Auction Results: 20th Century & Contemporary Art Evening, Morning, and Afternoon Sales, November 14 and 15, 2018 @Phillips

While the withdrawal of the top lot in an auction can often signal an undercurrent of undease and lackluster interest heading into the sale, the photography included in Phillips’ recent 20th Century & Contemporary Art sales in New York rallied to overcome the last minute removal of the Andreas Gursky print in the Evening sale to perform to expectations. With slightly reduced horizons, the overall Buy-In rate came in at a respectable 20% and a few positive surprises helped to buoy the Total Sale Proceeds (for photography), which fell in the middle of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 25
Pre Sale Low Total Estimate $946000
Pre Sale High Total Estimate $1303000
Total Lots Sold 20
Total Lots Bought In 5
Buy In % 20.00%
Total Sale Proceeds $1065625

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

Detailed Breakdown
Low Total Lots 1
Low Sold 1
Low Bought In 0
Low Buy In % 0.00%
Total Low Estimate $8000
Total Low Sold $11875
Mid Total Lots 17
Mid Sold 15
Mid Bought In 2
Mid Buy In % 11.76%
Total Mid Estimate $485000
Total Mid Sold $641250
Total High Lots 7
High Sold 4
High Bought In 3
High Buy In % 42.86%
Total High Estimate $810000
Total High Sold $412500

The top photography lot by High estimate was lot 360, Cindy Sherman, Untitled Film Still #64, 1980, estimated at $220000-280000; it did not sell. The photography top outcome of the sale was lot 361, John Baldessari, Airplanes/Parachutes, 1988, estimated at $80000-120000, sold at $193750 (image above, via Phillips.)

100.00% of the lots that sold had proceeds in or above the estimate range and there were a total of 4 positive surprises in the sales (defined as having proceeds of at least double the high estimate): (images above via Phillips)

Lot 142, Gerhard Richter, Ohne Titel (2.2.89), 1989, estimated at $30000-40000, sold at $93750

Lot 362, Hank Willis Thomas, Zero Hour (from Wayfarer), 2012, estimated at $10000-15000, sold at $50000

Lot 370, Hiroshi Sugimoto, Lake Superior, Cascade River, 2003, estimated at $20000-30000, sold at $81250

Lot 377, Andreas Gursky, Zurich Bankproject No. 8, 1997, estimated at $20000-30000, sold at $65000

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

Andreas Gursky, Gerhard Richter, Hank Willis Thomas, Hiroshi Sugimoto, John Baldessari, Phillips

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