Generally solid performance of the higher priced photography lots couldn’t make up for the softness in the mid range offerings at Sotheby’s Contemporary Art Evening and Day sales in London last week. With only one positive surprise across the two sales, the Total Sale Proceeds struggled to reach the pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 29 |
| Aggregate Pre Sale Low Estimate | £890000 |
| Aggregate Pre Sale High Estimate | £1302000 |
| Total Lots Sold | 20 |
| Total Lots Bought In | 9 |
| Buy In % | 31.03% |
| Total Sale Proceeds | £875813 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 6 |
| Total Low Lots Sold | 5 |
| Total Low Lots Bought In | 1 |
| Low Buy In % | 16.67% |
| Aggregate High Estimate of Low Lots | £16000 |
| Total Proceeds from Low Lots | £14563 |
| Mid Total Lots | 16 |
| Total Mid Lots Sold | 9 |
| Total Mid Lots Bought In | 7 |
| Mid Buy In % | 43.75% |
| Aggregate High Estimate of Mid Lots | £226000 |
| Total Proceeds from Mid Lots | £112750 |
| Total High Lots | 7 |
| Total High Lots Sold | 6 |
| Total High Lots Bought In | 1 |
| High Buy In % | 14.29% |
| Aggregate High Estimate of High Lots | £1060000 |
| Total Proceeds from High Lots | £748500 |
The top lot by High estimate was lot 64, Andreas Gursky, Kathedrale I, 2007, estimated at £400000-600000; it was also the top photography outcome of the sales at £461000 (image in the preview post).
90.00% of the photo lots that sold had proceeds in or above the estimate range and there was only 1 surprise in the two sales (defined as having proceeds of at least double the high estimate):
Lot 415, Mike and Doug Starn, M, undated, estimated at £1000-1500, sold at £6500 (image above, left, via Sotheby’s)
Complete lot by lot results can be found here (Evening) and here (Day).
