Auction Results: 20th Century & Contemporary Art Evening and Day Sales, June 27 and 28, 2016 @Phillips London

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Total Lots 24 (2 withdrawn)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).

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Read more about: Gerhard Richter, Wolfgang Tillmans, Phillips

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