Contemporary Auction Blues

“Under the Influence,” the Phillips de Pury sale of contemporary art, failed to cast a spell on buyers yesterday. Of the 354 lots offered for sale, roughly 65% — 229 paintings — found buyers. Buyers still lingering in town after the Armory Show this weekend spent a total of $5.25 million at this sale, but the $4.25 million in hammer prices (the premium price includes the auction house commission which is not factored into estimates) did not measure up against a pre-sale estimate of between $6.2 million and $8.8 million.