Auction Results: 20th Century & Contemporary Art Evening and Day Sales, May 16 and 17, 2018 @Phillips

The results for the photography included in Phillips’ recent 20th Century and Contemporary Art auctions in New York were consistently solid. The top lot Cindy Sherman history portrait sold within its range, and was bested for top honors by a single click Photoshop composition by Cory Arcangel. The overall Buy-In rate for photography was roughly 10%, and while there was only one positive surprise (a Wolfgang Tillmans portrait), the Total Sale Proceeds for photography came in above the high end of the aggregate pre-sale estimate range.

The summary statistics are below (all results include the buyer’s premium):

Summary Statistics
Total Lots 28
Aggregate Pre Sale Low Estimate $1060000
Aggregate Pre Sale High Estimate $1438000
Total Lots Sold 25
Total Lots Bought In 3
Buy In % 10.71%
Total Sale Proceeds $1644000

Here is the breakdown (using our typical Low, Mid, and High price tier definitions):

Detailed Breakdown
Low Total Lots 3
Total Low Lots Sold 3
Total Low Lots Bought In 0
Low Buy In % 0.00%
Aggregate High Estimate of Low Lots $25000
Total Proceeds from Low Lots $45000
Mid Total Lots 19
Total Mid Lots Sold 17
Total Mid Lots Bought In 2
Mid Buy In % 10.53%
Aggregate High Estimate of Mid Lots $443000
Total Proceeds from Mid Lots $456250
Total High Lots 6
Total High Lots Sold 5
Total High Lots Bought In 1
High Buy In % 16.67%
Aggregate High Estimate of High Lots $970000
Total Proceeds from High Lots $1142750

The top photography lot by High estimate was lot 382, Cindy Sherman, Untitled #226, 1990, estimated at $250000-350000. It sold at $300000. The top photographic outcome was lot 2, Cory Arcangel, Photoshop CS: 84 by 66 inches, 300 DPI, RGB, square pixels, default gradient, “Blue, Red, Yellow” (turn reverse off), mousedown x=4000 y=5350, mouse up x=20000 y=1200, 2011, estimated at $150000-200000, sold at $399000. (Images above via Phillips.)

92.00% 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) (images above, via Phillips):

Lot 383, Wolfgang Tillmans, Studio, 1991/2000, estimated at $7000-10000, sold at $27500

The complete lot by lot results can be found here (Evening), here (Morning), and here (Afternoon).

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Read more about: Cindy Sherman, Cory Arcangel, Wolfgang Tillmans, Phillips

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