Courtesy Phillips de Pury & Company

Donald Judd's "Untitled (77/23-Bernstein)" (1977) was the evening's top lot, selling for $3,218,500 (est. $4–6 million).

Damien Hirst Donald Judd Anish Kapoor Matthew Barney John Currin John McCracken Kendall Geers Mark Grotjahn

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De Pury was referring to the heavily guaranteed kit at his uptown rivals, which both lost millions on their poorly timed market bets.

“In hindsight,” said Phillips’s contemporary head Michael McGinnis, “not giving guarantees was the right strategy in this economy.” Speaking to future sales, McGinnis said, “We need to tighten volume and get tough on lowering estimates and reserves,” which he pegs at a jaw-dropping 40 to 50 percent of current estimates.

Those sobering comments elicited just after the sale were not quite in earshot of Leonid Friedland, the Russian CEO of Mercury Group, who stood near the auctioneer’s rostrum, chatting on his cell phone. When approached by this reporter, the casually attired fashion mogul, outfitted in a dark sport jacket, jeans, and sneakers, pleasantly demurred from making any comment and pointed to de Pury, saying in Russian-accented English, “Thank you very much.”

Even with the dismal statistics, the crowd applauded at the end of the auction, seemingly relieved that the market was fighting to find its new level.

Judd Tully is Editor at Large of Art+Auction.