Art market datapoint of the day
Phillips de Pury had a small contemporary editions sale yesterday, which included this quite lovely little unsigned and unframed fabric piece by Louise Bourgeois. An edition of 125, it was estimated at between $1,200 and $1,800; it ended up selling for $16,250.
A few lessons can be drawn from this:
- Auction-house estimates often don’t mean very much.
- Bidders can get carried away in the heat of an auction.
- Love makes you do crazy things: I’m sure it was the motivation for both the winning bidder and the underbidder.