The photography results from the recent Contemporary Art Day Sale at Sotheby’s in London were highly dependent on an Andreas Gursky print of Pyongyang, and when that work didn’t sell, the bottom fell out of the numbers. With a photographic Buy-In rate over 40% and no positive surprises to buoy the tally, the Total Sale Proceeds for photography (of just £85K) fell well below the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
|Aggregate Pre Sale Low Estimate||£345000|
|Aggregate Pre Sale High Estimate||£490000|
|Total Lots Sold||4|
|Total Lots Bought In||3|
|Buy In %||42.86%|
|Total Sale Proceeds||£85680|
Here is the breakdown (using our usual Low, Mid, and High price tier definitions):
|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||5|
|Total Mid Lots Sold||4|
|Total Mid Lots Bought In||1|
|Mid Buy In %||20.00%|
|Aggregate High Estimate of Mid Lots||£80000|
|Total Proceeds from Mid Lots||£85680|
|Total High Lots||2|
|Total High Lots Sold||0|
|Total High Lots Bought In||2|
|High Buy In %||100.00%|
|Aggregate High Estimate of High Lots||£410000|
|Total Proceeds from High Lots||£0|
The top photography lot by High estimate was lot 637, Andreas Gursky, Pyongyang III, 2007, estimated at £250000-350000; it did not sell. The top photography outcome of the sale was lot 681, Shirin Neshat, Faceless, 1994, estimated at £12000-18000, sold at £23940 (image above, via Sotheby’s).
100.00% of the lots that sold had proceeds in or above the estimate range and there were no positive surprises in the sale (defined as having proceeds of at least double the high estimate).
The complete lot by lot results can be found here.