Prince Instagram Flipper Profits As Does Phillips

This Richard Prince portrait is a good illustration of some of the interesting costs embedded in the flipping market. Gagosian was selling these works for $90,000 and the hammer price at Phillips was £80k which converts to $124k on the day. Given the popularity of the works, we might assume the buyer paid full price at Gagosian without the standard discount. That would net the consignor $34k.

Phillips charged a £18.5k buyer’s premium which amounts to $28.6k. If you assume some carrying costs for the buyer (shipping, insurance, etc.) The work was about an even split between the two assuming no guarantee.

at Frieze New York in May Gagosian Gallery was selling the portraits for $90,000, so the $150,000 achieved last night represents an increase in value of nearly 70% in just five months.

“The Instagram works are very much of the moment and are difficult to get hold of, there was a waiting list at Gagosian,” says Peter Sumner, the head of contemporary art for Phillips London.

Richard Prince Instagram portrait leaps in value at Phillips (The Art Newspaper)