Coming right on the heels of the historic Brexit vote, Phillips’ Contemporary Art sales in London earlier this week offered a real time view into collectors’ reactions from around the world. From a photography perspective, the results were in line with widespread anxiety and caution, even with the Pound down to 30 year lows. Given a pair of sales filled with middling photography consignments, 6 out of the 8 top photo lots failed to sell, and the overall Buy-In rate came in over 40%, driving the Total Sale Proceeds far below the aggregate low estimate range. It was a classic example of when uncertainty reigns, buyers get wary.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 24 (2 withdrawn) |
| Aggregate Pre Sale Low Estimate | £624000 |
| Aggregate Pre Sale High Estimate | £886000 |
| Total Lots Sold | 14 |
| Total Lots Bought In | 10 |
| Buy In % | 41.67% |
| Total Sale Proceeds | £272125 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 0 |
| Total Low Lots Sold | NA |
| Total Low Lots Bought In | NA |
| Low Buy In % | NA |
| Aggregate High Estimate of Low Lots | £0 |
| Total Proceeds from Low Lots | £0 |
| Mid Total Lots | 16 |
| Total Mid Lots Sold | 12 |
| Total Mid Lots Bought In | 4 |
| Mid Buy In % | 25.00% |
| Aggregate High Estimate of Mid Lots | £206000 |
| Total Proceeds from Mid Lots | £187125 |
| Total High Lots | 8 |
| Total High Lots Sold | 2 |
| Total High Lots Bought In | 6 |
| High Buy In % | 75.00% |
| Aggregate High Estimate of High Lots | £680000 |
| Total Proceeds from High Lots | £85000 |
The top photography lot by High estimate was lot 138, Andreas Gursky, Bangkok VII, 2011, estimated at £150000-200000 (image in preview post); it did not sell. The top photography outcome in the sales was lot 139, Wolfgang Tillmans, Lighter, Green-Red I, 2008, estimated at £20000-30000, sold at £55000 (image in preview post).
92.86% of the lots that sold had proceeds in or above the estimate range and there was only 1 positive surprise in the sales (defined as having proceeds of at least double the high estimate) (image above via Phillips):
Lot 286, Gerhard Richter, Abstraktes Bild (P1), 2014, estimated at £8000-12000, sold at £31250
The complete lot by lot results can be found here (Evening) and here (Day).
