Auction Results: Bound to Fail and Post-War and Contemporary Art Evening, Morning, and Afternoon Sales, May 8, 10, and 11, 2016 @Christie’s

The top four Richard Price lots carried the day in the recent Bound to Fail and Post-War and Contemporary Art Evening, Morning, and Afternoon sales at Christie’s. Those four lots accounted for roughly $9.7M of the $12M Total Sale Proceeds, with major outcomes (for photography) at $3.5M, $2.8M, and $2.4M. The afternoon sale trailed off with a vengeance, with pass after photographic pass, driving the Buy-In statistics through the floor (to 46% overall), but the big lots had already cemented the aggregate success. In the end, the Total Sale Proceeds fell in the middle of the pre-sale range.

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

Summary Statistics
Total Lots 39
Pre Sale Low Total Estimate $10775000
Pre Sale High Total Estimate $15335000
Total Lots Sold 21
Total Lots Bought In 18
Buy In % 46.15%
Total Sale Proceeds $12064250

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

Detailed Breakdown
Low Total Lots 0
Low Sold NA
Low Bought In NA
Low Buy In % NA
Total Low Estimate $0
Total Low Sold $0
Mid Total Lots 11
Mid Sold 7
Mid Bought In 4
Mid Buy In % 36.36%
Total Mid Estimate $355000
Total Mid Sold $245000
Total High Lots 28
High Sold 14
High Bought In 14
High Buy In % 50.00%
Total High Estimate $14980000
Total High Sold $11819250

The top lot by High estimate was lot 57B, Richard Prince, Untitled (Cowboy), 2000, estimated at $2500000-3500000 (image in preview post). It was also the top photography outcome of the sales at $3525000.

85.71% of the lots that sold had proceeds in or above the estimate range and there were a total of 2 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above, via Christie’s):

Lot 12A, Paola Pivi, Untitled (Donkey), 2003, estimated at $60000-80000, sold at $227000

Lot 115, Candida Höfer, Bibliotheque Nationale de France XXIII, 1997, estimated at $10000-15000, sold at $30000

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

Candida Höfer, Paola Pivi, Christie's

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