Artsy Vanguard 2023-24 artist Li Hei Di's Unfolding a flood (2022) sold for $127,000 at Phillips's modern and contemporary art auction in New York yesterday, setting a new record at auction for the Chinese artist. The vibrant landscape painting kicked off the Phillips evening sale, which realized $54.1 million. That total was short of its anticipated $60 million low estimate and 23 percent below last year's November sale that realized $70 million. (All prices include fees.) With 30 lots presented, the auction boasted an 83.3% sell-through rate by lot and 74% by value.

Unfolding a flood was acquired by the seller from the Public Gallery and marked Li Hei Di's evening sale debut. In September, Pace Gallery announced its co-representation of the 27-year-old artist with Michael Kohn Gallery in Los Angeles and Pippy Houldsworth Gallery, making them the youngest artist in the mega-gallery's roster. The artist's previous auction record, CNY 667,000 ($92,341), was set this past weekend at Cuppar Auction House in Beijing.