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  • The Art Market Enters 2026 With Renewed Confidence and a Sharper K-Shape Divide

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    Four donut charts summarize an ArtTactic January 2026 survey showing market outlooks over the next 12 months: Modern artists (57 percent positive, 38 percent neutral, 5 percent negative), Post-War artists (52 percent positive, 40 percent neutral, 8 percent negative), Contemporary artists (42 percent positive, 43 percent neutral, 15 percent negative), and Young Contemporary artists (28 percent positive, 40 percent neutral, 32 percent negative).
    Experts’ view on the market performance for the different artist segments over the next 12 months. Source: ArtTactic Art Market Expert Survey – January 2026

    As Observer predicted would happen in our own end-of-year reporting, the market’s K-shaped divide will only become more acute: the most robust performance and dynamic deal flow are expected either at the top end—above the $1 million mark—or in the more accessible tiers below $50,000, while the middle market remains sluggish, especially for contemporary artists whose prices outpaced their résumés on the way into the five-figure range.

    While 51 percent of experts surveyed expressed a positive outlook for the over-$1 million segment, confidence has rebounded even more sharply in the lower tiers, with 61 percent of respondents expecting a stronger year, compared with just 44 percent in 2025. Even on the heels of a stellar fall auction season, most experts—57 percent—agree that the secondary and auction markets will recover more quickly than the primary market, where 46 percent anticipate a flat year of post-bubble stability and only 35 percent foresee a comparable revival.

    Across period categories, demand continues to concentrate around a limited number of names. For example, while the $236.4 million record-breaking Klimt sale contributed to the Modern segment’s standout performance—reaching $1.38 billion in 2025, up 19.4 percent year over year—the survey shows that auction sales were largely driven by just three top performers: Pablo Picasso (up 23.8 percent), Mark Rothko (up 122.2 percent) and Alexander Calder (up 108.9 percent). Similarly, on the Postwar and Contemporary side, the strongest gains were recorded by institutionally and market-consolidated artists such as Jean-Michel Basquiat, Gerhard Richter, David Hockney, Ed Ruscha and Yoshitomo Nara, all of whom have been the subject of major museum exhibitions in recent years, reinforcing both buyer interest and market confidence.

    Meanwhile, as the ultracontemporary segment continues to cool, all five of the top-selling Young Contemporary artists at auction—Matthew Wong, Nicolas Party, Avery Singer, Shara Hughes and Jadé Fadojutimi—have experienced year-over-year declines in both lot volume and total sales since 2023. Nicolas Party, once a market phenomenon, saw his total auction sales fall from a peak of $20,170,129 in 2023 to $2,497,160 in 2025. It remains unclear whether his current exhibition of 40 pocket-size paintings at Karma New York is intended to reignite market interest or to strategically introduce more accessible price points for new buyers after prices rose too quickly to sustain demand. Only 10 works were actually offered for sale, priced between $165,000 and $205,000, and all sold. The remaining three quarters of the exhibition consist of works from the artist’s archive—replicas of earlier pieces—intended, perhaps, to maintain visibility and keep his “myth” alive.

    A minimalist gallery installation with soft peach-pink walls, small framed artworks spaced widely across the room, a polished concrete floor and a geometric ceiling light illuminating the space.A minimalist gallery installation with soft peach-pink walls, small framed artworks spaced widely across the room, a polished concrete floor and a geometric ceiling light illuminating the space.
    Installation view: Nicolas Party’s “Dead Fish” at Karma Chelsea. Courtesy Karma

    More broadly, compared with the near-impossible waiting lists of the recent past, many of these artists are now considerably more accessible on the primary market, provided buyers are willing to meet revised price expectations. This shift may help explain the increase in unsold, withdrawn or canceled lots at recent auctions, unless estimates were already adjusted to create a sense of “deal.” A vivid 2022 abstraction by record-setting artist Jadé Fadojutimi, for example, failed to sell at Phillips last November, likely due to an overly ambitious $800,000-1,200,000 estimate. At Frieze Seoul in September, Taka Ishii presented an entire booth of her works priced between a more accessible $475,000 and $610,000, all available for sale on preview day.

    Holding periods and annual rates of return

    Looking at 81 repeat sales in the contemporary segment, the average annual rate of return (CAGR) fell to +2.3 percent (not inflation-adjusted), down from +5.1 percent the previous year. Short-term resales were particularly weak: nine works resold within five years posted an average annual loss of -9.2 percent. While it’s best to avoid framing art purely in financial terms, analysis confirms that, in today’s post-wet-paint-bubble market, historically validated works held for extended periods by the same owner deliver the strongest resale outcomes.

    In the Impressionist category, for example, at least 67 percent of resold lots generated positive returns, up slightly from 65 percent in 2024, with an average annual return of +5.4 percent (not inflation-adjusted), compared with +4.3 percent the previous year. The average holding period increased to 27.3 years from 22.9 years in 2024, while the top 10 performing lots achieved an average CAGR of +18.2 percent over an average holding period of 14.6 years. The strongest individual result of 2025 was Tamara de Lempicka’s Femme Assise (1925), which sold for $522,357 (including buyer’s premium) at Christie’s Hong Kong in September 2025 after being acquired in 2015 for $31,283—an annualized return of +30.3 percent over a ten-year holding period.

    Returns are even more polarized in the Postwar category when holding periods are factored in. According to ArtTactic, among 10 works resold within five years, the average annual loss was -7.6 percent. In contrast, works held for more than two decades delivered significantly stronger results, with average annual returns of +9.6 percent, rising to an average CAGR of +19.1 percent over a 15.3-year holding period.

    Graph showing Holding Period vs Annual Rate of Return of Repeat Sales Sotheby’s, Christie’s & Phillips Marquee Sales - 2025Graph showing Holding Period vs Annual Rate of Return of Repeat Sales Sotheby’s, Christie’s & Phillips Marquee Sales - 2025
    In today’s post-wet-paint-bubble market, historically validated works held for extended periods by the same owner deliver the strongest resale outcomes. Source: ArtTactic Art Market Expert Survey – January 2026

    In the contemporary segment, the holding period proves decisive, as time allows living artists to achieve more meaningful institutional validation—helping justify price levels and fueling both demand and confidence. Longer-held works, particularly those owned for more than 20 years, continued to perform more positively, delivering average annual returns of +8.9 percent. The strongest result was Lynette Yiadom-Boakye’s Womanology (2010), which sold for $573,181 (including buyer’s premium) at Phillips London in March 2025 after having sold for $90,600 at Christie’s London in 2014, yielding an annualized return of +19.4 percent over a 10.4-year holding period.

    Political uncertainty and market expectations

    One of the most revealing elements of the report is the extent to which art market experts’ sentiment aligns with rapidly shifting global geographic and economic conditions—particularly given how eventful the year’s opening has been. Despite growing political division and rising tension at both national and international levels, the Federal Reserve Bank’s Blue Chip survey of professional forecasters still projects about 1.9-2.0 percent real GDP growth for 2026, with inflation hovering around 2.9 percent and unemployment slightly higher than in 2025. At the 2026 World Economic Forum, U.S. officials suggested even stronger early-year momentum, with Commerce Secretary Howard Lutnick forecasting first-quarter GDP growth above 5 percent. Reinforcing this relative resilience, all 33 U.S. banks with assets over $50 billion posted positive total returns last year.

    Yet political uncertainty is clearly filtering into market expectations. While art expert sentiment toward the U.S. art market as the primary global center remains broadly positive heading into 2026, more optimistic growth expectations declined from 52 percent in 2025 to 48 percent in 2026. The current political and economic environment has also shaped experts’ perceptions of London and, more broadly, the U.K., which was once the undisputed second global center of the art market. Nearly half of respondents—49 percent—expect the British art market to remain at current levels, reflecting cautious confidence but also an acknowledgment that punitive tax policies targeting high-net-worth individuals—compounded by the longer-term disruptions of Brexit—have increasingly pushed wealth toward other global centers rather than attracting it.

    U.S. Outlooks: where experts see the Modern and Contemporary art market heading in 2026?U.S. Outlooks: where experts see the Modern and Contemporary art market heading in 2026?
    Despite growing political division and rising tension at both national and international levels, the U.S. Federal Reserve Bank’s Blue Chip survey of professional forecasters still projects about 1.9-2.0 percent real GDP growth for 2026. Source: ArtTactic Art Market Expert Survey – January 2026

    Despite Europe entering 2026 in a phase of growing fragility—marked by heightened geopolitical tension, economic deceleration and a visible erosion of political leverage on the global stage—expert sentiment toward the continent has nonetheless improved. Positive expectations for Europe’s role in the art market rose from 17 percent to 28 percent, primarily driven by Paris’s renewed positioning as the most dynamic global art hub. Still, with the overall economic growth outlook for 2026 remaining sluggish at around 1.3 percent with slower wealth expansion than in other regions, most experts anticipate a stabilized, largely flat market characterized by incremental improvements rather than a full revival or renewed growth cycle.

    Experts increasingly agree that power dynamics—and particularly the financial force shaping the future of the art market—are shifting toward new geographies. Unsurprisingly, with the arrival of Art Basel and Frieze and the success of Sotheby’s early Saudi sales, the Middle East—and the Gulf in particular—stands out as the most bullish region heading into 2026, with 76 percent of experts expecting positive market performance and minimal downside risk. This confidence is driven not only by the growing concentration of wealth but also by robust public investment in cultural infrastructure, an expanding institutional presence and sustained government-backed initiatives, with tourism authorities partnering directly not only with global museum brands but also, increasingly, with fairs and auction houses. Although the Middle East still accounts for a relatively small share of global turnover and activity remains concentrated in a limited number of centers, with regional economic growth projected at around 3.9 percent in 2026, its fairs and institutions are emerging as new magnets for international market activity at a moment when other regions face slower growth and mounting political headwinds.

    South Asia and Southeast Asia are the other regions experts expect to sustain growth, driven by rising domestic wealth, increasing international recognition of regional artists and expanding institutional engagement that continue to bolster market confidence. This momentum is further reinforced by a younger, increasingly affluent population drawn to art, design and luxury collecting, with growing spending power. According to Christie’s year-end results, younger and new buyers from the region accounted for 37 percent of global luxury auction spending. Reflecting this shift, 53 percent of respondents now believe the art market in South Asia will continue its ascent, up from 32 percent last year. In comparison, positive expectations for Southeast Asia have climbed to 48 percent, up from 35 percent in 2025. India, in particular, remains the region’s anchor market, supported by strong domestic demand, projected economic growth of around 6.4 percent in 2026 and a rapidly expanding base of high-net-worth and ultra-high-net-worth individuals.

    The primary gateway to the region remains Hong Kong, where all major auction houses have doubled down over the past year, investing heavily in expansive, experience-driven luxury headquarters. While auction results in 2025 were uneven and buyer behavior at Art Basel Hong Kong was notably more conservative, expert sentiment toward the city has improved sharply. Positive expectations for Hong Kong as the region’s leading art-market hub rose from 19 percent to 48 percent, while negative views fell dramatically from 52 percent in 2025 to just 14 percent heading into 2026.

    Graphs showing China and Hong Kong Outlooks: where experts see the Modern and Contemporary art market heading in 2026?Graphs showing China and Hong Kong Outlooks: where experts see the Modern and Contemporary art market heading in 2026?
    China’s improving art-market outlook appears increasingly driven by ultra-high-net-worth individuals and internationally mobile capital, particularly as it continues to funnel through Hong Kong’s established financial and cultural infrastructure. Source: ArtTactic Art Market Expert Survey – January 2026

    This rebound in confidence has unfolded alongside renewed optimism around mainland China. Despite escalating geopolitical tensions and U.S. tariffs, China posted approximately 5.0 percent economic growth in 2025, meeting the government’s official target and marking a modest rebound amid persistent domestic weakness and external pressures. While domestic consumption remained subdued—with retail sales growing only about 3.7 percent—and private museums continued to close throughout 2025, the improving art-market outlook appears increasingly driven by ultra-high-net-worth individuals and internationally mobile capital, particularly as it continues to funnel through Hong Kong’s established financial and cultural infrastructure.

    Looking more broadly across Asia, experts also anticipate renewed energy in the South Korean market following a slow year and sluggish sales at Frieze Seoul, as the initial contemporary boom gave way to more conservative behavior—even among younger buyers. Thirty-four percent of experts expect a positive turn (up from 16 percent in 2025), supported by a broader wealth outlook pointing to moderate economic recovery, with growth projected at around 1.9-2.0 percent in 2026, driven by semiconductors, A.I.-related investment and a rebound in domestic consumption. This recovery is expected to be measured rather than explosive, as the market stabilizes after a speculative phase and becomes increasingly supported by institutional engagement and a more selective, quality-driven collector base.

    Stability is also expected to continue to characterize Japan’s steadily evolving art market, in line with its broader economy and political landscape. Neutral sentiment among experts rose to 65 percent (up from 35 percent), reflecting a market historically anchored in mature institutions and seasoned players—largely resistant to speculative excess after having already absorbed its consequences during the 1980s boom.

    Looking to the other side of the Americas, despite slowing regional growth and heightened geopolitical tension heading into 2026, confidence in the Latin American art market is strengthening, with positive expectations rising to 41 percent on the back of record-setting Modern sales and increased international visibility.

    Experts’ outlook for Africa’s art market also remains stable rather than expansionary, with modestly improving sentiment and declining downside risk supported by selective institutional interest and growing international visibility—even as strong economic growth from a low base continues to be tempered by structural infrastructure constraints.

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    Elisa Carollo

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  • In Its Best Week Since 2021, Sotheby’s Hit $1.173B With a $54.7M Kahlo Finale

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    On November 20, Sotheby’s generated a combined total of $304.6 million between the Cindy and Jay Pritzker Collection, Exquisite Corps and Modern Evening sales. Julian Cassady Photography / Ali

    Of the $1.6 billion of art expected to change hands during this year’s November sales, $1.1 billion was secured by Sotheby’s when the evening sales concluded on the 20th. When tallied with the Day sales the following afternoon, the auction house’s fall marquee week sales had generated a total of $1.173 billion—the second-highest total ever after the $1.33 billion achieved in November 2021 at the height of the contemporary and ultracontemporary markets.

    Following the success of the Leonard A. Lauder sale, which delivered a $527.5 million Evening total and a clean 100 percent sold rate for the $3.8 million Day sale offering (est. $3.2 million), Sotheby’s completed a full white-glove, three-sale marathon. It opened with The Cindy and Jay Pritzker Collection Evening Auction, which totaled $109.5 million, followed by the $98.1 million Exquisite Corpus sale and a $97 million Modern Evening auction. Driving many of the lots was strong participation from Asia, which accounted for 30 percent of total bidding, a reminder that Asian collectors respond enthusiastically when true quality comes to market.

    Most importantly, if 2021 belonged to the contemporary and ultracontemporary frenzy, these marquee sales showed a clear pivot. Buyers turned toward art-historical touchstones by the most established names in Modern art or toward figures long overlooked and now undergoing reassessment. Across the November sales, Sotheby’s sold $843 million of Modern works, the highest total ever for the category in a single season. Prestigious provenance and strong storytelling were key in this inaugural auction round at the Breuer building for Sotheby’s, with single-owner collections accounting for 72.5 percent of the week’s total ($828,244,220 of $1.173 billion). And in the contemporary segment, it was the artists with the strongest institutional foundations who rose to the top.

    “After years of uneven seasons, this week’s results demonstrate that the often quoted cliche of the three D’s (death, debt and divorce) powering the art market has never been truer,” Mari-Claudia Jimenéz, partner and co-head of Withers Art & Advisory, confirmed. For the industry’s seasoned expert, the abundance of fresh-to-market, extraordinary-quality estate properties inspired buyers to return with gusto to chase the best-in-class works with impeccable histories.

    Sotheby’s evening marathon on November 20 began with the collection of Chicago’s Cindy and Jay Pritzker, who are best known for founding the Pritzker Architecture Prize in 1979. The sale immediately set the tone of the night, generating $109.5 million across just 13 works against a pre-sale estimate of $73.5 million to $88.5 million.

    Leading the auction was Vincent van Gogh’s Romans Parisiens (Les Livres jaunes) (1887), a radiant still life from the artist’s Paris period in which a stack of yellow-bound books becomes a portrait of his voracious intellect and humanist curiosity. Boasting an extensive exhibition history, the canvas was pursued for at least seven minutes by five bidders and sold for a record-setting $62.7 million, well above its estimate of around $40 million and setting a new benchmark for any still life by the artist.

    Deep bidding also accompanied the sale of Wassily Kandinsky’s musical watercolor “Ins violett” (Into Violet) from the height of his Bauhaus period, listed as No. 188 in his handlist. Sought by five bidders in a spirited exchange, it more than doubled its high estimate, fetching $2,368,000 (est. $700,000-$1,000,000).

    Other Modern masterworks in the Pritzker collection prompted intense competition. Camille Pissarro’s Bords de l’Oise à Pontoise, dating to the beginning of the artist’s second sojourn in Pontoise in 1872, was pursued by four bidders and achieved $2.5 million against its $1.2-1.8 million estimate. Félix Vallotton’s poetic domestic scene, Femme couchée dormant (Le Sommeil), triggered an animated battle between six collectors on the phones and in the room, pushing it above its $1.8-2.5 million estimate to sell for $2.8 million. The canvas had been acquired by the Pritzkers from Wildenstein & Co., New York, in 1985 and remained with them ever since, as did most lots in the sale.

    Lot 10, the Cubist Nature morte by Fernand Léger, also sparked back-and-forth bidding from five contenders, driving the work to $2,214,000, nearly double its $800,000-$1.2 million estimate. This was followed by a $9,200,000 result for Max Beckmann’s classics-inspired canvas, sought by five bidders, and Joan Miró’s uncanny sculptural reinterpretation La Mère Ubu, which achieved $5,052,000 after a battle between four bidders, landing near the midpoint of its $4-6 million estimate. The bronze had been acquired by the couple in 1980 from legendary dealer Pierre Matisse in New York.

    Another highlight, Henri Matisse’s Léda et le cygne, sold for $10.4 million, meeting its high estimate with fees. One of the very few architectural pieces by the artist—the majority of which are in public spaces or museums—and the first of its kind to appear at auction, the unique work was commissioned in 1943 by Argentine diplomat Marcelo Fernández. Last exhibited publicly during the 1984-85 Matisse exhibition at the Moderna Museet in Stockholm and the Louisiana Museum of Modern Art in Humlebæk, it was acquired the following year by the Pritzkers from Feingarten Galleries in Los Angeles. But Paul Gauguin’s La Maison du Pen du, gardeuse de vache from his Nabis period failed to find enough bidders to meet its $6-8 million estimate, selling instead at its reserve for $4,930,000.

    Frida Kahlo’s $54.7 million record

    The evening continued with a section entirely dedicated to Surrealism, as the movement continues to gain momentum, further ignited by the major Surrealist show that has just opened at the Philadelphia Museum of Art, and as its unsettling aesthetic resonates uncannily with the chaos, sentiments and desire to exorcise it that define our time. In only one night, Sotheby’s placed more than $123 million of Surrealist works, the highest total for Surrealist art ever sold in one evening at Sotheby’s.

    A painting by Frida Kahlo shows a woman sleeping in a yellow bed while a skeletal figure lies on a second bed stacked above her against a cloudy sky background.A painting by Frida Kahlo shows a woman sleeping in a yellow bed while a skeletal figure lies on a second bed stacked above her against a cloudy sky background.
    Frida Kahlo’s El sueño (La cama) from 1940 achieved $54.7 million with fees, becoming the most expensive work by a female artist. Sotheby’s

    The dedicated single-owner sale Exquisite Corpus offered works from one of the most distinguished private Surrealist collections, accumulated over four decades, yet kept rigorously unnamed in keeping with the movement’s aura of mystery. Nonetheless, given that many of the lots appeared in the Guggenheim’s 1999 exhibition “Surrealism: Two Private Eyes,” which celebrated the collections of Daniel Filipacchi and record producer Nesuhi Ertegun—who together assembled the most important grouping of Surrealist art in private hands—we can reasonably speculate that the consignor is most likely the Ertegun estate, especially once noticing that several works list in their provenance that they were acquired from the Parisian dealer Daniel Filipacchi, ruling him out as the consignor. Artnews reached the same conclusion, reporting that the 1940 Kahlo was consigned by the estate of Selma Ertegun, who built the collection with her late husband Nesuhi Ertegun. The session closed with a white-glove result of $98.1 million, with 67 percent of works selling above their high estimates.

    The undisputed star of the collection was Frida Kahlo’s masterpiece of mystery and spirituality, El sueño (La cama), which ignited spirited international bidding before hammering at $47 million, or $54.7 million with fees, to Anna Di Stasi, Sotheby’s senior vice president and head of the Latin American art department. The result not only set a new record for the artist but also for any woman artist at auction, surpassing the previous $44.4 million benchmark set by Georgia O’Keeffe in 2014. The mystical canvas had been purchased by the consignor at Sotheby’s in 1980 for $51,000 and remained in the collection since then, marking a return of roughly 107,000 percent.

    Depicting a skeleton floating above the artist as she lies in her bed—herself suspended midair as a fragile terrestrial vessel—Kahlo visualizes what art historian Whitney Chadwick describes as the “Mexican belief in the indivisible unity of life and death.” Considered a key work in Kahlo’s career, where she reached the height of her symbolic and psychological resonance, the canvas boasts a major exhibition history, having appeared in “Frida Kahlo and Tina Modotti” (1982-83) at the Whitechapel Gallery in London, the Haus am Waldsee in Hamburg, Kunstverein Hannover, Kulturhuset Stockholm, New York University’s Grey Art Gallery and the Museo Nacional de Arte in Mexico City. It also featured prominently in the Guggenheim’s 1999 show “Surrealism: Two Private Eyes,” and in the Tate’s landmark Kahlo survey in 2005, which later traveled to the Walker Art Center and the Philadelphia Museum of Art in 2007-08.

    We will see this masterpiece again soon in a slate of upcoming exhibitions, including “Frida y Diego: The Last Dream” at MoMA in New York (March 22-September 7, 2026), “Frida: The Making of an Icon” at Tate Modern in London (June 25, 2026-January 3, 2027), “Frida Kahlo—The Painter” at Fondation Beyeler in Basel (January 31-May 17, 2027), and “The Autonomous Gaze” at the Bundeskunsthalle in Bonn, Kunstmuseum Basel, the Espoo Museum of Modern Art and BOZAR Brussels (December 2026–July 2028).

    Another standout of the evening, Salvador Dalí’s jewel-like Symbiose de la tête aux coquillages, captivated several bidders with its hallucinatory power, reaching $4,198,000 (est. $2-3 million) on the phone with an Asian bidder. With a distinguished exhibition history—from the Hayward Gallery’s Dada and Surrealism Reviewed (1978), to Centre Pompidou’s “Salvador Dalí: rétrospective, 1920-1980 (1979-80),” to the Guggenheim’s “Surrealism: Two Private Eyes (1999)”—the work was acquired from Daniel Filipacchi in Paris in 1977 and remained with the consignor ever since, meaning they were also responsible for these museum loans.

    The market for Paul Delvaux also remains strong, with his haunting Composition reaching the high end of its estimate and selling for $3.8 million (est. $2.5-3.5 million).

    Female Surrealists remain a bright spot. First exhibited in 1953 as part of her solo show at Alexander Iolas in 1958 and formerly in the collection of William N Copley, Dorothea Tanning’s otherworldly Interior with Sudden Joy sold for $3.2 million (est. $2-3 million), setting a new record for the artist. Her previous record, Endgame (1944), achieved $2.3 million at Christie’s last May.

    hanting image of women dressed in white dresses in the darknesshanting image of women dressed in white dresses in the darkness
    Dorothea Tanning’s otherworldly Interior with Sudden Joy sold for $3.2 million (est. $2-3 million), setting a new record for the artist. Sotheby’s

    Highly coveted among collectors are the extremely rare paintings on masonite by Remedios Varo. Created shortly after Varo fled war-torn Europe, marking a pivotal shift in the artist’s storied practice, her Sans titre from 1943 approached the million mark after fees, landing at $952,500 (est. $500,000-700,000). Her current record, Revelación, was set last May at Christie’s at $6.22 million, surpassing her earlier $6.19 million record for Armonía (Autorretrato Sugerente) in 2020. Reflecting the growing curatorial effort to decentralize Surrealism beyond Paris, the recent major survey celebrating the movement’s centenary dedicates its final room to a compelling dialogue between Varo and Leonora Carrington.

    Another striking leap came for the French artist, illustrator and long-underrecognized Surrealist insider Valentine Hugo, whose Le Crapaud de Maldoror climbed to $825,555 after seven bidders pushed it far beyond its $150,000-200,000 estimate. And for those who enjoy the footnotes of Surrealist intrigue, the piece dates from the period when Hugo was also romantically entangled with André Breton.

    New attention to Surrealist influences in Latin American modernism also propelled Óscar Domínguez’s La Machine à écrire, which more than doubled its high estimate and sold for $3.7 million (est. $1-1.5 million). More broadly, as institutions work to broaden the canon, overlooked figures outside Surrealism’s Parisian core are gaining the long-overdue recognition they deserve.

    One of them is Austrian-Mexican artist Wolfgang Paalen, a member of Abstraction-Création from 1934 to 1935, who joined the Surrealist movement after relocating to Mexico in 1935 and remained a significant figure until 1942. His revelatory, surreal landscape, Fata Alaska, set a new auction record for the artist at $1,016,000 (est. $350,000-450,000).

    Another double record arrived courtesy of Hans Bellmer, who broke his auction record twice in one night. First, his uncanny gouache Main et Bras achieved $508,000 (est. $100,000-200,000). Then, a rare and intensely erotic oil on canvas—a medium he rarely used, being far better known for his photographs of dolls—nearly reached the million-dollar mark, fetching a record-setting $942,000 (est. $300,000-400,000). “The starting-point of desire, with respect to the intensity of its images, is not in a perceptible whole but in the detail,” Bellmer wrote in his anatomy of image. “The essential point to retain from the monstrous dictionary of analogies/antagonisms which constitute the dictionary of the image is that a given detail, such as a leg, is perceptible, accessible to memory and available, in short, is real.” It is a reflection that perfectly encapsulates the tension between fascination and horror, erotism and violence that animates all his seductive yet unsettling work.

    A $97 million Modern Evening

    The evening concluded with the core offering of the Modern Evening auction, which across its 29 lots generated $97 million, surpassing the pre-sale estimate of $71.1-101.9 million. One of the evening’s most anticipated lots, René Magritte’s Le Jockey Perdu, led the sale, achieving $12.3 million after fees. The exquisite gouache encapsulates Magritte’s signature play with visual paradoxes, maintaining the sense of spatial disorientation and uncanniness—alongside the sly playfulness—that runs through his entire oeuvre. First conceived as a papier collé in 1926, the motif was quickly followed by an oil of the same title, which headlined the artist’s first one-man exhibition in 1927 at Galerie Le Centaure in Brussels. Evidently fascinated by the theme, Magritte returned to the image of the lost jockey in multiple gouaches and oils throughout his career. The work came from the collection of the late real estate magnate Matthew Bucksbaum and his wife Carolyn, whose group of works in the sale brought a combined total of $25.2 million.

    Despite the nearly three-hour marathon, the Modern session opened energetically with Joan Miró’s oil-on-burlap panel, Personnages et oiseau devant le soleil, also from the Bucksbaum Collection. It prompted a dynamic bidding battle between seven contenders, rapidly pushing it far beyond its $400,000-600,000 estimate to land at $2,368,000. The couple had acquired the work in 1998, when it last appeared at Sotheby’s, consigned by Perls Galleries.

    Other top results of the evening included Georgia O’Keeffe’s Large Dark Red Leaves on White, which landed at $7.9 million, just shy of its high estimate. Jean Dubuffet’s Restaurant Rougeit II sat comfortably within its range, selling for $7.5 million. Degas’s pastel of three ballerinas, Trois danseuses, was chased by five bidders and fetched $5.8 million.

    A forest with a man on the horseA forest with a man on the horse
    René Magritte’s Le Jockey Perdu led the Modern Evening sale, achieving $12.3 million after fees. Sotheby’s

    A Modern sale would be incomplete without Monet. One of his famed Impressionistic views, capturing the shifting light around Rouen Cathedral, more than doubled its low estimate, selling for $7.4 million after a lengthy bidding war among six bidders in different geographies. The painting was practically fresh to auction, having remained in the Schlumberger collection for over 60 years, and appeared at auction for the first time last night.

    Another artist who inspired strong interest was Childe Hassam, one of the leading American Impressionists and a central figure in what became known as the “Ten,” the group that broke from the Society of American Artists to champion a more progressive, modern approach at the turn of the 20th century. His Newport, October Sundown from 1901 was fiercely pursued by four bidders, achieving $2,002,000 above a $1.8 million high estimate. The painting came from the Sam and Marilyn Fox Collection, two prominent patrons and civic leaders from the St. Louis region, whose group generated a total of $2.7 million, exceeding its high estimate of $2.4 million.

    As MoMA finally pays overdue tribute to the work of Cuban artist Wifredo Lam with a show that opened earlier this month, his Ídolo (Oyá/Divinité de l’air et de la mort) drew strong attention in the room, selling for $7.4 million and marking the second-highest auction price ever achieved for the artist. The renewed institutional spotlight clearly reinforced market confidence, positioning the canvas as another highlight of the evening and Lam as a name we will likely see rise further at auction in the coming seasons.

    While the Modern section closed with white gloves, several lots still fell below their low estimates. Arthur Garfield Dove’s Rose and Locust Stump, backed by a guarantee and irrevocable bids, sold for $681,000, nearly half its low estimate, despite its extensive exhibition history. Andrew Wyeth’s dark landscape, East Waldoboro, also sold below expectations at $3,588,000 (est. $4-6 million). Jacques Lipchitz’s sculpture Baigneuse assise went for half its low estimate at $381,000, despite its prestigious provenance from the Geri Brawerman Collection, which generated a total of $16.7 million during the night.

    Sotheby’s continued with its day sales on November 21, which delivered an additional aggregated total above $51 million, between the $46,404,999 of the Modern Day Sale and the $4,912,868 for the Exquisite Corpus Day session. Sotheby’s Contemporary day sale, held a few days earlier, generated $111.4 million, the highest total ever for a Day sale at Sotheby’s. The white-glove offering for the Lauder day session brought the total for the Lauder collection to $531.3 million.

    Ultimately, Sotheby’s was the clear winner this round, generating a solid and unequivocally successful $1.173 billion with its Evening and Day sales. Meanwhile, Christie’s fall marquee sales totaled $965 million, while Phillips brought in $92,139,589 across its various sessions. In total, across all three auction houses, the November marquee sales have generated more than $2.2 billion, a number that suggests the market has rediscovered some of its energy. Miami, however, will be the real litmus test of the season, because what we saw in action and at auction this week was only the very top of the market.

    In Its Best Week Since 2021, Sotheby’s Hit $1.173B With a $54.7M Kahlo Finale

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    Elisa Carollo

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  • A Juvenile Triceratops and Francis Bacon Heat Up Phillips’s $67.3 Million Evening Sale

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    Phillips’s New York Evening Sale closed at $67.3 million—a 24 percent increase from last November. Photo: Jean Bourbon

    The auction results of the past few years have confirmed it: dinosaurs are on trend. And not just as prehistoric relics or tools of scientific inquiry, but as symbols of timelessness and taste. More and more, fossil skeletons are being treated as investments—something that is, in some cases, more emotionally and symbolically resonant than contemporary art with which it might share the auction block. Is it the return of Jurassic Park? Or perhaps simply that most of us are captivated by dinosaurs in childhood? In any case, as nostalgia increasingly drives purchasing decisions across collectibles markets, dinos are unquestionably riding the wave.

    Phillips has been strategically attuned to this shift—likely thanks to a younger cohort of specialists in its ranks. Instead of competing head-to-head with Sotheby’s and Christie’s single-owner sale narratives, the house has leaned into a different storytelling and marketing strategy, enhancing the symbolic power of artworks not through tales of glamorous collectors but by connecting the works to deep time.

    Last night, CERA—a juvenile Triceratops skeleton dated to 66 million years ago and the first of its species ever to appear at auction—fetched $5,377,000 in the Out of This World auction (a specially curated section of the house’s November Modern & Contemporary sales). While that figure may seem modest when measured against the marquee masterpieces of the season, spirited bidding pushed it far beyond its $2,500,000-3,500,000 estimate and confirmed demand for this type of collectible. It also brought Phillips an audience that may never have engaged with the auction house otherwise; representatives confirmed that the skeleton sold to a private American collector new to the house, though global interest had poured in ahead of the sale from both private buyers and international institutions.

    According to Miety Heiden, Phillips’ chairman for private sales, the result is a powerful testament to collectors’ evolving tastes. “More than ever, we’re seeing a desire for works that spark curiosity and transcend traditional categories. People are looking for objects that bring wonder and dialogue into a collection,” she said. “This result underscores the appetite for rare and extraordinary pieces that challenge convention and expand the boundaries of what collecting can be.”

    At this year’s Frieze Masters—the only segment of the global brand typically reserved for million-dollar modernist and Old Masters works—two of the opening day’s first sales were paleontological. David Aaron placed a Triceratops head from the Late Cretaceous (circa 68 million years ago) within the first hour, followed later by a complete saber-toothed Nimravidae skeleton from the Oligocene (circa 33.7-23.8 million years ago), which sold for a strong six-figure sum. And no one has forgotten the Stegosaurus Apex, which shattered records at Sotheby’s in July 2024, hammering at $44.6 million—more than seven times its $4-6 million estimate—to billionaire Ken Griffin.

    Phillips’s Evening Sale on November 19 achieved $67,307,850 across 33 lots, with a robust 94 percent sold by lot (only two passed) and 97 percent sold by value. It was a strong result, particularly considering the momentum already shown by Sotheby’s and Christie’s earlier in the week.

    Leaving behind the cutting-edge but highly speculative ultra-contemporary works that once dominated its auction offerings, the evening’s turnout—up 24 percent from last November—was driven by a pairing of institutionally recognized blue-chip artists of the past century with recent market consolidations, presented for the first time alongside natural history highlights under the Out of This World label. The top lot was the highly anticipated Francis Bacon Study for Head of Isabel Rawsthorne and George Dyer (1967), which sold for $16,015,000—neatly within its $13-18 million estimate. Just after came Joan Mitchell’s monumental Untitled (1957-1958), a densely gestural canopy of color from her New York years, which brought in $14,290,000.

    Another high-profile lot, Jackson Pollock’s dynamic 1947 work on paper, sold for $3,486,000—just below its high estimate. Mark Tansey’s Revelever (2012) sparked a competitive seven-minute bidding war that carried it to $4,645,000 against its $2,500,000-3,500,000 estimate. The hypnotic, conceptually loaded composition creates an optical push-pull that immerses viewers in a moment of driving toward a mountainous horizon, almost tasting the crisp air in its ultramarine haze.

    Meanwhile, Jean-Michel Basquiat’s Exercise (1984), a loosely composed, surreal tangle of hallucination and paint, achieved $3,852,000 after a $3-4 million estimate. Another Basquiat from 1982 followed close behind, selling for $1,225,500. Camille Pissarro’s late Impressionist Le pré et la maison d’Éragny, femme jardinant, printemps (1901) surpassed its high estimate, closing at $1,900,000. Max Ernst’s Dans les rues d’Athènes (1960) doubled its expectations with a $1,534,000 result, riding the continued momentum for Surrealism. Rising Colombian artist Olga de Amaral also saw strong results. Her luminous golden textile Alquimia 62 (1987) soared to $748,200, well above its $300,000-500,000 estimate. A few lots later, a red composition from the same series met its estimate midpoint, hammering at $516,000.

    Firelei Báez set a new auction record—if only briefly. Her Daughter of Revolutions brought in $645,000 over a $300,000-500,000 estimate before being surpassed by a $1,111,250 result at Christie’s later that evening.

    Women artists once again delivered some of the evening’s most compelling results. Amid growing recognition for Alma Thomas, her Untitled collage from 1968—a blueprint for her signature mosaic-like abstractions—sold for $477,300 over a $250,000-350,000 estimate. Ruth Asawa’s Untitled (S.230, Hanging Single-Lobed, Five-Layered Continuous Form within a Form) opened the sale with a burst of energy, doubling its $400,000-600,000 estimate to achieve $1,006,200 as her MoMA retrospective opened. Others performed well too: a Martha Jungwirth fetched $516,000 (estimate $200,000-300,000), and Lucy Bull’s Light Rain (2019) exceeded its high estimate at $490,200.

    One of the night’s more surprising passed lots was a vivid 2022 abstraction by record-setting enfant prodige Jadé Fadojutimi, whose $800,000-1,200,000 estimate may have been too ambitious. Also unsold, despite its uniqueness and luxuriousness, was The Thunderbolt, the longest gold nugget ever discovered. Weighing 3,565 grams and measuring 50 centimeters, the 114.6-troy-ounce gold formation was estimated at $1.25-1.5 million but failed to find a buyer. Dug up by accident at Hogan’s Find in Western Australia, the rare natural formation was revealed by sheer chance.

    According to Robert Manley, Phillips’s chairman for modern and contemporary art, the success of the evening was due in part to the house’s new priority bidding system, which helped secure early commitments and interest on most lots. That contributed to 91 percent of works selling within or above estimate. “The enthusiasm was made especially clear by the fact that we had 27 times the number of early selling bids for this sale as we had last November, partly a result of our introduction of Priority Bidding,” he told Observer. The results, he said, confirmed not only the enduring draw of blue-chip artists but also the market’s resilience and ongoing global demand. “With strong participation from collectors worldwide and competitive bidding across Impressionist, Postwar, Contemporary and Natural History offerings, tonight’s outcome reaffirms confidence in the long-term strength of this market.”

    A Juvenile Triceratops and Francis Bacon Heat Up Phillips’s $67.3 Million Evening Sale

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    Elisa Carollo

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  • London Sees Its Best Evening Auction Results in Years

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    The October evening sales brought the London auction houses their highest totals in years. Courtesy of Sotheby’s

    Sales aren’t just buoyant at Frieze this week—London’s auction houses also saw their strongest results in years, signaling renewed confidence at the top of the market. Kicking off the action, Christie’s 20th/21st Century London Evening Sale on October 15 achieved a robust £106,925,400 ($142,852,000), marking the auction house’s best Frieze Week evening sale in more than seven years. The total was up 30 percent from last year, with 92 percent sold by lot and 90 percent sold by value. Katharine Arnold and Keith Gill, vice-chairmen of 20th/21st century art, Christie’s Europe, reported entering the week with confidence and “carefully priced material,” noting a “spirited and well-attended” public viewing at King Street. “We are proud to have realized such a solid outcome during Frieze Week, a moment that highlights the energy and cultural vitality of London’s art scene,” they told press.

    Leading the sale was Peter Doig’s monumental Ski Jacket (1994), which sold for £14,270,000 ($19,064,720) against a £6,000,000-8,000,000 estimate after more than 13 minutes of fierce bidding between six contenders. Carrying a third-party guarantee, the painting had been acquired in 1994 by Danish collector Ole Faarup, and 100 percent of the proceeds will now go to his foundation. This unusual arrangement also helped Christie’s secure two additional Doigs, despite the artist having become a rare presence at auction.

    With an extensive exhibition history, Doig’s Country Rock (1998-1999) nearly hit seven figures in sterling—though it comfortably did so in dollars—achieving £9,210,000 ($12,304,560). A third, more abstract and heavily textured work, also acquired by Faarup in 1994, sold a few lots later just shy of its high estimate at £635,000. The strong results coincided with the opening of Doig’s new show at the Serpentine in London, further fueling demand.

    Christie’s evening opened with a standout result for Domenico Gnoli, whose hyperrealistic painting fetched £977,000, doubling its low estimate. Immediately after, a more impressionistic landscape by René Magritte landed at £762,990—well above expectations—reinforcing both continued momentum for the artist and the broader strength of surrealism. Later in the sale, Magritte’s drawing La veillée (The Vigil) exceeded its £500,000 high estimate, selling for £812,800.

    Auctioneer gestures from the Christie’s podium during the sale of Peter Doig’s Ski Jacket, with the painting and multi-currency price list displayed on large screens behind him.Auctioneer gestures from the Christie’s podium during the sale of Peter Doig’s Ski Jacket, with the painting and multi-currency price list displayed on large screens behind him.
    The 20th/21st Century: London Evening Sale at Christie’s resulted in several new artist records. Photo: Guy Bell | Courtesy of Christie’s

    Picasso, as usual, delivered dependable results, with several works selling above or within estimate, including the £2,002,000 oil and ink on panel Chevalier, pages et moine. The modern and impressionist offerings also performed within expectations, largely due to the quality of the material: a Marc Chagall painting fetched £2,246,000, while a lyrical bucolic scene by Nabis painter Maurice Denis sold for £1,697,000. Meanwhile, a horizontal abstract work by Hurvin Anderson exceeded expectations, fetching £3,222,000.

    The sale also set several new world auction records, underscoring the ongoing momentum for women artists and long-overlooked names being rediscovered. Paula Rego’s Dancing Ostriches from Walt Disney’s “Fantasia” (1995) soared to £3,466,000 ($4.63 million), setting a new landmark record for the artist. Suzanne Valadon’s Deux nus ou Le bain (1923) followed with a £1,016,000 ($1.36 million) record. Contemporary sculptor Annie Morris’s Bronze Stack 9, Copper Blue (2015) achieved £482,600 ($644,754), while Danish artist Esben Weile Kjær set his first auction record with Aske and Johan upside down kissing in Power Play at Kunstforeningen GL STRAND (2020), which sold for £25,400 ($33,934).

    Among the few unsold works of the night were Yoshitomo Nara’s drawing Haze Days, which failed to find a buyer at its ambitious £6.5-8.5 million estimate, and a gray monochrome by Gerhard Richter—even with the artist opening a major survey at the Fondation Louis Vuitton during Paris Art Week. A black Blinky Palermo also went unsold, while a colorful but slightly less iconic Nicholas Party work, Tree Trunks, was withdrawn ahead of the sale.

    Notably, Christie’s reported that 56 percent of buyers in the evening sale came from Europe, the Middle East and Africa, with only 28 percent from the Americas and 16 percent from the Asia-Pacific region. This confirms revived demand in the regional market, as also evidenced earlier in the day by the heavy attendance at Frieze.

    A £17.6M Bacon headlined at Sotheby’s

    Led by a £17.6 million Francis Bacon, Sotheby’s Contemporary Evening Auction closed at $63.5 million. While the total was less than half of Christie’s the night before, the comparison needs context: this was Sotheby’s third major London evening sale since March—whereas it was Christie’s first of the season. Sotheby’s has already staged two major white-glove sales this year—the £101 million Karpidas collection auction in September and the £84 million Summer Evening Sale—meaning that with last night’s results, the house has now sold £233 million worth of modern and contemporary art in London since March. Moreover, the £63.5 million total marked the highest October evening sale result since 2023, up 25 percent from the previous year.

    A Sotheby’s auctioneer leans on the podium in front of Francis Bacon’s painting, with a Basquiat work partially visible beside it and an audience seated in the foreground.A Sotheby’s auctioneer leans on the podium in front of Francis Bacon’s painting, with a Basquiat work partially visible beside it and an audience seated in the foreground.
    Since March, Sotheby’s has sold £240 million worth of Modern and Contemporary art in London. Courtesy Sotheby’s

    “Frieze is always a special time for London, with so many collectors in town whose presence we always feel in our sales,” Ottilie Windsor, co-head of contemporary art, Sotheby’s London, told Observer. “It was great to have them with us tonight and to see so much live action in the room, helping sustain the strong momentum we’ve built over the past few seasons here.”

    The Francis Bacon result came after 20 minutes of suspense and fierce bidding across multiple phone specialists and a bidder in the room, pushing the final price to nearly double its £6-9 million estimate. In U.S. dollars, the hammer plus fees rose to $17.6 million. For comparison, the last notable Bacon—Portrait of Man with Glasses II—sold at Christie’s in March for £6,635,000 ($8.4 million), and that work was almost a third smaller. Another, smaller Bacon, closer in scale to Christie’s example, sold here for £5,774,000 ($7.3 million). Bacon’s record still stands at $142.4 million, set at Christie’s New York in 2013 with his triptych Three Studies of Lucian Freud.

    The sale opened strong, with solid results for several younger contemporary artists who have recently drawn both market and institutional attention. At lot one, a painting by Ser Serpas landed at £27,940 ($35,700)—just under estimate but still enough to set a new auction record for the artist. The California-born painter, who studied in Switzerland and gained early recognition there, was recently included in a MoMA PS1 exhibition and held a solo show at Kunsthalle Basel during the June fairs.

    Two of the hottest rising names in recent auctions—driven largely by Asian demand and limited primary-market availability—followed. An abstract by Emma McIntyre, now a Zwirner favorite, sold for £50,800 ($65,000), and Yu Nishimura achieved the same price. Both works carried estimates of £40,000-60,000, reflecting the tight competition at this level.

    In between, a 2009 painting by Hernan Bas acquired from Perrotin sold just above its low estimate, likely to its guarantor, at £254,000 ($323,000). Momentum continued for Lucy Bull, whose kaleidoscopic abstraction from 2021—originally acquired from Paris gallery High Art—more than doubled its top estimate of £500,000 ($635,000), landing at £1,260,000 ($1.6 million) after being chased by five bidders, most from Asia.

    Overall, the auction confirmed the ongoing strength of the market for women artists, all of whom sold above estimate. Sotheby’s also posted strong results for Paula Rego: her pastel on paper Snow White Playing with her Father’s Trophies sold within estimate for £900,000 (about $1.15 million), while Jenny Saville’s charcoal study exceeded its high estimate, selling for £533,000 (around $675,000).

    Among other notable six-figure results, a monumental El Anatsui sold just shy of its high estimate at £1,999,000 (about $2.53 million). Jean-Michel Basquiat’s Untitled (The Arm) from 1982—a pivotal year in the artist’s rise—landed squarely within estimate at £5,530,000 (approximately $7 million). Andy Warhol’s Four Pink Marilyn (Reversal) followed, selling within estimate for £4,326,000 (about $5.5 million).

    The masters also held firm. Both of Auguste Rodin’s monumental sculptures from his seminal series The Burghers of Calais sold within estimate to a collector in the room: Jean de Fiennes, vêtu, Grand Modèle achieved £762,000 ($1 million), while Pierre de Wiessant, vita, Grand Modèle, vêtu sold for £889,000 ($1.2 million).

    The market for Lucio Fontana also showed signs of recovery—at least for major works. His rare blue 14-slashed Concetto spaziale, Attese sold just above estimate at £2.8 million (about $3.7 million) following a fierce bidding war among four potential buyers. The deep blue of the canvas was inspired by Yves Klein’s IKB pigment—but Klein’s own Untitled Fire Colour Painting (FC 28), which appeared one lot earlier, surprisingly went unsold after failing to meet its £1.8-2 million estimate ($2.3-2.5 million), despite both an irrevocable bid and a guarantee.

    Other unsold works of the night included paintings by Frank Auerbach and Daniel Richter. Still, Sotheby’s achieved a healthy 89 percent sell-through rate by lot.

    On October 17, Sotheby’s also staged a single-owner sale of 17 iPad drawings by David Hockney from his celebrated series The Arrival of Spring. The results were remarkable: the group doubled its high estimate to reach £6.2 million ($8.3 million), achieving a white-glove sale and setting a new auction record for the artist. With this result, Sotheby’s London has now brought in £240 million (approximately $304 million) since March. Notably, American buyers accounted for 40 percent of the purchasers in the Hockney sale, underscoring the continued global demand for blue-chip British artists.

    A £2,374,000 Basquiat tops Phillips’ London Evening Sale

    On October 16 at 5 p.m., Phillips hosted its London Modern & Contemporary Evening Sale, achieving a total of £10,332,200 ($13,884,410) across 22 lots. The auction was more modest—and less successful—than the others, posting a 32 percent drop compared to last year after four lots failed to sell and four others were withdrawn before the start. The evening was led by a new auction record for Emma McIntyre: Seven types of ambiguity (2021) sold for £167,700 ($225,355) from a modest £50,000-70,000 estimate, edging past her previous record of $201,600 set in May 2025 at Phillips Hong Kong. The second-highest lot of the night was Jean-Michel Basquiat’s Untitled (Pestus) (1982), which comfortably met its pre-sale estimate at £2,374,000 ($3,190,181).

    A Phillips auctioneer points to the room beside screens displaying Jean-Michel Basquiat’s Pestus and its current bids in multiple currencies.A Phillips auctioneer points to the room beside screens displaying Jean-Michel Basquiat’s Pestus and its current bids in multiple currencies.
    An energetic moment from Phillips’s London Modern & Contemporary Art Evening Sale. Courtesy Phillips

    Once again, contemporary women artists confirmed their momentum at Phillips, reaching a high point after Emma McIntyre’s record-setting result when Flora Yukhnovich’s My Body knows Un-Heard of Songs (2017) fetched £1,276,000 ($1,714,689) against a £900,000-1,500,000 estimate.

    Opening the sale was a purple-and-pink abstraction by Martha Jungwirth—now a familiar presence across Thaddaeus Ropac’s fair booths—which exceeded expectations at £180,600. A few lots later, an early work by Sasha Gordon sold just shy of its high estimate at £116,100. Demand for Gordon has been reignited by her blockbuster solo debut at Zwirner in New York, which made her the youngest artist represented by the mega-gallery. Painted in 2019 during her studies, Drive Through marks a transitional moment in her shift toward the more discursive, cartoon-inflected style that catapulted her into the global spotlight.

    Later in the sale, Noah Davis’s Mitrice Richardson (2012) found a buyer within estimate at £451,500 ($606,726), while Derek Fordjour’s Regatta Pattern Study (2020) fetched £528,900 ($710,736), surpassing its high estimate of £500,000. Other notable results included Sean Scully’s Wall of Light Summer Night 5.10 (2010), which achieved £967,500 ($1,300,127) against a £600,000-800,000 estimate, and Robert Rauschenberg’s Gospel Yodel (Salvage Series), which sold for £709,500 ($953,426), more than doubling its £350,000-550,000 estimate. A 2012 sculpture by Bernar Venet fetched £516,000 ($693,401) from a £250,000-350,000 estimate, reflecting the artist’s rising demand—particularly in Asia.

    Not everything landed. A Warhol-inspired Banksy portrait of Kate Moss, estimated at £700,000-1,000,000, failed to find a buyer, while a cacophonic abstract work by Sigmar Polke from 1983-84 also went unsold, likely due to its overly ambitious £600,000-800,000 estimate relative to current market demand for the artist.

    For Olivia Thornton, Phillips’s head of modern and contemporary art, Europe, the overall positive auction reflected “the vibrancy of contemporary collecting” and reaffirmed London’s enduring magnetism: “London remains the cultural crossroads of the global art market.”

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    London Sees Its Best Evening Auction Results in Years

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    Elisa Carollo

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  • Record Prices, New Buyers and Global Reach: Design’s Moment Has Arrived

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    Last Spring, Kasmin New York staged “Les Lalanne: Zoophites,” featuring works by the acclaimed French designers drawn entirely from the collection of their eldest daughter, Caroline Hamisky Lalanne. Courtesy of Kasmin

    While global auction sales slipped 6.2 percent in the first half of 2025—with post-war and contemporary art down 19.3 percent to $1.22 billion, impressionist and modern sales dropping 7.7 percent and luxury barely budging (down 0.5 percent to $805.9 million)—design, decorative arts and furniture experienced significant momentum. According to ArTactic, the category surged 20.4 percent to reach $172 million in 2025, compared to $143 million the previous year. This growth occurred despite concerns over new tariffs. While fine art remains exempt from tariffs due to a legal loophole, design objects, antiquities and other collectibles are not, yet the market continues to thrive. This sustained growth is driven by a broader collector base and ongoing institutional interest, making it worth a deeper analysis of its various tiers and areas of activity.

    Recent numbers from design auctions show strong growth: Sotheby’s design sales in New York this June achieved $37.5 million, followed by Christie’s with $23.6 million and Phillips, which staged just one sale, bringing in $4 million. Altogether, the June auctions saw a 62.3 percent year-on-year increase—proof that, at least for now, the design market is not just holding steady but gaining momentum. In the same period last year, Sotheby’s reported $19.5 million, Christie’s $15.5 million and Phillips $5.1 million across two sales with significantly more inventory.

    The first half of 2025 marked a landmark period for design at Sotheby’s, according to chairman and co-worldwide head of 20th Century design, Jodi Pollack. Fueled by strong global demand, record-setting prices and an expanding international collector base, the market saw particular momentum among new and younger buyers, with increased cross-category collecting. Sotheby’s reported a $75 million combined total across New York and Paris this season, among the highest series totals ever for Sotheby’s Design sales worldwide. “These exceptional results reflect the galvanizing strength of the global design market and the discerning collectors who continue to passionately pursue rare pieces of extraordinary quality,” Pollack commented.

    The Lalanne obsession continued its upward trajectory, but records were also shattered in unexpected areas: the monumental Danner Memorial Window—designed by Agnes Northrop for Tiffany Studios—achieved a staggering $12.4 million last November, setting a new auction world record for Tiffany glass. Not far behind, Frank Lloyd Wright’s double-pedestal lamp reached $7.5 million after an eleven-minute bidding war this May, marking another record in the category this year.

    An elegant room with a large arched stained glass window depicting yellow irises and flowering trees, flanked by wooden French doors, with sunlight streaming across an octagonal stone floor inlaid with a vibrant mosaic border.An elegant room with a large arched stained glass window depicting yellow irises and flowering trees, flanked by wooden French doors, with sunlight streaming across an octagonal stone floor inlaid with a vibrant mosaic border.
    Tiffany Studios’ Stillman Memorial Window sold for $2,390,000 at Sotheby’s in June 2025. Courtesy of Sotheby’s

    Another magnificent glass window by Louis Comfort Tiffany, The Stillman Memorial Window, sold in June at Sotheby’s for $2,390,000 (estimate: $1.5-2.5 million) as part of the sale Masterpieces by Louis Comfort Tiffany, Featuring The Ann and Robert Fromer Collection. The sale generated $6.3 million (estimate: $3.6-$5.6 million) with 96 percent sold by lot and nearly 60 percent of lots selling above their high estimates. Notably, 21 percent of buyers participating in Sotheby’s design sales this June were new to the auction house.

    Strong institutional demand is also driving the surge in the market for Tiffany Studios pieces, with museums actively acquiring the studio’s masterworks. In 2023, the Metropolitan Museum of Art acquired the three-part, 10-foot-tall, 7-foot-wide Garden Landscape, while this past May, the Crystal Bridges Museum of American Art in Bentonville, Arkansas, announced its acquisition of the monumental stained glass window Mountain Landscape (Root Memorial Window).

    Meanwhile, the remarkable market surge for François-Xavier and Claude Lalanne continues unabated, cementing the duo as blue-chip fixtures in the design-art hybrid space. According to Artprice, the average auction price for their works has more than quadrupled since 2015, with major pieces now regularly surpassing six figures. The current auction record belongs to François-Xavier’s 1964 Rhinocrétaire I, which sold for €18.33 million ($19.4 million) at Christie’s Paris in 2023.

    Between 2019 and 2024, Sotheby’s and Christie’s sold over 700 works from the private collections of Les Lalanne and their daughters, Dorothée and Marie, through a series of high-profile auctions in Paris and New York, generating a combined total of $330.2 million.

    Demand remains strong—just this June, François-Xavier’s Grand Rhinocrétaire II (2003) fetched $16.4 million at Sotheby’s, five times its low estimate and accounting for nearly a quarter of the auction week’s total revenue. Christie’s New York also staged a dedicated sale in October 2023, François-Xavier Lalanne, Sculpteur | Collection Dorothée Lalanne, featuring works from the artist’s daughter and curated by French designer Simon Porte Jacquemus, closing with white gloves and a $59 million total, with at least fourteen lots surpassing six figures.

    This October, Di Donna Gallery will present a museum-quality exhibition featuring a groundbreaking dialogue between Magritte’s surreal vision and the whimsical world of the Lalanne couple. The show will highlight their shared surrealist sensibilities and historical connection through gallerist Alexander Iolas in the 1960s. Over fifty works will be on display, including rare pieces from the estates of François-Xavier and Claude Lalanne, as well as paintings, works on paper and sculptures by René Magritte. Among the highlights is Magritte’s enigmatic L’ami intime (1958), which fetched $33.66 million at Christie’s London in March. During the last Venice Biennale, Ben Brown presented an extensive exhibition dedicated to the Lalannes, “Planète Lalanne,” featuring more than 150 works by the celebrated French duo.

    A sculptural installation featuring whimsical animal-shaped furniture and bronze creatures, including a bear, donkey, and deer, arranged along winding paths of golden wheat sheaves in a softly lit gallery space.A sculptural installation featuring whimsical animal-shaped furniture and bronze creatures, including a bear, donkey, and deer, arranged along winding paths of golden wheat sheaves in a softly lit gallery space.
    The François-Xavier Lalanne, Sculpteur | Collection Dorothée Lalanne sale generated nearly $59 million at Christie’s New York in October 2024. Brian W. Ferry, all rights reserved

    Phillips’ design specialist Kimberly Sørensen says the market is still strong, but more names are gaining momentum: their June Design auction in New York achieved a 91 percent sell-through rate by lot and 96 percent by value—an exceptional result. This followed their April Design sale in London, which reached 94 percent by lot and 97 percent by value. “These figures underscore the strength of the market and the continued appetite for exceptional design and craftsmanship,” Sørensen commented.

    He told Observer that he’s seeing particular interest in female designers: Judy Kensley McKie’s Fish bench led Phillips’ June Design sale in New York, achieving $406,400 and setting a new world auction record for the artist. This, after her Leopard couch already led the top lot at Phillips’ London Design sale in April—further proof of her growing international appeal. Other standout female artists performing well in the recent sale included Line Vautrin and Claude Lalanne, whose works were among the session’s top lots. The American architect and designer George Nakashima also remains a beloved figure with a truly international market, according to Sørensen. “His daughter, Mira Nakashima, now the creative director of Nakashima Studio, is a remarkable designer in her own right and her work not only continues her father’s legacy of craftsmanship, but has also successfully introduced it to a new generation.”

    Studio ceramics is another area in which Phillips has seen tremendous success. Phillips’ December New York sale, Moved by Beauty: Works by Lucie Rie from an Important Asian Collection, was a White Glove auction, which followed a dedicated London sale featuring Lucie Rie and Hans Coper. “We’re proud to hold the auction records for Rie and Coper and have previously set benchmarks for Lucie Rie and Doyle Lane,” he said.

    A carved wooden settee by Judy Kensley McKie, with a backrest formed by two stylized leopards whose bodies extend into curved armrests.A carved wooden settee by Judy Kensley McKie, with a backrest formed by two stylized leopards whose bodies extend into curved armrests.
    Judy Kensley McKie’s Leopard Couch (1983) sold at Phillips’ April Design Sale for £177,800 ($237,736), while her Fish bench set a new record, achieving $406,400. Courtesy of Phillips

    Sørensen confirms that design today attracts a broader and more diverse audience than ever. Even looking at their numbers, so far in 2025, 20 percent of Phillips’ design bidders were new to the auction house, which speaks to the category’s growing appeal. The Phillips specialist also points out that they’re seeing an encouraging rise in interest from younger collectors; Millennials and Gen Z now make up 20 percent of the Design bidders. “Many of them are drawn to the sustainability of the secondary market, where Design objects are not only beautiful but also environmentally conscious choices,” he explained. “Social media platforms like Instagram and Pinterest have played a big role in this shift, making it easier than ever for collectors to discover and connect with designers across periods and geographies.”

    Looking ahead to the final few months of 2025, Sørensen and his team are optimistic. “The momentum we’ve seen so far suggests sustained interest, especially as more seasoned and new collectors recognize the value and artistry within the category.”

    Despite the swoon in the broader art market, design has continued to hit new highs with world record prices in all of Christie’s top markets, according to Alex Hemingway, Christie’s global head of design. Asked about the most sought-after names, he pointed to Lalanne, Giacometti, Tiffany and Royère, adding that today’s buyers are especially drawn to masterpiece-level works with strong provenance and compelling narratives.

    A minimalist wooden cabinet by Mira Nakashima, featuring slatted sliding doors and a rich walnut finish that highlights the natural beauty of the grain.A minimalist wooden cabinet by Mira Nakashima, featuring slatted sliding doors and a rich walnut finish that highlights the natural beauty of the grain.
    George Nakashima’s Three-door room divider sold at Phillips for $209,550. Courtesy of Phillips

    This June, Christie’s Design auction and the single-owner American Avant-Garde: The James D. Zellerbach Residence by Frances Elkins sale brought in a combined total of $23.6 million. Leading the auction was The Goddard Memorial Window by Tiffany Studios, which achieved $4,285,000, soaring past its $2-3 million estimate and becoming the second-highest price ever realized for a window from Tiffany’s studio. Nonetheless, the world record remains The Danner Memorial Window, which sold for $12.5 million with fees at Sotheby’s Modern Art evening sale last November. Before this, the studio’s record was $3.4 million for a Pond Lily lamp sold by Christie’s in 2018.

    The Goddard Memorial Window, part of the American Avant-Garde sale, brought in $8.1 million, with 81 percent of lots selling at or above their high estimates. Other top-performing lots included two rare Oiseaux sculptures by Alberto Giacometti (sold for $2,954,000 and $2,833,000, respectively) and a pair of rare ‘Pyramides’ andirons (sold for $378,000). Jean-Michel Frank’s Aragon low table sold for $819,000, and his ceiling light brought in $277,200—more than five times its low estimate.

    Lalanne led the $15.4 million Design sale. Claude Lalanne’s unique Structure végétale aux papillons, souris et oiseaux chandelier (2000) fetched $1,865,000, while her L’Enlèvement d’Europe (1990) sold for $1,134,000. Works by François-Xavier Lalanne also performed strongly, with Le Métaphore (Canard-Bateau) (ca. 2002) soaring to $667,800—five times its high estimate—and Rhinocéros Bleu (1981) achieving $327,600, well above its low estimate of $70,000. Animal-inspired design by other design masters drew significant interest as well, with Jean Royère’s Éléphanteau armchairs realizing $743,400. Notably, demand surged for Alberto and Diego Giacometti’s sculptural and lighting designs across Christie’s sales, with aggregate results finishing 147 percent above the combined pre-sale low estimates.

    A bronze chandelier shaped like intertwining tree branches is suspended from a ceiling, each branch holding a candle-style light. The fixture is adorned with small, delicate metal leaves in shades of bronze and copper. A large window behind it reveals a view of New York City's Central Park and skyline in the distance.A bronze chandelier shaped like intertwining tree branches is suspended from a ceiling, each branch holding a candle-style light. The fixture is adorned with small, delicate metal leaves in shades of bronze and copper. A large window behind it reveals a view of New York City's Central Park and skyline in the distance.
    Claude Lalanne’s Unique ‘Structure végétale aux papillons, souris et oiseaux’ Chandelier (2000) sold for $1,865,000. Christie’s

    Vintage design has become a market of its own over the past decade, confirms Alessandra di Castro, a renowned antiques dealer and the fourth generation of her family’s historic business based in Piazza di Spagna. Over time, she has progressively expanded her offering into broader categories to meet the evolving tastes of a more diverse and constantly shifting collector base. Di Castro pointed out that demand is especially strong when it comes to prominent names, particularly among the many foreign buyers who, encouraged by the flat tax, are purchasing homes in Italy. “They furnish them with Italian taste and aesthetics—those are very interesting clients,” she explained, noting how quickly international buyers absorb the beauty around them and want to live surrounded by it, much like travelers during the era of the Grand Tour.

    “Even decorative art and design have become a global market—much more conscious and diverse than in the past,” she said, noting how it’s no longer just architects searching for the perfect piece. Auction houses have opened dedicated departments, and people now come with very specific requests—asking, for instance, whether they have or can source a particular piece by Scarpa.

    “Personally, I always buy unique pieces, because I view them through my own lens—as a kind of continuity with the periods I’ve always focused on, particularly the 18th and 19th Centuries,” Di Castro explained. “But with my particular approach to research and my eye for unusual objects, I really look at everything.” Still, the expert dealer admits it’s somewhat disheartening that certain categories—like sublime examples of 18th- and 19th-century cabinetmaking—are now valued far less than when she began her career, even though they remain extraordinary works.

    The market for big Italian design names like Carlo Scarpa or Ettore Sottsass remains strong, even in the international market. In December 2023, a rare Pennellate glass vase by Scarpa fetched $107,100 at Wright Auction House—starting from just $24,000 after being acquired for $3.99 in a thrift shop. The Italian architect’s latest record was set just this March for a special-order display cabinet that fetched $489,868 at Piasa. The most recent record for Memphis visionary Ettore Sottsass was set in 2018 at Phillips in London, where his iconic undulating mirror sculpture fetched $430,221. Since then, his furniture and ceramics have consistently crossed into mid- to upper-five-figure territory at European post-war and design sales.

    Collectible design for new collectors and expanding geographies

    According to Jennifer Olshin, partner and founding director at Friedman Benda, the term “collectible design” feels arbitrary—and even reductive—especially now that the categories of art and design increasingly overlap, both in how works are created and how they circulate. “We tend to avoid using the term because it doesn’t reflect how artists and designers think about their work. For them, it’s about creating something that expresses who they are, that pushes beyond what already exists. They don’t frame it as ‘collectible’—it’s just design, in the same way we don’t say ‘collectible art,’ we say art.”

    A gallery corner with concrete flooring and built-in wooden cabinetry displays two colorful stacked totems composed of cylindrical ceramic forms in red, yellow, black, white, and turquoise. A framed hand-written document and wall text are mounted nearby.A gallery corner with concrete flooring and built-in wooden cabinetry displays two colorful stacked totems composed of cylindrical ceramic forms in red, yellow, black, white, and turquoise. A framed hand-written document and wall text are mounted nearby.
    “Ettore Sottsass 1947-1974” at Friedman Benda in 2023. Courtesy Friedman Benda and Ettore Sottsass | Photo: Daniel Kukla

    Friedman Benda is a leading gallery at the intersection of contemporary design, craft and art, representing a highly diverse, intergenerational roster of designers and artists from around the world. Many challenge conventional boundaries between disciplines, materials and cultural narratives, often in cross-disciplinary ways. “Our focus is more on the making, the expression, the stories and commentary—the reason the work exists in the first place,” said Olshin. “Every artist on our roster is doing something we haven’t seen before. Together, they form what almost feels like an encyclopedia of what’s happening in design today.”

    The gallery opened in New York in 2007 with an inaugural exhibition of legendary Italian designer Ettore Sottsass—his final show before his death. Since then, Friedman Benda has staged numerous exhibitions exploring the many phases of Sottsass’s complex, imaginative career and continues to represent his estate, along with other historically significant names such as Andrea Branzi, Gaetano Pesce, Wendell Castle and Shiro Kuramata. At the same time, the gallery champions emerging and multidisciplinary voices such as Samuel Ross, Misha Kahn, Ebitenyefa Baralaye and Formafantasma. “We’ve built a program that spans three or four generations of designers, artists and architects, many of whom play off each other in fascinating ways,” Olshin noted. “There have even been moments when a collector comes to us as a Sottsass collector and leaves with a work by Misha Kahn—because they sense a shared spirit between the two.”

    An intimate, brightly lit room with black-and-white diamond tile flooring showcases an organic, multi-toned sculptural armchair, thickly framed painted mirrors, a golden biomorphic side table, and a grotesque gold bust on a pedestal. The walls are white with ornate ceiling molding.An intimate, brightly lit room with black-and-white diamond tile flooring showcases an organic, multi-toned sculptural armchair, thickly framed painted mirrors, a golden biomorphic side table, and a grotesque gold bust on a pedestal. The walls are white with ornate ceiling molding.
    Misha Kahn’s “Rien à voir” at Friedman Benda, Paris, in June 2025. Courtesy of Friedman Benda and Misha Kahn | Photo: Fabrice Gousset

    Olshin sees the early generation of design pioneers like Sottsass as having paved the way for younger talents. “They fought the initial battles and made things possible. Now, younger designers are building on those hard-won foundations and pushing things forward in their own way. After 18 years, we’re starting to see generational connections—designers introducing us to other designers, former students becoming peers, friends becoming collaborators. These evolving communities are really what we try to make the gallery about.”

    Design itself is not new, nor is its market, Olshin pointed out. There have always been iconic collectors—especially in the U.S.—who’ve played a key role in shaping the broader design landscape. Many are deeply embedded in museum and institutional ecosystems, supporting exhibitions, publications and emerging practices. “These great patrons are integral to the cultural infrastructure,” she said. “By helping bring design into public view—through shows, dialogue and visibility—they create ripple effects that expand awareness and accessibility, shaping how wider audiences engage with design.”

    What has changed more recently, however, is the breadth and diversity of the collector base. Interest in unique design pieces has expanded significantly since the pandemic, particularly among younger generations and across new geographies. “It’s not necessarily a new market, but we’re seeing a broadening of interest,” Olshin observed. “There are more players, more people engaging with what we’re doing—and a younger generation is coming to design in a really exciting way. They’re not drawing the same distinctions that once existed. For them, design isn’t separate from broader cultural conversations around art—it’s all part of the same dialogue.”

    This new generation of collectors is looking to define their environments in more personal, meaningful ways. “It’s not just about aesthetics—it might be a single detail or object—but about surrounding themselves with stories and significance,” Olshin clarified. That shift has also changed who the buyers are. They’re no longer from a single social stratum or traditional collecting circles. Architects and interior designers now find themselves in closer dialogue with increasingly international, hands-on clients. “They’re interpreting the ethos of their clients—their values, daily lives, habits and aspirations. It’s about translating those stories on a deeper, more integrated level.”

    ChatGPT said:The image shows a minimalist art installation with a light, airy space. The floor is covered in soft, bright green carpeting. In the center of the room, a geometric, wooden chair with a teal seat stands against a white wall. Suspended in the air nearby are five rectangular, wooden frames. On the right side of the room, a small, wooden sculpture sits on a white pedestal. Large windows allow natural light to flood the space.ChatGPT said:The image shows a minimalist art installation with a light, airy space. The floor is covered in soft, bright green carpeting. In the center of the room, a geometric, wooden chair with a teal seat stands against a white wall. Suspended in the air nearby are five rectangular, wooden frames. On the right side of the room, a small, wooden sculpture sits on a white pedestal. Large windows allow natural light to flood the space.
    Installation View: FormaFantasma’s “Formation” at Friedman Benda, New York. Courtesy of Friedman Benda and Formafantasma. Photo: Izzy Leung

    If there’s one common thread among today’s collectors, it’s a desire to live with design—intentionally and fully. “They’re not just acquiring objects to display in a corner; they’re integrating design into their daily lives in meaningful ways,” Olshin said. “It’s about creating environments that reflect how they live, think and feel.”

    We’re also seeing notable geographic shifts beyond a handful of major centers. “Even in the U.S., we’re seeing collectors engage with cutting-edge work from regions that didn’t have a strong design presence in the past,” she said. “Whereas before they may have traveled to New York to experience it, now they’re building collections in their own communities.” Museums are starting to reflect this expanded interest as well. Some institutions have long been ahead of the curve, while others are now adapting to meet their audiences’ growing appetite for design. “There are curators who have been championing this for years and others who are now taking cues from their patrons, local communities, or academic circles.”

    At the same time, the perspective has become truly global in terms of makers and collectors. “We used to talk about the U.S. market versus international markets, but now the gaze is much broader,” Olshin added. “It’s being driven partly by institutional collecting and design initiatives in places like Australia, the Middle East and Asia.”

    A minimalist gallery space featuring modern design furniture, including two cream upholstered armchairs, a textured black stone coffee table, a sculptural black chair with wide legs, and a delicate mushroom-shaped lamp on a pedestal.A minimalist gallery space featuring modern design furniture, including two cream upholstered armchairs, a textured black stone coffee table, a sculptural black chair with wide legs, and a delicate mushroom-shaped lamp on a pedestal.
    “Summer By Design 2025” at Carpenters Workshop Gallery in Paris. Photo: Benjamin Baccarani

    “The collector base has indeed grown and diversified over the years,” confirmed Cyrelle Herve, director of Carpenters Workshop in Paris, when Observer asked her to speak on the pulse of the market. “We naturally work with contemporary art collectors. We also engage with enthusiasts of vintage design and even more classical pieces. We particularly enjoy seeing our artists’ works interact with other styles, creating a sense of harmony and aesthetic balance.”

    Founded in 2006 in a former carpenter’s workshop in London’s Chelsea, the gallery has since expanded globally, with locations in London (Mayfair), Paris (Le Marais), New York and Los Angeles. With a research-driven curatorial approach that remains attuned to both emerging talent and evolving trends in limited-edition functional sculpture and collectible design, the gallery now boasts a prestigious roster of artists, including Maarten Baas, Wendell Castle, Ingrid Donat, Studio Drift, Rick Owens and Antonio de Cotiis, among others.

    Since the gallery’s founding, the design-art segment has undergone a remarkable transformation, Hervé reflects. “Just 15 to 20 years ago, it was still considered a niche market. Today, it holds a prominent place on the international art scene, and its market has evolved rapidly.” A visit to Design Miami or Art Basel’s Paris fair makes this shift palpable: the growing hybridization between art and design has fueled fluid collaborations across disciplines, resulting in exclusive, editioned works that blur the line between functional object and collectible sculpture.

    According to Hervé, there’s a growing appetite for works that merge craftsmanship with a strong conceptual or material narrative. “Limited-edition design has moved from a niche interest to a core category in contemporary collections,” she said, noting how the gallery has recently seen a broadening audience—from seasoned contemporary art collectors to new generations drawn to tactile materials, storytelling and the individuality of each piece. “The act of collecting is no longer driven solely by function or decoration, but by a desire for meaningful, enduring works with cultural or sculptural depth. Buyers are more informed now—often researching materials, processes and the artist’s intent before purchasing.” At the same time, Carpenters Workshop is seeing increased demand for commissioned and site-specific pieces. Clients today prioritize sustainability, provenance and innovation as much as aesthetics.

    A sleek, modern interior featuring a blue modular sofa with embroidered pillows, pastel-toned translucent resin tables, and a tall yellow mosaic floor lamp, all set against smooth concrete walls and flooring.A sleek, modern interior featuring a blue modular sofa with embroidered pillows, pastel-toned translucent resin tables, and a tall yellow mosaic floor lamp, all set against smooth concrete walls and flooring.
    Carpenters Workshop Gallery Paris showcases historic and contemporary works united by aesthetic associations. Photo: Benjamin Baccarani

    Regarding trends, Hervé has seen a renewed interest in Brutalism and materiality, alongside a consistent appetite for statement pieces by established names such as Ingrid Donat, Vincenzo De Cotiis and Wendell Castle. Organic design is also on the rise, with artists like Najla El Zein and Wonmin Park gaining traction. At the same time, designers blending technology and form—such as Studio Drift and Random International—are increasingly in demand.

    Asked about what she hopes to see next, Hervé is clear: “I would like the next trend to focus on narrative and sociopolitical engagement—pieces that address the environment, identity, gender, memory or decolonization.” She confirmed that the market in Paris—and more broadly in France—has grown significantly in recent years. “We work closely with many interior architects, who play a key role in promoting design art.” While the market remains sensitive to political and geopolitical shifts, which can introduce unpredictability, she notes that the market has been consistently dynamic and expansive in the United States, both on the B2B and B2C fronts. Still, she added, the French approach tends to be more measured and reflective. “More broadly, across all our markets, collecting is often guided by an intellectual process—an interest in the history of forms, the artist’s gesture and the meaning embedded in each piece. Our role goes far beyond simply presenting the work; we’re here to accompany, inform and at times, help educate the collector’s eye.”

    Chart showing global Decorative-Art Auction Sales and Lots Sold.Chart showing global Decorative-Art Auction Sales and Lots Sold.
    The market for design is strongest in Europe. Artnet

    According to 2024 data from the Artnet Intelligence Report published in March, sales in the decorative-art category—which in their analysis includes both design objects and furniture but also jewelry, watches and other collectibles—dropped nearly 42 percent year on year, netting $3.3 billion, the lowest total in a decade. In terms of geographical distribution, the market for the category at auction is much stronger in Europe ($1.3 billion in sales) and Asia ($1 billion), while North America maintains a third position for decorative art, generating just over $898 million.

    The rise of fairs dedicated to Design

    Meanwhile, new fairs are focusing on meeting the growing demand for collectible design. While Design Miami canceled its Basel edition, it has swiftly cemented its presence in Paris, becoming one of the most highly attended events during Art Basel Paris week. Its Miami Beach flagship returns for its 21st edition this December, curated by Glenn Adamson, and for the first time, Design Miami is also pushing into Asia with a curated exhibition in Seoul, timed to coincide with the city’s art week and tapping into the region’s booming market. Titled “Illuminated: A Spotlight on Korean Design,” the show (which is part of Design Miami’s new In Situ series) will be curated by Hyeyoung Cho, chairperson of the Korea Association of Art & Design, in collaboration with the Seoul Design Foundation. It will feature over 170 works—from furniture to lighting to objets d’art—exploring the convergence of traditional Korean craftsmanship and contemporary innovation.

    This September, The Armory Show will debut a new design-focused section, Function, that explores how artists blur the lines between art and design. Beyond the curatorial intent to expand definitions, the initiative is also a strategic play to attract a broader cohort of aesthetically minded collectors. “The more entry points we can offer different types of audiences, the better,” fair director Kyla McMillan told Observer.

    That same week, COLLECTIBLE returns to New York for its second edition, expanding its footprint and exhibitor roster after a successful debut at the new WSA 2 building. Long established in Belgium as the only fair devoted exclusively to 21st-century design, COLLECTIBLE’s New York edition could fill a persistent void in the U.S. market for dedicated contemporary design fairs.

    A vibrant installation view from the FASHION section at COLLECTIBLE New York 2024, showcasing eclectic collectible design objects including sculptural furniture, a bold yellow light fixture, a reflective partition, and colorful abstract forms, all set against a raw industrial ceiling and minimalist gallery backdrop.A vibrant installation view from the FASHION section at COLLECTIBLE New York 2024, showcasing eclectic collectible design objects including sculptural furniture, a bold yellow light fixture, a reflective partition, and colorful abstract forms, all set against a raw industrial ceiling and minimalist gallery backdrop.
    The FASHION section at COLLECTIBLE New York in 2024. Photo: Simon Leung

    COLLECTIBLE distinguishes itself with a fluid, non-traditional format that prioritizes aesthetic experience over discrete objects with immersive presentations such as Vignette, a section inviting interior designers to stage fully realized environments, creating compelling conversations between contemporary and vintage works. “Vignette will explore the conversation between collectible and interior design,” said interior designer Michael Hila, who curates the section, in a statement. “Each Vignette becomes a curated mise-en-scène—a sort of ‘store window’—where contemporary works are paired with vintage or antique pieces to express a personal design ethos. While the spaces might be small, the ideas will be boundless.” Combining curatorial rigor with a spirit of experimentation, COLLECTIBLE also keeps an eye on the future of design through New Gaarde, a platform dedicated to pioneering emerging studios founded within the past three years.

    “What was once a critically engaged field has in recent years gained momentum,” Liv Vaisberg, who founded the fair with Clélie Debehault in 2018, told Observer. “We have seen a marked acceleration: more galleries dedicated to contemporary collectible design, a growing base of committed collectors, increasing institutional interest and deeper media coverage. While the market remains selective in scale, its cultural relevance has expanded significantly—shifting from the margins to a more prominent, discerning place within the broader design landscape.”

    COLLECTIBLE recently announced its first-ever Hong Kong edition—the fair is venturing into the Asian market with an event scheduled for December and supported by the Hong Kong Government’s CCIDA. Curated by co-founders Clélie Debehault and Liv Vaisberg, with scenography by Ann Chan (Hero Design), the show will be part of Design Factory, a new international platform presented by Maison&Objet in Hong Kong.

    Luxury-branded design holds the furniture market

    It’s important to note that the data and analysis above mainly refer to the art and collectible side of the design market, which consists of exclusive collaborations, special editions and artist collaborations that distinguish it from the broader design and furniture industry. However, even when considering the industry as a whole, the global furniture market showed consistent growth in 2024. According to Future Business Insights, it was valued at $568.6 billion and is projected to reach $878.14 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.65 percent. Asia Pacific led the market in 2024 with a commanding 48.68 percent share, underscoring the region’s manufacturing dominance and rising consumer demand. In the United States, the market is expected to reach $130.24 billion by 2032, driven by strong housing sales and growing demand for innovative, design-forward furniture.

    The luxury segment remains a leader. According to Technavio, the Global Luxury Furniture Market is expected to grow by $9.54 billion from 2024 to 2028, driven by the increase in the number of luxury furniture showrooms and a demand for more eco-friendly, high-quality craftsmanship.

    The market is holding up across different geographies, according to Marcello Lucchetta, a vice president of sales at Luxury Living Group. “It was certainly not the best year, but it has remained stable thanks to a specific and important factor: the world of branded real estate developments,” he said, referring to branded hotels, such as Bentley Residences, Dolce & Gabbana Residences and the Fendi Condo Residences.

    An outdoor terrace is styled with blue and white décor, featuring striped cushioned seating, patterned throw pillows, and a matching umbrella with ornate tile-like motifs. A low coffee table holds cobalt blue glassware, echoing the color scheme. Tall green plants in blue and white ceramic planters line the space, while terracotta roof tiles and a clear blue sky complete the Mediterranean-inspired setting.An outdoor terrace is styled with blue and white décor, featuring striped cushioned seating, patterned throw pillows, and a matching umbrella with ornate tile-like motifs. A low coffee table holds cobalt blue glassware, echoing the color scheme. Tall green plants in blue and white ceramic planters line the space, while terracotta roof tiles and a clear blue sky complete the Mediterranean-inspired setting.
    At this year’s Milan Design Week, Dolce & Gabbana unveiled the new Verde Maiolica homeware line, its first-ever collection of bed linens, new Gotham furniture and its latest outdoor collection, Saint Jean, created in collaboration with Luxury Living Group. Dolce & Gabbana

    And that segment is especially relevant in certain regions, Lucchetta adds, noting the growing presence of so-called “soft luxury” brands—those that aren’t overly loud—doing exceptionally well, like Fendi, automotive names like Bentley and Bugatti and fashion brands like Armani, Versace and Dolce & Gabbana, which continues to show strong interest.

    According to Lucchetta, the number of residential and hospitality developments tied to a brand and/or featuring branded interiors is growing, particularly in North America, extending beyond Miami. “Previously, most of the activity was centered in Miami, which now feels somewhat saturated, but the market is expanding across the U.S. and North America more broadly,” he said. “Compared to last year, the numbers are roughly the same, but there’s more uncertainty now, mainly due to tariffs and what could be described as trade wars or customs duty conflicts.” As for retail, it’s a different story—the market is weak for other products. “I think that’s a trend we’re seeing across various sectors, not just luxury.”

    More for collectors

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  • Cultural Comings and Goings: Max Hollein Joins the Andy Warhol Foundation Board and More

    Cultural Comings and Goings: Max Hollein Joins the Andy Warhol Foundation Board and More

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    From Gary Waterston’s appointment at Pace Gallery to the resignation of Phillips CEO Stephen Brooks, here are some of the most notable role changes recently announced across the arts and culture spheres.

    The Andy Warhol Foundation appoints Max Hollein to its board

    Man in navy suit stands at podium
    Max Hollein in May 2022. Slaven Vlasic/Getty Images

    Max Hollein, the director and CEO of the Metropolitan Museum of Art, has been elected to the board of directors at the Andy Warhol Foundation for the Visual Arts.

    He will join the group of artists, curators, museum directors and scholars on a board that includes members like Brooklyn Museum director Anne Pasternak and Guggenheim deputy director Naomi Beckwith. “The Warhol Foundation has made a tremendous difference in the art world by prioritizing artistic vision, empathy and impact,” said Hollein in a statement.

    In addition to researching and preserving Warhol’s body of work, the foundation focuses on financially supporting artists and artist-centered projects. Earlier this month, it announced plans to give out $4 million worth of grants to fifty art organizations across the U.S.

    Appointed director of the Met in 2018, Hollein also became the Met’s CEO in July of last year. Throughout his tenure at the museum, he has overseen more than 100 exhibitions and the launch of numerous capital projects, in addition to re-envisioning its educational and digital initiatives.

    Before joining the Met, he was director and CEO of the Fine Arts Museums of San Francisco. Hollein also previously simultaneously led the Schirn Kunsthalle, the Städel Museum and the Liebieghaus in Frankfurt, Germany.

    Gary Waterston joins Pace in a newly created role

    Black and white photo of bearded man in suitBlack and white photo of bearded man in suit
    Gary Waterston will officially join the gallery next month. Michael Halsband/Courtesy Pace

    An art gallery veteran will soon join Pace to take on the new role of vice president of global sales and operations. Gary Waterston, who has spent more than twenty years working in gallery management, will assume his position on Feb. 1 and will be based in London.

    “Having stepped away from galleries, artists and exhibition making these past three years, I am beyond excited and thrilled to be joining Pace Gallery in such a transformative role,” said Waterston in a statement. He most recently worked with Atlantic Contemporary LLC, an art-focused financial services startup.

    Waterston previously spent nearly two decades at Gagosian, where he oversaw the gallery’s various expansion projects while serving as a director in London. He became the gallery’s managing director in Europe in 2011, collaborating with Gagosian directors across Paris, Rome, Geneva, Athens and Basel.

    He has organized exhibitions for the likes of Jeff Koons, Julian Schnabel and James Turrell, three of Pace’s most well-known artists. And in addition to working as a private advisor for several artists and foundations, Waterston has also collaborated on two major Picasso exhibitions organized by Sir John Richardson.

    In his new role, Waterston will work directly with Pace’s CEO Marc Glimcher and president Samanthe Rubell as he manages numerous gallery departments. “With his guidance, we will continue to strengthen and grow our business–and our relationships with artists and collectors around the world,” said Rubell in a statement.

    Marie-Anne McQuay to curate the 2025 Liverpool Biennial

    Woman in brown button up shirt Woman in brown button up shirt
    Marie-Anne McQuay will curate the biennial’s next edition. Zak Grant/Courtesy Liverpool Biennial

    The 13th edition of the Liverpool Biennial, the largest contemporary art festival in the U.K., will be curated by Marie-Anne McQuay. It is scheduled to take place between June 7 and Sept. 14 of next year.

    “I feel honored to be curating the 13th edition of Liverpool Biennial with and for the city where I live,” said McQuay in a statement. “I am so looking forward to reflecting on civic life, researching international exchanges and collaborating with the wider team on Liverpool Biennial 2025.”

    McQuay is currently the director of projects at Arts & Heritage, an English organization that works on collaborations between contemporary artists and heritage organizations and will return to her role following the festival’s completion. She previously was head of programs at Bluecoat, an arts center in Liverpool, and in 2019 was a guest curator of the Welsh Pavilion at the 58th Venice Biennale.

    Formed in 1998, the Liverpool Biennial has presented work from more than 560 artists over the past few decades. McQuay will succeed Khanyisile Mbongwa, the Cape Town-based artist and sociologist who curated the 12th edition in 2023 with an emphasis on ancestral and indigenous knowledge.

    Stephen Brooks resigns as CEO of Phillips

    Black and white photo of man wearing suit and glassesBlack and white photo of man wearing suit and glasses
    Stephen Brooks joined the auction house in 2021. Courtesy Phillips

    After leading Phillips for two and a half years, Stephen Brooks is stepping down as CEO.

    Brooks, who first took on the role in 2021, came to Phillips after spending more than a decade at Christie’s, most recently as deputy chief executive. Throughout his tenure at Phillips, he oversaw the auction house through its highest annual sale totals in company history. Brooks’ leadership additionally saw an expansion into younger audiences. Around 50 percent of buyers in 2023 consisted of first-time buyers, one-third of whom represented Millennial and Gen Z collectors.

    Brooks decided to step down “for personal reasons,” according to a statement from Phillips executive chairman Edward Dolman. “Stephen has led the company through a remarkable period of growth during his tenure and his contributions have helped to build the infrastructure for Phillips’ continued success,” he said.

    In light of Brooks’ resignation, Phillips is restructuring its executive leadership team and creating a CEO’s office. Dolman, who previously served as CEO of Phillips between 2014 and 2021, will take on a new role combining the titles of both CEO and executive chairman.

    Meanwhile, Amanda Lo Iacono will be appointed to the newly created position of deputy CEO. Joining Phillips in 2016, she has since 2022 been managing director for the 20th Century and contemporary art department and spearheaded the launch of Phillip’s Dropshop program. The auctioneer’s new leadership team will also see Cheyenne Westphal continue in her role as global chairwoman. “2024 presents Phillips with many opportunities to continue our expansion and, with the new leadership structure in place, we are well-placed to forge ahead,” said Dolman.

    Cultural Comings and Goings: Max Hollein Joins the Andy Warhol Foundation Board and More

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    Alexandra Tremayne-Pengelly

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  • 2024 candidate Dean Phillips called Pelosi and Feinstein old. Biden is his next target

    2024 candidate Dean Phillips called Pelosi and Feinstein old. Biden is his next target

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    Democratic Rep. Dean Phillips swept into office in 2018 after promising not to vote for Rep. Nancy Pelosi for speaker of the House.

    The Gen X Minnesotan reasoned that the San Franciscan had been at the top too long and Democrats needed some fresh blood in House leadership. In the private sector, he argued, people rarely serve for two decades in top posts.

    Phillips ultimately backed Pelosi (D-San Francisco) for speaker as part of a deal that saw her leave leadership last year. But in the spring of this year, as another Californian, Sen. Dianne Feinstein, began missing votes, he spoke out again, writing an op-ed arguing that she needed to resign for the good of the country.

    Feinstein’s refusal to resign — she died in office on Sep. 29 — did the country a disservice, Phillips told The Times during a visit to California last month.

    “Who doesn’t know Congress is dysfunctional, but I did not know how horrifyingly so until I got there,” said Phillips, 54. “I encountered a culture filled with people who had been there for decades, that were so clearly focused more on the preservation of their positions than they were the priorities of the population.”

    Now Phillips is taking on 81-year-old President Biden for the Democratic nomination — and making the same argument he made about Feinstein and Pelosi. His longshot run has included several trips to California to appear on shows like Real Time with Bill Maher and court potential donors in Hollywood and Silicon Valley.

    Nearly 80% of voters in a September Reuters-Ipsos poll said that Biden is too old to run again. More than half said the same about the 77-year-old Donald Trump.

    Dean Phillips steps off his campaign bus at the New Hampshire State House. He filed a declaration of candidacy Oct. 27, 2023, to run in the state’s presidential primary.

    (Glen Stubbe / Star Tribune)

    Elected Democrats who refused to criticize Feinstein’s fitness to serve — or acknowledge publicly that Biden’s age is a challenge — are no better than Republicans who are unwilling to publicly criticize former President Trump, Phillips argued.

    “It is the same disease — the same danger and the same consequence, which is the reduction in faith and government,” he said, noting that Biden is far better than Trump as a leader.

    Phillips, who has voted with Biden 100% of the time in the House, has said repeatedly that he’s not in this race to tear down the president. He praised the Inflation Reduction Act, the bipartisan infrastructure bill and Biden’s “extraordinary” support for Israel.

    But in his interview with The Times, Phillips was quick to say that Biden didn’t do enough to respond as vice president to Russia’s invasion of Crimea and that the Israel-Hamas war “could have been prevented with more extraordinary intentional peace efforts over the course of his tenure, both as vice president and now president.” He supports an internationally monitored cease-fire once all the hostages held by Hamas militants in the Gaza Strip have been released and says a multinational peacekeeping force should be deployed to the region.

    He also attacked Biden’s unwillingness to legalize cannabis and the president’s response to “chaos” at the border.

    Phillips sees what he’s doing as a “hopeful run” meant to offer a respectful alternative to someone whom he considers a successful president. He believes that by May or June, after enough campaigning, head-to-head polls will show him beating former President Trump and will continue to show Biden losing.

    But his attacks on Biden over policy issues, and his recent claim that Biden — like Trump — is a threat to democracy have some political observers questioning whether he plans to run a purely positive campaign. They worry he could end up hurting Biden’s chances in a general election.

    Phillips’ effort recalls former Gov. Jerry Brown’s runs for president, where he got in late and never accumulated enough movement support, said Danielle Cendejas, who works for the Strategy Group, a national political consulting firm that advised Phillips’ congressional bids but is not working on his presidential campaign.

    “Phillips’ run feels like it’s more of a, ‘Hey, I’m an option’ campaign rather than, ‘I am trying to do something different because the president is not doing what I think should be done,’” she said. “Anytime you run against the White House, you are running on the fact that the president is just not doing a good enough job.”

    If Phillips was running far to Biden’s left, his challenge might galvanize the White House to respond more aggressively, Cendejas says. But so far, the Biden team doesn’t seem too worried. (A spokesperson for Biden’s campaign declined to comment for this article.)

    Phillips’ campaign counts Andrew Yang’s former campaign manager Zach Graumann as a senior advisor. Strategist Bradley Tusk, who managed Yang’s 2021 New York mayoral campaign and worked for Mayor Michael Bloomberg, said he was surprised that no nationally elected officials or activists had challenged Biden from the left.

    The risk for Biden is he “could really underperform in the primaries but not lose them,” Tusk said. “Then Trump picks up a lot more momentum, raises a lot more money and fundraising for Biden gets that much harder.”

    The two most urgent challenges Phillips faces are raising enough money to run a competitive campaign and getting on the ballot in as many states as possible. He already won’t be on the ballot in Nevada. He’s angry that he will likely be left off the ballot in Florida.

    The Minnesotan, who thinks he’ll make the ballot in 90% of states, will appear on California’s ballot for its March 5 primary, according to California Secretary of State Shirley Weber.

    Phillips and his team believe that a competitive primary is a healthy part of the democratic process. If the polls in May or June show Biden beating Trump “and me losing, I’ll be the first to acknowledge it and wrap it up,” he said.

    Snuffing out dissenting voices only hurts the voters, argued Jeff Weaver, a senior advisor to Phillips who had top roles in Sen. Bernie Sanders’ 2016 and 2020 presidential campaigns.

    Weaver thinks a strong showing for Phillips in New Hampshire, where Biden is not on the ballot but his supporters are marshaling a write-in campaign, will create momentum that will get him noticed by more voters. A poll last month in the state found Phillips with 15% support after two weeks of campaigning. Biden had 27% support.

    “Our primary system is one of the only feedback loops between people on the ground and the national party,” Weaver told The Times.

    “Issues and candidates affect how people vote. There should be a vigorous primary where people get to see their candidates talk about the issues. With there being no debates, the [Democratic] party has worked to stifle that process.”

    President Joe Biden arrives at Santa Monica Airport in Santa Monica, Calif., Friday, Dec. 8, 2023.

    President Joe Biden arrives at Santa Monica Airport in Santa Monica, Calif., Friday, Dec. 8, 2023. Rep. Ted Lieu, D-Calif., third from left, and California Gov. Gavin Newsom, left, and Los Angeles Mayor Karen Bass, right, look on.

    (Manuel Balce Ceneta / Associated Press)

    Phillips faces a steep financial challenge. In one weekend this month, Biden brought in about $15 million at two fundraisers in Los Angeles. Phillips said he will have trouble raising that kind of money—even as the Minnesotan who got rich running his family’s liquor business and later the Talenti gelato brand, has poured $2 million of own wealth into the campaign.

    But Phillips has found some pockets of support.

    Uber Chief Executive Dara Khosrowshahi, a college friend of Phillips, has supported his congressional races. Phillips said he has met in recent months with Open AI CEO Sam Altman — a meeting first reported by the news outlet Puck. Phillips told The Times he wasn’t sure if Altman, who gave $200,000 to the Biden reelection bid, had donated to his campaign.

    He declined to detail how Altman, whose representatives didn’t respond to requests for comment, had been advising his launch except to say “I found him to be an extraordinarily brilliant and principled and magnificent ideator and convener and community builder, and without getting too much into the details, yes, he’s been supportive.”

    Cryptocurrency billionaire Mike Novogratz has shifted his support away from Biden and will host a Phillips fundraiser, CNBC reported this week.

    Phillips has held several Southern California fundraisers since launching his campaign at the beginning of November, though his campaign has declined to say how much they’ve raised. Phillips said the events attracted many Biden backers who pined for an alternative.

    One was television executive Adam Goodman, who previously served as president of Paramount Pictures’ Motion Picture Group and DreamWorks SKG, and described how his high-school-age daughter heard Phillips speak and felt a connection to him. He’s been impressed by many of Biden’s successes over the last four years but still hosted a 100-person fundraiser for Phillips in his home early last month.

    “This is the time when we’re supposed to be listening and auditioning the best people for the job and then ultimately we will get to a convention and the best candidate will go forward at that point,” he said.

    Goodman said that politics — like show business — needs fresh perspectives in leadership.

    “Show business is really in jeopardy right now,” he said. “The people who are actually really running the businesses who are at the top top top — these are people that have been in authority for 35-plus years. They are not people who necessarily understand the generational shift.”

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    Benjamin Oreskes

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  • The ‘Anti-Defeat’ Candidate

    The ‘Anti-Defeat’ Candidate

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    Like many politicians, Representative Dean Phillips likes to look people in the eye. And because he’s a politician, Phillips can glean things, just as President George W. Bush did when he peered into Vladimir Putin’s eyes and saw his soul.

    “I’ve looked Benjamin Netanyahu in the eye,” Phillips told a group of students at Dartmouth College, in Hanover, New Hampshire, last week.

    And?

    “I did not like what I saw,” Phillips said of the Israeli prime minister. “I do not like his government. He’s got to go.”

    Philips has also looked into Donald Trump’s eyes. That, too, was ominous. It was a few years ago, and the former president had invited a bunch of new House members to the White House for an introductory visit.

    “I looked him in the eye for the better part of an hour,” Phillips told me.

    And?

    “I saw right through him,” Phillips said. “I know exactly how to handle weaklings like Donald Trump.”

    How?

    “You’ll see,” he said. “Why would I give away my special sauce?”

    Phillips was telling me this while tucked into the back of a minivan, having just set off on a 90-minute ride from Hanover to Manchester. He wore a down vest over a blue dress shirt and looked me straight in the you-know-what as he described the “gravity of this entire circumstance” he was now embarked upon.

    He had just concluded one of his early days as an official primary challenger to President Joe Biden, the incumbent he must first dispatch before he can douse Trump with his proprietary Dean Sauce. Phillips is pursuing this mission despite long odds and an unsurprising chorus of how dare yous and not helpfuls from various Democratic gatekeepers. He has already said plenty about why he is doing this—about how Democrats are desperate for a Plan B to Biden, who Phillips says has no business seeking reelection at his age (81 on Monday), with his poll numbers and the catastrophic threat of his likely GOP opponent (yes, him). Phillips agonized over his decision and unburdened himself in multiple forums, including, quite expansively last month, to my colleague Tim Alberta.

    I was in New Hampshire because I wanted to see Phillips transition from theoretical to actual challenger. It is one thing to scream warnings about alarming data, and another to segue into the granular doings of a campaign. “This is an all-hands-on-deck initiative,” he told me, his words landing somewhere between hyper-earnest and naive, with occasional tips into grandiose. Phillips, 54, is a figure of uncommonly big plans and weighty burdens, especially given his relatively modest station (he has represented Minnesota’s Third Congressional District since 2019). He seems sincere about what he’s doing, especially compared with the two-faced default of so many elected Democrats who tout Biden’s reelection in public while privately pining for some other candidate, like Gretchen Whitmer, the Rock, or whomever they want instead. In this sense, Phillips’s gambit is noble, even necessary. It can also be lonely and awkward to watch up close.

    Since entering the race a month ago, Phillips has held a series of mostly low-key events in New Hampshire and has made a stop in South Carolina. I first encountered him during a heartfelt give-and-take with half a dozen members of the Dartmouth Political Union. “This is a beautiful American moment,” Phillips declared after a dialogue about abortion policy with a polite young Nikki Haley supporter. Later, at a town hall across campus, Phillips described that bridge-building exchange as “one of the most profound hours of engagement” he’s had in a long while and something “I will remember for years to come.”

    Phillips told me that his initial campaign forays have only—surprise—reaffirmed the premise of his errand: “Other than some Democratic elected officials, and only a few of them, I’ve not yet encountered a single person who doesn’t feel the same way,” he said, about the need for a Biden alternative. His go-to weapon against the president is public opinion, for which Phillips keeps getting fresh ammunition. “I want to give you some simple data,” he said during a meet and greet with about 50 students, faculty, and community members before the town hall. He mentioned a recent survey of voters in battleground states that had Biden trailing Trump by four points, 48–44. “But then you look at how Trump does against a ‘generic Democrat,’” Phillips said, “and the generic Democrat wins 48–40.” Heads bobbed in the classroom; Phillips shook his in exasperation.

    Phillips himself is polling at just 10 percent among likely New Hampshire Democratic-primary voters, according to a CNN survey released last week that had Biden at 65 percent. During our car ride, I suggested to Phillips that maybe he should change his name to “Generic Democrat.”

    “I never in my life aspired to be generic,” he replied, chuckling.

    Primary challenges to incumbent presidents have historically been associated with signature causes and fiery rhetoric. They tend to be ideologically driven—such as Ted Kennedy’s challenge to President Jimmy Carter from the left in 1980 and Pat Buchanan’s to President George H. W. Bush from the right in 1992. No one will mistake Phillips for a brawling populist. He is affable, well mannered, and extremely rich, with a net worth of about $50 million, some portion of it derived from the gelato-and-sorbet company—Talenti—that he co-owned before it was sold.

    Still, Phillips frequently brings up the late Senator Eugene McCarthy, a fellow Minnesota Democrat, whose uprising against President Lyndon B. Johnson in 1968 helped push Johnson to not seek reelection. The comparison is fraught in that Democrats wound up nominating another Minnesotan, Hubert Humphrey, who went on to lose to Richard Nixon. Carter and Bush also lost their general elections. This tends to be the main critique of Phillips: that his project could weaken Biden against Trump.

    One student at Dartmouth questioned Phillips about the 1980 example, arguing that Kennedy was the reason that Carter was ultimately blown out by Ronald Reagan. Phillips came back with a lengthy and somewhat defensive response. “Ted Kennedy didn’t cause Carter’s problems any more than I’ve caused Joe Biden’s problems,” he said. The student nodded and thanked the candidate, who in turn thanked the student—and another beautiful American moment was forged.

    “I am the anti-defeat candidate,” Phillips said, describing his enterprise to me later. “I am the truth-telling candidate.” “Truth-telling” is of course subjective, in campaigns as in life. Phillips then told me about a visit he’d made to a Hanover restaurant that day. After a series of “wonderful conversations” with random diners, he’d encountered a young woman who “I sensed was not showing any compassion for butchered Israelis”—a reference to the Hamas attacks on October 7. So Phillips, who is Jewish, paused the conversation and asked a question of his own. “I said, ‘Are you telling me that you support Hamas?’” Phillips said. “And she goes, ‘Yes.’” At which point, he’d heard enough.

    “I said, ‘Look, I really enjoyed our conversation, but I can’t continue this.’”

    “Wait, did you really enjoy that conversation?” I interrupted, questioning his truth-telling.

    “I’ll tell you what, that’s a good point,” Phillips acknowledged. “I did not enjoy it.”

    In that spirit of engaging with people of different backgrounds and persuasions, Phillips frequently invokes his friendship with Rashida Tlaib, the only Palestinian American in Congress, who was censured by the House this month for her comments about Israel. Phillips refers to Tlaib as “my Palestinian sister” and to himself as “her Jewish brother.”

    I pressed Phillips on the state of his relations with Tlaib. “It’s as difficult as ever and more important than ever,” he said. He then raised the stakes even higher. “I believe that as Rashida Tlaib and Dean Phillips go, so will the Middle East,” he said. (A lot of pressure there!)

    As our nighttime ride persisted southeast down Interstate 89, the conversation took some quick turns.

    “Is Kamala Harris prepared to step in if something happened to Biden?” I asked Phillips.

    “I think that Americans have made the decision that she’s not,” he said.

    I replied that I was interested in the decision of one specific American, Dean Phillips.

    “That is not my opinion,” Phillips clarified. He said that every interaction he’s had with the vice president has been “thoughtful” and that “I’ve enjoyed them.”

    “That said …” Phillips paused, and I braced for the vibe shift.

    “I hear from others who know her a lot better than I do that many think she’s not well positioned,” he said of Harris. “She is not well prepared, doesn’t have the right disposition and the right competencies to execute that office.” Phillips also noted that Harris’s approval numbers are even worse than Biden’s: “It’s pretty clear that she’s not somebody people have faith in.”

    But again, Phillips is not one of those people: “From my personal experiences, I’ve not seen those deficiencies.”

    If Phillips had looked me in the eye at that moment—and granted, it was dark in the back of the van—he would have seen a slightly confused expression. Why was he hiding behind these Trumplike “many people are saying” attributions? Similarly, he often speaks in glowing terms about Biden’s performance in office—“his administration has been quite extraordinary”—while leaning heavily on “the opinion of others” or “the data” to make his case that the president himself needs to go. Phillips can seem torn at times as he attempts to hedge his way through somewhat contradictory impulses: to give Biden his proper due while also trying to end his career.

    I asked Phillips what would happen if his campaign really takes off—he wins a bunch of primaries—and then Biden tries to placate the insurgents by dumping Harris in favor of their hero, Dean Phillips. Would he agree to serve as Biden’s new understudy?

    I anticipated the “I’m not answering hypothetical questions” blow-off that they teach in Candidate School. But Phillips apparently skipped class that day. “That’s a really interesting question,” he said, before letting me down gently.

    “President Biden will never replace Vice President Harris on the ticket, ever,” he said.

    For the record—bonus nugget—Phillips predicts that Trump will select Robert F. Kennedy Jr. to be his running mate. “And they will be very difficult to beat,” he fears. These are the kinds of empty punditing calories that get passed around during long drives on chilly campaign nights.

    As we approached Manchester, Phillips flashed back to reality, or something. “I am the best positioned to defeat Donald Trump,” he said. “All I’m focused on right now is to run a spirited, thoughtful, and energetic campaign.”

    “What about ‘vigorous’ and ‘robust’?” I asked.

    “Yes, yes,” Phillips said, nodding. It was getting late, and we were both getting a bit punchy.

    “And bold,” he added.

    Our van pulled into the Manchester DoubleTree just before 10 p.m. Phillips had to wake up in a few hours to catch a 6:15 a.m. flight back to Washington. He looked me in the eye. I’m not sure what he saw, or what I saw, but I wished him luck.

    “I’ve enjoyed this,” Phillips said.

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    Mark Leibovich

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  • Dean Phillips Has a Warning for Democrats

    Dean Phillips Has a Warning for Democrats

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    This article was featured in One Story to Read Today, a newsletter in which our editors recommend a single must-read from The Atlantic, Monday through Friday. Sign up for it here.

    To spend time around Dean Phillips, as I have since his first campaign for Congress in 2018, is to encounter someone so earnest as to be utterly suspicious. He speaks constantly of joy and beauty and inspiration, beaming at the prospect of entertaining some new perspective. He allows himself to be interrupted often—by friends, family, staffers—but rarely interrupts them, listening patiently with a politeness that almost feels aggravating. With the practiced manners of one raised with great privilege—boasting a net worth he estimates at $50 million—the gentleman from Minnesota is exactly that.

    But that courtly disposition cracks, I’ve noticed, when he’s convinced that someone is lying. Maybe it’s because at six months old he lost his father in a helicopter crash that his family believes the military covered up, in a war in Vietnam that was sold to the public with tricks and subterfuge. I can hear the anger in his voice as he talks about the treachery that led to January 6, recalling his frantic search for some sort of weapon—he found only a sharpened pencil—with which to defend himself against the violent masses who were sacking the U.S. Capitol. I can see it in his eyes when Phillips, who is Jewish, remarks that some of his Democratic colleagues have recently spread falsehoods about the Israeli-Palestinian conflict, and others in the party have refused to condemn blatant anti-Semitism.

    Deception is a part of politics. Phillips acknowledges that. But some deceptions are more insidious than others. On the third Saturday of October, as we sat inside the small, sun-drenched living room of his rural-Virginia farmhouse, Phillips told me he was about to do something out of character: He was going to upset some people. He was going to upset some people because he was going to run for president. And he was going to run for president, Phillips explained, because there is one deception he can no longer perpetuate.

    “My grave concern,” the congressman said, “is I just don’t think President Biden will beat Donald Trump next November.”

    This isn’t some fringe viewpoint within the Democratic Party. In a year’s worth of conversations with other party leaders, Phillips told me, “everybody, without exception,” shares his fear about Joe Biden’s fragility—political and otherwise—as he seeks a second term. This might be hyperbole, but not by much: In my own recent conversations with party officials, it was hard to find anyone who wasn’t jittery about Biden. Phillips’s problem is that they refuse to say so on the record. Democrats claim to view Trump as a singular threat to the republic, the congressman complains, but for reasons of protocol and self-preservation they have been unwilling to go public with their concerns about Biden, making it all the more likely, in Phillips’s view, that the former president will return to office.

    Phillips spent the past 15 months trying to head off such a calamity. He has noisily implored Biden, who turns 81 next month—and would be 86 at the end of a second term—to “pass the torch,” while openly attempting to recruit prominent young Democrats to challenge the president in 2024. He name-dropped some Democratic governors on television and made personal calls to others, urging someone, anyone, to jump into the Democratic race. What he encountered, he thought, was a dangerous dissonance: Some of the president’s allies would tell him, in private conversations, to keep agitating, to keep recruiting, that Biden had no business running in 2024—but that they weren’t in a position to do anything about it.

    What made this duplicity especially maddening to Phillips, he told me, is that Democrats have seen its pernicious effects on the other side of the political aisle. For four years during Trump’s presidency, Democrats watched their Republican colleagues belittle Trump behind closed doors, then praise him to their base, creating a mirage of support that ultimately made them captives to the cult of Trumpism. Phillips stresses that there is no equivalence between Trump and Biden. Still, having been elected in 2018 alongside a class of idealistic young Democrats—“the Watergate babies of the Trump era,” Phillips said—he always took great encouragement in the belief that his party would never fall into the trap of elevating people over principles.

    “We don’t have time to make this about any one individual. This is about a mission to stop Donald Trump,” Phillips, who is 54, told me. “I’m just so frustrated—I’m growing appalled—by the silence from people whose job it is to be loud.”

    Phillips tried to make peace with this. As recently as eight weeks ago, he had quietly resigned himself to Biden’s nomination. The difference now, he said—the reason for his own buzzer-beating run for the presidency—is that Biden’s numbers have gone from bad to awful. Surveys taken since late summer show the president’s approval ratings hovering at or below 40 percent, Trump pulling ahead in the horse race, and sizable majorities of voters, including Democratic voters, wishing the president would step aside. These findings are apparent in district-level survey data collected by Phillips’s colleagues in the House, and have been the source of frenzied intraparty discussion since the August recess. And yet Democrats’ reaction to them, Phillips said, has been to grimace, shrug, and say it’s too late for anything to be done.

    “There’s no such thing as too late,” Phillips told me, “until Donald Trump is in the White House again.”

    In recent weeks, Phillips has reached out to a wide assortment of party elders. He did this, in part, as a check on his own sanity. He was becoming panicked at the prospect of Trump’s probable return to office. He halfway hoped to be told that he was losing his grip on reality, that Trump Derangement Syndrome had gotten to him. He wanted someone to tell him that everything was going to be fine. Instead, in phone call after phone call, his fears were only exacerbated.

    “I’m looking at polling data, and I’m looking at all of it. The president’s numbers are just not good—and they’re not getting any better,” James Carville, the Democratic strategist, told me, summarizing his recent conversations with Phillips. “I talk to a lot of people who do a lot of congressional-level polling and state polling, and they’re all saying the same thing. There’s not an outlier; there’s not another opinion … The question is, has the country made up its mind?”

    Jim Messina, who ran Barack Obama’s 2012 campaign, told me the answer is no. “This is exactly where we were at this stage of that election cycle,” Messina said. He pointed to the November 6, 2011, issue of The New York Times Magazine, the cover of which read, “So, Is Obama Toast?” Messina called the current situation just another case of bedwetting. “If there was real concern, then you’d have real politicians running,” he said. “I’d never heard of Dean Phillips until a few weeks ago.”

    The bottom line, Messina said, is that “Biden’s already beaten Trump once. He’s the one guy who can beat him again.”

    Carville struggles with this logic. The White House, he said, “operates with what I call this doctrine of strategic certainty,” arguing that Biden is on the same slow-but-steady trajectory he followed in 2020. “Joe Biden has been counted out by the Beltway insiders, pundits, DC media, and anonymous Washington sources time and time again,” the Biden campaign wrote in a statement. “Time and time again, they have been wrong.” The problem is that 2024 bears little resemblance to 2020: Biden is even older, there is a proliferation of third-party and independent candidates, and the Democratic base, which turned out in record numbers in the last presidential election, appears deflated. (“The most under-covered story in contemporary American politics,” Carville said, “is that Black turnout has been miserable everywhere since 2020.”) Carville added that in his own discussions with leading Democrats, when he argues that Biden’s prospects for reelection have grown bleak, “Nobody is saying, ‘James, you’re wrong,’” he told me. “They’re saying, ‘James, you can’t say that.’”

    Hence his fondness for Phillips. “Remember when the Roman Catholic Church convicted Galileo of heresy for saying that the Earth moves around the sun? He said, ‘And yet, it still moves,’” Carville told me, cackling in his Cajun drawl. The truth is, Carville said, Biden’s numbers aren’t moving—and whoever points that out is bound to be treated like a heretic in Democratic circles.

    Phillips knows that he’s making a permanent enemy of the party establishment. He realizes that he’s likely throwing away a promising career in Congress; already, a Democratic National Committee member from Minnesota has announced a primary challenge and enlisted the help of leading firms in the St. Paul area to take Phillips out. He told me how, after the news of his impending launch leaked to the press, “a colleague from New Hampshire”—the congressman grinned, as that description narrowed it down to just two people—told him that his candidacy was “not serious” and “offensive” to the state’s voters. In the run-up to his launch, Phillips tried to speak with the president—to convey his respect before entering the race. On Thursday night, he said, the White House got back to him: Biden would not be talking to Phillips.

    Cedric Richmond, the onetime Louisiana congressman who is now co-chair of Biden’s reelection campaign, told me Phillips doesn’t “give a crap” about the party and is pursuing “a vanity project” that could result in another Trump presidency. “History tells us when the sitting president faces a primary challenge, it weakens him for the general election,” Richmond said. “No party has ever survived that.”

    But Phillips insists—and his friends, even those who think he’s making a crushing mistake, attest—that he is doing this out of genuine conviction. Standing up and leaning across a coffee table inside his living room, Phillips pulled out his phone and recited data from recent surveys. One showed 70 percent of Democrats under 35 wanting a different nominee; another showed swing-state voters siding with Trump over Biden on a majority of policy issues, and independents roundly rejecting “Bidenomics,” the White House branding for the president’s handling of the economy. “These are not numbers that you can massage,” Phillips said. “Look, just because he’s old, that’s not a disqualifier. But being old, in decline, and having numbers that are clearly moving in the wrong direction? It’s getting to red-alert kind of stuff.”

    Phillips sat back down. “Someone had to do this,” the congressman told me. “It just was so self-evident.”

    If the need to challenge the president is so self-evident, I asked, then why is a third-term congressman from Minnesota the only one willing to do it?

    “I think about that every day,” Phillips replied, shaking his head. “If the data is correct, over 50 percent of Democrats want a different nominee—and yet there’s only one out of 260 Democrats in the Congress saying the same thing?”

    Phillips no longer wonders whether there’s something wrong with him. He believes there’s something wrong with the Democratic Party—a “disease” that discourages competition and shuts down dialogue and crushes dissent. Phillips said his campaign for president won’t simply be about the “generational schism” that pits clinging-to-power Baby Boomers against the rest of the country.  If he’s running, the congressman said, he’s running on all the schisms that divide the Democrats: cultural and ideological, economic and geographic. He intends to tell some “hard truths” about a party that, in its attempt to turn the page on Trump, he argued, has done things to help move him back into the Oval Office. He sounded at times less like a man who wants to win the presidency, and more like someone who wants to draw attention to the decaying state of our body politic.

    Over the course of a weekend on Phillips’s farm, we spent hours discussing the twisted incentive structures of America’s governing institutions. He talked about loyalties and blind spots, about how truth takes a back seat to narrative, about how we tell ourselves stories to ignore uncomfortable realities. Time and again, I pressed Phillips on the most uncomfortable reality of all: By running against Biden—by litigating the president’s age and fitness for office in months of town-hall meetings across New Hampshire—isn’t he likely to make a weak incumbent that much weaker, thereby making another Trump presidency all the more likely?

    “I want to strengthen him. If it’s not me, I want to strengthen him. I won’t quit until I strengthen him. I mean it,” Phillips said of Biden. “I do not intend to undermine him, demean him, diminish him, attack him, or embarrass him.”

    Phillips’s friends tell me his intentions are pure. But they fear that what makes him special—his guileless, romantic approach to politics—could in this case be ruinous for the country. They have warned him about the primary campaigns against George H. W. Bush in 1992 and Jimmy Carter in 1980, both of whom lost in the general election.

    Phillips insisted to me that he wouldn’t be running against Biden. Rather, he would be campaigning for the future of the Democratic Party. There was no scenario, he said, in which his candidacy would result in Trump winning back the White House.

    And in that moment, it was Dean Phillips who was telling himself a story.

    He didn’t see the question coming—but he didn’t try to duck it, either.

    It was July of last year. Phillips was doing a regular spot on WCCO radio, a news-talk station in his district, when host Chad Hartman asked the congressman if he wanted Biden to run for reelection in 2024. “No. I don’t,” Phillips replied, while making sure to voice his admiration for the president. “I think the country would be well served by a new generation of compelling, well-prepared, dynamic Democrats to step up.”

    Phillips didn’t think much about the comment. After all, he’d run for Congress in 2018 promising not to vote for Nancy Pelosi as speaker of the House (though he ultimately did support her as part of a deal that codified the end of her time in leadership). While he has been a reliable vote in the Democratic caucus—almost always siding with Biden on the House floor—Phillips has simultaneously been a squeaky wheel. He’s a centrist unhappy with what he sees as the party’s coddling of the far left. He’s a Gen Xer convinced that the party’s aging leadership is out of step with the country. He’s an industrialist worried about the party’s hostility toward Big Business. (When he was 3 years old, his mother married the heir of a distilling empire; Phillips took it over in his early 30s, then made his own fortune with the gelato company Talenti.)

    When the blowback to the radio interview arrived—party donors, activists, and officials in both Minnesota and Washington rebuked him as disloyal—Phillips was puzzled. Hadn’t Biden himself said, while campaigning in 2020, that he would be a “bridge” to the future of the Democratic Party? Hadn’t he made that remark flanked by Michigan Governor Gretchen Whitmer on one side and future Vice President Kamala Harris on the other? Hadn’t he all but promised that his campaign was about removing Trump from power, not staying in power himself?

    Phillips had never seriously entertained the notion that Biden would seek reelection. Neither had many of his Democratic colleagues. In fact, several House Democrats told me—on the condition of anonymity, as not one of them would speak on the record for this article—that in their conversations with Biden’s inner circle throughout the summer and fall of 2022, the question was never if the president would announce his decision to forgo a second term, but when he would make that announcement.

    Figuring that he’d dealt with the worst of the recoil—and still very much certain that Biden would ultimately step aside—Phillips grew more vocal. He spent the balance of 2022, while campaigning for his own reelection, arguing that both Biden and Pelosi should make way for younger Democratic leaders to emerge. He was relieved when, after Republicans recaptured the House of Representatives that fall, Pelosi allowed Hakeem Jeffries, a friend of Phillips’s, to succeed her atop the caucus.

    But that relief soon gave way to worry: As the calendar turned to 2023, there were rumblings coming from the other end of Pennsylvania Avenue that Biden might run for reelection after all. In February, Phillips irked his colleagues on Capitol Hill when he gave an extensive interview to the Politico columnist Jonathan Martin shaming Democrats for suppressing their concerns about Biden. At that point, his friends in the caucus still believed that Phillips was picking a fight for no reason. When Biden announced his candidacy two months later, several people recalled to me, some congressional Democrats were stunned.

    “Many actually felt, I think, personally offended,” Phillips said. “They felt he had made a promise—either implicitly, if not explicitly.”

    Around the time Biden was launching his reelection campaign, Phillips was returning to the United States from an emotional journey to Vietnam. He had traveled to the country, for the first time, in search of the place where his father and seven other Americans died in a 1969 helicopter crash. (Military officials initially told his mother that the Huey was shot down; only later, Phillips says, did they admit that the accident was weather related.) After a local man volunteered to lead Phillips to the crash site, the congressman broke down in tears, running his hands over the ground where his father perished, reflecting, he told me, on “the magnificence and the consequence of the power of the American presidency.”

    Phillips left Vietnam with renewed certainty of his mission—not to seek the White House himself, but to recruit a Democrat who stood a better chance than Biden of defeating Donald Trump.

    Back in Washington, Phillips began asking House Democratic colleagues for the personal phone numbers of governors in their states. Some obliged him; others ignored the request or refused it. Phillips tried repeatedly to get in touch with these governors. Only two got back to him—Whitmer in Michigan, and J. B. Pritzker in Illinois—but neither one would speak to the congressman directly. “They had their staff take the call,” Phillips told me. “They wouldn’t take the call.”

    With a wry grin, he added: “Gretchen Whitmer’s aide was very thoughtful … J. B. Pritzker’s delegate was somewhat unfriendly.”

    By this point, Phillips was getting impatient. Trump’s numbers were improving. One third-party candidate, Cornel West, was already siphoning support away from Biden, and Phillips suspected that Robert F. Kennedy Jr., who had declared his candidacy as a Democrat, would eventually switch to run as an independent. (That suspicion proved correct earlier this month.) As a member of the elected House Democratic leadership, Phillips could sense the anxiety mounting within the upper echelons of the party. He and other Democratic officials wondered what, exactly, the White House would do to counter the obvious loss of momentum. The answer: Biden’s super PAC dropped eight figures on an advertising blitz around Bidenomics, a branding exercise that Phillips told me was viewed as “a joke” within the House Democratic caucus.

    “Completely disconnected from what we were hearing,” Phillips said of the slogan, “which is people getting frustrated that the administration was telling them that everything is great.”

    Everything was not great—but it didn’t seem terrible, either. The RealClearPolitics average of polls, as of late spring, showed Biden and Trump running virtually even. As the summer wore on, however, there were signs of trouble. When Phillips and certain purple-district colleagues would compare notes on happenings back home, the readouts were the same. Polling indicated that more and more independents were drifting from the Democratic ranks. Field operations confirmed that young people and minorities were dangerously disengaged. Town-hall questions and donor meetings began and ended with questions about Biden’s fitness to run against Trump.

    Phillips decided that he needed to push even harder. Before embarking on a new, more aggressive phase of his mission—he began booking national-TV appearances with the explicit purpose of lobbying a contender to join the Democratic race—he spoke to Jeffries, the House Democratic leader, to share his plans. He also said he called the White House and spoke to Biden’s chief of staff, Jeff Zients, to offer a heads-up. Phillips wanted both men to know that he would be proceeding with respect—but proceeding all the same.

    In August, as Phillips dialed up the pressure, he suddenly began to feel the pressure himself. He had spent portions of the previous year cultivating relationships with powerful donors, from Silicon Valley to Wall Street, who had offered their assistance in recruiting a challenger to Biden. Now, with those efforts seemingly doomed, the donors began asking Phillips if he would consider running. He laughed off the question at first. Phillips knew that it would take someone with greater name identification, and a far larger campaign infrastructure, to vie for the party’s presidential nomination. Besides, the folks he’d met with wanted someone like Whitmer or California Governor Gavin Newsom or Georgia Senator Raphael Warnock, not a barely known congressman from the Minneapolis suburbs.

    In fact, Phillips had already considered—and rejected—the idea of running. After speaking to a packed D.C.-area ballroom of Gold Star families earlier this year, and receiving an ovation for his appeals to brotherhood and bipartisanship, he talked with his wife and his mother about the prospect of doing what no other Democrat was willing to do. But he concluded, quickly, that it was a nonstarter. He didn’t have the experience to run a national campaign, let alone a strategy of any sort.

    Phillips told his suitors he wasn’t their guy. Flying back to Washington after the summer recess, he resolved to keep his head down. The congressman didn’t regret his efforts, but he knew they had estranged him from the party. Now, with primary filing deadlines approaching and no serious challengers to the president in sight, he would fall in line and do everything possible to help Biden keep Trump from reclaiming the White House.

    No sooner had Phillips taken this vow than two things happened. First, as Congress reconvened during the first week of September, Phillips was blitzed by Democratic colleagues who shared the grim tidings from their districts around the country. He had long been viewed as the caucus outcast for his public defiance of the White House; now he was the party’s unofficial release valve, the member whom everyone sought out to vent their fears and frustrations. That same week, several major polls dropped, the collective upshot of which proved more worrisome than anything Phillips had witnessed to date. One survey, from The Wall Street Journal, showed Trump and Biden essentially tied, but reported that 73 percent of registered voters considered Biden “too old” to run for president, with only 47 percent saying the same about Trump, who is just three and a half years younger. Another poll, conducted for CNN, showed that 67 percent of Democratic voters wanted someone other than Biden as the party’s nominee.

    Phillips felt helpless. He made a few last-ditch phone calls, pleading and praying that someone might step forward. No one did. After a weekend of nail-biting, Phillips logged on to X, formerly Twitter, on Monday, September 11, to write a remembrance on the anniversary of America coming under attack. That’s when he noticed a direct message. It was from a man he’d never met but whose name he knew well: Steve Schmidt.

    “Some of the greatest acts of cowardice in the history of this country have played out in the last 10 years,” Schmidt told me, picking at a piece of coconut cream pie.

    “Agreed,” Phillips said, nodding his head. “Agreed.”

    The three of us, plus the congressman’s wife, Annalise, were talking late into the night around a long, rustic table in the farmhouse dining room. Never, not even in the juicy, adapted-to-TV novels about presidential campaigns, has there been a stranger pairing than Dean Phillips and Steve Schmidt. One is a genteel, carefully groomed midwesterner who trafficks in dad jokes and neighborly aphorisms, the other a swaggering, bald-headed, battle-hardened product of New Jersey who specializes in ad hominem takedowns. What unites them is a near-manic obsession with keeping Trump out of the White House—and a conviction that Biden cannot beat him next November.

    “The modern era of political campaigning began in 1896,” Schmidt told us, holding forth a bit on William McKinley’s defeat of William Jennings Bryan. “There has never been a bigger off-the-line mistake by any presidential campaign—ever—than labeling this economy ‘Bidenomics.’ The result of that is going to be to reelect Donald Trump, which will be catastrophic.”

    Schmidt added: “A fair reading of the polls is that if the election were tomorrow, Donald Trump would be the 47th president of the United States.”

    Schmidt, who is perhaps most famous for his work leading John McCain’s 2008 presidential campaign—and, specifically, for recommending Sarah Palin as a surprise vice-presidential pick—likes to claim some credit for stopping Trump in the last election. The super PAC he co-founded in 2019, the Lincoln Project, combined quick-twitch instincts with devastating viral content, hounding Trump with over-the-top ads about everything from his business acumen to his mental stability. Schmidt became something of a cult hero to the left, a onetime conservative brawler who had mastered the art and science of exposing Republican duplicity in the Trump era. Before long, however, the Lincoln Project imploded due to cascading scandals. Schmidt resigned, apologizing for his missteps and swearing to himself that he was done with politics for good.

    He couldn’t have imagined that inviting Phillips onto his podcast, via direct message, would result in the near-overnight upending of both of their lives. After taping the podcast on September 22, Schmidt told Phillips how impressed he was by his sincerity and conviction. Two days later, Schmidt called Phillips to tell him that he’d shared the audio of their conversation with some trusted political friends, and the response was unanimous: This guy needs to run for president. Before Phillips could respond, Schmidt advised the congressman to talk with his family about it. It happened to be the eve of Yom Kippur: Phillips spent the next several days with his wife and his adult daughters, who expressed enthusiasm about the idea. Phillips called Schmidt back and told him that, despite his family’s support, he had no idea how to run a presidential campaign—much less one that would have to launch within weeks, given filing deadlines in key states.

    “Listen,” Schmidt told him, “if you’re willing to jump in, then I’m willing to jump in with you.”

    Phillips needed some time to think—and to assess Schmidt. Politics is a tough business, but even by that standard his would-be partner had made lots of enemies. The more the two men talked, however, the more Phillips came to view Schmidt as a kindred spirit. They shared not just a singular adversary in Trump but also a common revulsion at the conformist tactics of a political class that refuses to level with the public. (“People talk about misinformation on Twitter, misinformation in the media,” Schmidt told me. “But how is it not misinformation when our political leaders have one conversation with each other, then turn around and tell the American people exactly the opposite?”) Schmidt had relished working for heterodox dissenters like McCain and California Governor Arnold Schwarzenegger. Listening to Schmidt narrate his struggles to prevent the Republican Party’s demise, Phillips felt a strange parallel to his own situation.

    Back on January 6, 2021, as he’d crawled for cover inside the House gallery—listening to the sounds of broken glass and the gunshot that killed the Trump supporter Ashli Babbitt, overhearing his weeping colleagues make goodbye calls to loved ones—Phillips believed that he was going to die. Later that night, reflecting on his survival, the congressman vowed that he would give every last measure to the cause of opposing Trump. And now, just a couple of years later, with Trump’s recapturing of power appearing more likely by the day, he was supposed to do nothing—just to keep the Democratic Party honchos happy?

    “My colleagues, we all endured that, and you’d think that we would be very intentional and objective and resolute about the singular objective to ensure he does not return to the White House,” Phillips said. “We need to recognize the consequences of this silence.”

    On the first weekend of October, Phillips welcomed Schmidt to his D.C. townhome. They were joined by six others: the congressman’s wife and sister; his campaign manager and one of her daughters; Bill Fletcher, a Tennessee-based consultant; and a Democratic strategist whom I later met at the Virginia farm—one whose identity I agreed to keep off the record because he said his career would be over if he was found to be helping Phillips. Commanding the room with a whiteboard and marker, Schmidt outlined his approach. There would be no org chart, no job titles—only three groups with overlapping responsibilities. The first group, “Headquarters,” would deal with day-to-day operations. The second, “Maneuver,” would handle the mobile logistics of the campaign. The third, “Content,” would be prolific in its production of advertisements, web videos, and social-media posts. This last group would be essential to Phillips’s effort, Schmidt explained: They would contract talent to work across six time zones, from Manhattan to Honolulu, seizing on every opening in the news cycle and putting Biden’s campaign on the defensive all day, every day.

    When the weekend wrapped, Phillips sat alone with his thoughts. The idea of challenging his party’s leader suddenly felt real. He knew the arguments being made by his Democratic friends and did his best to consider them without prejudice. Was it likely, Phillips asked himself, that his candidacy might achieve exactly the outcome he wanted to avoid—electing Trump president?

    Phillips decided the answer was no.

    Running in the Democratic primary carried some risk of hurting the party in 2024, Phillips figured, but not as much risk as letting Biden and his campaign sleepwalk into next summer, only to discover in the fall how disengaged and disaffected millions of Democratic voters truly are.

    “If it’s not gonna be me, and this is a way to elevate the need to listen to people who are struggling and connect it to people in Washington, that to me is a blessing for the eventual nominee,” Phillips said. “If it’s Joe Biden—if he kicks my tuchus in the opening states—he looks strong, and that makes him stronger.”

    It sounds fine in theory, I told Phillips. But that’s not usually how primary campaigns work.

    He let out an exaggerated sigh. “I understand why conventional wisdom says that’s threatening,” Phillips said. “But my gosh, if it’s threatening to go out and listen to people and talk publicly about what’s on people’s minds, and that’s something we should be protecting against, we have bigger problems than I ever thought.”

    It was two weeks after that meeting in D.C. that Phillips welcomed me to his Virginia farmhouse. He’d been staying there, a 90-minute drive from the Capitol, since far-right rebels deposed House Speaker Kevin McCarthy, sparking a furious three-week search for his replacement. The irony, Phillips explained as he showed me around the 38-acre parcel of pastureland, is that he and Schmidt couldn’t possibly have organized a campaign during this season had Congress been doing its job. The GOP’s dysfunctional detour provided an unexpected opportunity, and Phillips determined that it was his destiny to take advantage.

    With Congress adjourned for the weekend as Republicans sought a reset in their leadership scramble, Phillips reconvened the kitchen cabinet from his D.C. summit, plus a Tulsa-based film production crew. Content was the chief priority. Phillips would launch his campaign on Friday, October 27—the deadline for making the New Hampshire ballot—at the state capitol in Concord. From there, he would embark on a series of 120 planned town-hall meetings, breaking McCain’s long-standing Granite State record, touring in a massive DEAN-stamped bus wrapped with a slogan sure to infuriate the White House: “Make America Affordable Again.”

    The strategy, Schmidt explained as we watched his candidate ad-lib for the roving cameras—shooting all manner of unscripted, stream-of-consciousness, turn-up-the-authenticity footage that would dovetail with the campaign’s policy of no polling or focus grouping—was to win New Hampshire outright. The president had made a massive tactical error, Schmidt said, by siding with the Democratic National Committee over New Hampshire in a procedural squabble that will leave the first-in-the-nation primary winner with zero delegates. Biden had declined to file his candidacy there, instead counting on loyal Democratic voters to write him onto the primary ballot. But now Phillips was preparing to spend the next three months blanketing the state, drawing an unflattering juxtaposition with the absentee president and maybe, just maybe, earning enough votes to defeat him. If that happens, Schmidt said, the media narrative will be what matters—not the delegate math. Americans would wake up to the news of two winners in the nation’s first primary elections: Trump on the Republican side, and Dean Phillips—wait, who?—yes, Dean Phillips on the Democratic side. The slingshot of coverage would be forceful enough to make Phillips competitive in South Carolina, then Michigan. By the time the campaign reached Super Tuesday, Schmidt said, Phillips would have worn the incumbent down—and won over the millions of Democrats who’ve been begging for an alternative.

    At least, that’s the strategy. Fanciful? Yes. The mechanical hurdles alone, starting with collecting enough signatures to qualify for key primary ballots, could prove insurmountable. (He has already missed the deadline in Nevada.) That said, in an age of asymmetrical political disruption, Phillips might not be the million-to-one candidate some will dismiss him as. He’s seeding the campaign with enough money to build out a legitimate operation, and has influential donors poised to enter the fray on his behalf. (One tech mogul, who spoke with Phillips throughout the week preceding the launch, was readying to endorse him on Friday.) He has high-profile friends—such as the actor Woody Harrelson—whom he’ll enlist to hit the trail with him and help draw a crowd. Perhaps most consequentially, his campaign is being helped by Billy Shaheen, a longtime kingmaker in New Hampshire presidential politics and the husband of the state’s senior U.S. senator, Jeanne Shaheen. “I think the people here deserve to hear what Dean has to say,” Billy Shaheen told me. If nothing else, with Schmidt at the helm, Phillips’s campaign will be energetic and highly entertaining.

    Yet the more time I spent with him at the farm, the less energized Phillips seemed by the idea of dethroning Biden. He insisted that his first ad-making session focus on saluting the president, singing his opponent’s praises into the cameras in ways that defy all known methods of campaigning. He told me, unsolicited, that his “red line” is March 6, the day after Super Tuesday, at which point he will “wrap it up” and “get behind the president in a very big way” if his candidacy fails to gain traction. He repeatedly drifted back to the notion that he might unwittingly assist Trump’s victory next fall.

    Whereas he once spoke with absolute certainty on the subject—shrugging off the comparisons to Pat Buchanan in 1992 or Ted Kennedy in 1980—I could sense by the end of our time together that it was weighing on him. Understandably so: During the course of our interviews—perhaps five or six hours spent on the record—Phillips had directly criticized Biden for what he described as a detachment from the country’s economic concerns, his recent in-person visit to Israel (unnecessarily provocative to Arab nations, Phillips said), and his lack of concrete initiatives to help heal the country the way he promised in 2020. Phillips also ripped Hunter Biden’s “appalling” behavior and argued that the president—who was acting “heroically” by showing such devotion to his troubled son—was now perceived by the public to be just as corrupt as Trump.

    All of this from a few hours of conversation. If you’re running the Biden campaign, it’s fair to worry: What will come of Phillips taking thousands of questions across scores of town-hall meetings in New Hampshire?

    At one point, under the dimmed lights at his dinner table, Phillips told me he possessed no fear of undermining the eventual Democratic nominee. Then, seconds later, he told me he was worried about the legacy he’d be leaving for his two daughters.

    “Because of pundits attaching that to me—” Phillips suddenly paused. “If, for some circumstance, Trump still won …” He trailed off.

    Schmidt had spent the weekend talking about Dean Phillips making history. And yet, in this moment, the gentleman from Minnesota—the soon-to-be Democratic candidate for president in 2024—seemed eager to avoid the history books altogether.

    “In other words, if you’re remembered for helping Trump get elected—” I began.

    He nodded slowly. “There are two paths.”

    Phillips knows what path some Democrats think he’s following: that he’s selfish, maybe even insane, recklessly doing something that might result in another Trump presidency. The way Phillips sees it, he’s on exactly the opposite path: He is the last sane man in the Democratic Party, acting selflessly to ensure that Trump cannot reclaim the White House.

    “Two paths,” Phillips repeated. “There’s nothing in the middle.”

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    Tim Alberta

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