Sale Highlights Strong Demand For Affordable Artworks

Phillips’ January sale set the tone for the auction season, generating anticipation for the works to come throughout the year. January editions sales often highlight specific collections that influence trends in subsequent auctions. This year’s evening portion offered over 60 lots, with one lot withdrawn pre-sale and only three unsold, resulting in an impressive 96% sell-through rate for this first half.

In total, the evening and day portions achieved a hammer price of just over £2 million, marking a 37% decline from last year’s equivalent sale, reflecting the ongoing market correction. Regardless, the performance was strong relative to estimates, achieving 41% above the low estimate - an improvement from last year. Also impressive, this year’s sale saw a notable decrease in the number of lots sold below their pre-sale estimates and fewer unsold lots, with 14 compared to 22 in the 2024 sale. This year's performance demonstrates sustained demand for works, particularly in the lower value brackets, where competitive bidding activity indicates a healthy appetite in the market.

Here are the results:

This year’s January sale reflected broader market trends, where demand for high-value works remains, but with noticeable caution. While most of the highest-valued pieces met expectations, they did so narrowly. The standout performances came from lower-valued lots, which showcased the strongest bidding activity. This shift offers a snapshot of the current market, highlighting a cooling at the upper end and an increasing demand for more accessible, affordable works.

Jonas Woods Sets New Auction Record

The highest-valued lots of the sale revealed mixed trends. Leading the way was American contemporary artist Jonas Wood, who emerged as the star performer with an exceptional performance-to-estimate ratio. Four Majors (2018), achieved an impressive £139,700, far surpassing its £60,000 high estimate and setting a new auction record for Wood’s print market. A collection of four prints featuring various depictions of tennis courts could signal a trending theme to watch in 2025, highlighting popular cultural activities, stadiums, and events.

Jasper Johns also delivered a strong result with Corpse and Mirror (U.L.A.E. 169) (1976), which achieved £101,600 against an £80,000 high estimate. While not a new record, it was nonetheless a solid performance for Johns’ print market.

Lastly, Banksy’s Flower Thrower Triptych (Grey) (2019), the only signed edition included in the sale, ranked among the top three results. Despite only just exceeding its low estimate with fees, this work carried the highest presale estimate of the sale and achieved £120,650, further demonstrating the consistent demand for Banksy’s iconic imagery.

Warhol’s Lower Value Individual Works Outperform Expectations

The Andy Warhol works offered in this sale also followed a similar pattern to the broader market trends, with higher-valued pieces just meeting expectations and lower-valued works delivering more exciting results. Among the top-tier lots was Mao (F. & S. II.92) (1972), which achieved £38,100, slightly surpassing its high estimate of £30,000 (with fees). Similarly, the complete set of Saint Apollonia, which has appeared frequently on the market in recent years, also exceeded its £35,000 high estimate, selling for £38,100 with fees.

Conversely, lower-estimated Warhol works outperformed expectations achieving commendable results. Chicken N Dumplings (1969) sold remarkably well at £60,960, tripling its £20,000 high estimate and marking the second-highest global sale for this work since 2023. Similarly, Cow (F. & S. II.12A) (1976) achieved £20,320, nearly doubling its high estimate, likely due to its exceptional quality and condition. Another standout, Mildred Scheel (F. & S. II.239) (1980) from Warhol’s Ten Portraits of Jews series, set a new record at £43,970 against a £35,000 high estimate, significantly surpassing the previous record of £8,100 set in 2022. The complete set of this collection achieved a new record in 2024, a factor that has contributed to boosting the performance of individual works from trending collections.

Warhol’s Space Fruits Set Early Market Trends

Phillips' January editions sale also tends to highlight certain works from Warhol’s collections that could signal trending pieces to watch throughout the year. Last year’s sale hinted at growing interest in Warhol’s Renaissance Paintings series by featuring various trial proofs. This year, the spotlight shifted to a lesser-known series, Warhol’s Space Fruit collection. In a strategic move, Phillips presented these more affordable works, which showcase Warhol’s versatility beyond his iconic celebrity portraits. Standout pieces included Peaches (F. & S. II.202) (1979), which sold for £17,780 - 1.5 times its high estimate - and Pears (F. & S. II.203) (1979), achieving £13,970, exceeding its presale estimate by 16%.

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Unsigned Banksy Prints Deliver Solid Results in Phillips Sale

While Banksy’s Flower Thrower Triptych was the highest-valued lot of the sale, a selection of unsigned prints also performed impressively at a lower price point. Notable results included Girl With Balloon (2004), which achieved £82,550 - a significant increase compared to all of its sales in 2024 highlighting the enduring value of Banksy’s most iconic imagery. Morons (2006) and Love Rat (2004), both sold for £24,130. Love Rat exceeded expectations, sitting comfortably above its £15,000 high estimate, demonstrating demand and appeal for Banksy’s unsigned works.

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Trending Blue Chip Print Collections To Watch In 2025

Keith Haring’s Blueprint Drawing Plate 14 (1990) came close to its £20,000 high estimate, achieving just over £19,000. This series was a trending highlight in our year-end report, having performed strongly at Heritage Auctions throughout 2024 and setting multiple new records.

Jean-Michel Basquiat’s prints saw a decline in market volume in 2024, which had an impact on overall value. However, his posthumous prints offered in Phillips sale showcased impressive results. Riddle Me This Batman (2022), one of his latest posthumous releases, sold for £27,940 against a £20,000 high estimate, while Untitled III (2023) from The Figure Portfolio achieved £33,020, surpassing its £20,000 high estimate. Showcasing a strong start for Basquiat’s posthumous releases, these prints are produced with impeccable colouring and condition, offering a compelling alternative to owning a Basquiat original. Their market-value will be worth monitoring closely as the year unfolds.

Also a print market worth following, coming off a strong print market performance in 2024, Phillips used this sale to spotlight Roy Lichtenstein’s Brushstroke Faces series, with Mask (1989) selling for £30,480 setting a new auction record and positioning this collection as one to watch in 2025.

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Strong Demand For Lower-Value Hockney iPad Prints

David Hockney had a mixed performance across three works in this sale. His Arrival of Spring prints remain highly sought after, but The Arrival of Spring in Woldgate, East Yorkshire in 2011 (17 May) delivered a modest result, achieving £53,340 with fees - just above its low estimate - in its third auction appearance. While this performance fell short of expectations, other works from Hockney’s iPad drawings are beginning to make their debut on the market, offering a glimpse into their potential value.

In its first auction appearance, 4th February 2021, Flowers in a White Vase with Chair achieved £33,020 with fees, landing on the higher end of its estimate range and showing promise for this newer series. Aligning with the broader narrative of the sale, the lowest-valued work of the three, Pushing Up (1993), outperformed expectations, achieving £15,240 - while not a record breaking performance, still an impressive result against its £7,000 high estimate.

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This sale followed an interesting pattern, with blue chip names performing well but lower-valued works showcasing the most active bidding. This aligns with broader trends observed in the art market, where demand for more affordable works continues to rise.

Ed Ruscha’s Mountain Prints Trend

Ed Ruscha delivered one of the standout moments of the sale. His Mountain prints, which we highlighted in our year-end report as trending, continue to perform strongly. A regular edition of History Kids (2013) realised £60,960 - nearly double its high estimate. This impressive result outperformed even the value paid for a colour trial proof (CTP) of the same print in April last year, setting a new record for the regular edition.

Mel Bochner and Harland Miller Exceed Estimates

Mel Bochner also saw a strong result with Amazing (2012), a monoprint collage that surpassed its high estimate by 65%, achieving £82,550 with fees. While not a new record, it was a commendable performance for this work.

Harland Miller had an intriguing showing. His market is known for its variability, making trends hard to detect, but his bold, sarcastic prints often deliver the highest results. This Is Where It's Fuckin At (2012), a working proof from an edition of three, achieved £57,159 against a £20,000 high estimate. Narcissist Seeks Similar (2021) also performed well, achieving £21,590 against a £15,000 high estimate.

Takashi Murakami Rides Louis Vuitton Re-Edition Launch

Takashi Murakami also impressed, likely fuelled by the buzz surrounding his relaunch of the Louis Vuitton collaboration. Korpokkur in the Forest (2019) was offered with no reserve and set an impressive record, achieving £10,160 against a £3,000 high estimate.

Other noteworthy results included strong performances from Julian Opie, Jeff Koons' Balloon Dog, and Damien Hirst's Spots prints, hinting at a potential revival of interest in this series for 2025. Additionally, photorealistic works by Gerhard Richter continue to trend, making them a key focus for collectors in the coming year.

Next month, the spotlight shifts to New York for Phillips' Editions & Works on Paper sale in February.