Phillips Auction Achieves Tepid Results in London; Russian Billionaire Accuses Sotheby's of Art Fraud
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Phillips recently held an auction in London, which achieved a total of $22.4 million, falling within the pre-sale estimate range. However, the top lots sold below their estimated values, with some even selling at a loss to their owners. Notable sales included a Banksy mural and an Anish Kapoor sculpture. The auction also saw high competition for works by emerging artists, such as Mohammed Sami and Stefanie Heinze. On the other hand, Damien Hirst's work underperformed, as it has been the case in previous auctions. Additionally, the article highlights two separate stories of individuals who unknowingly sold valuable artworks for significantly less than their actual worth .
Phillips's 20th century and contemporary art auction realized £18.3 million ($22.4 million), aligning closely to last O...
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