PdP has a 23-ft. Tall Murakami Sculpture to Lead Their Frieze Sale
Takashi Murakami’s Tongari-kun (2003-2004), estimated at between £3.5-£4.5 million, is the star of Phillips de Pury’s Frieze sale that will take place on Saturday night, October 18th. The sale has strong works by Keith Haring, Donald Judd, Anselm Keifer and many others. Our particular favorite is the Joan Mitchell La Grande Vallée (1983). Mitchell’s works have hit a $5 million plateau and this is estimated right there at £2-£3 million.
Josh Baer reports that the Murakami is being sold without a guarantee, an increasingly common occurrence for the top lots. Why? Baer doesn’t give an answer but it may be because consignors are willing to take on more risk in exchange for a greater upside participation. Sotheby’s recent earnings have suggested that the house’s increasing restraint when using auction guarantees had cut into profits. For consignors that would mean selling without a guarantee represents a greater gain.
(We’ll have links to the catalogue once PdP gets it online.)
