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.

A Test Of Preserving New York

“Over the last few years the growing clout of developers has gradually chipped away at the city’s resolve to protect its architectural legacy. The agency most responsible for defending that legacy, the New York City Landmarks Preservation Commission, has sometimes been accused of putting developers’ interests above the well-being of the city’s inhabitants. A proposal before the commission to tear down several buildings in the Greenwich Village Historic District is shaping up as a crucial test of whether those critics are right.”