Phillips, de Pury & Luxembourg

Art Business News, July, 2003 by Vanessa Silberman

* The sale of contemporary art at New York's Phillips, de Pury & Luxembourg in its new downtown location was a hit, as the auction house sold 38 of 42 lots offered, or more than 90 percent, for a total of $11.6 million. "The room had a great energy and feel," Owner Simon de Pury said. The top lot was a graffiti painting by Cy Twombly, "Untitled (Bolsena)" (1969), which sold for $1.9 million, well below its $2.5 million presale estimate.

The same anonymous buyer won "Jackie (Two Works)" (1964) by Andy Warhol, which sold for $383,600, just below the presale low estimate of $400,000. Other highlights included "Back Light" (2000) by East German figurative painter Neo Rauch, which sold for $196,500 (est. $100,000 to $150,000), setting a new auction record for the artist.