Auction Results: Contemporary Art Evening and Day Auctions, July 1 and 2, 2015 @Sotheby’s London

Sotheby’s did well with its limited photographic offerings in its Contemporary Art sales in London last week. With an impressive Buy-In rate just over 15%, it found buyers for 13 out of 14 of its top priced lots, with the evening sale Gursky topping the £1 million mark. Given this overall strength, the Total Sale Proceeds for photography easily bested the top end of the pre-sale range.

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

Summary Statistics
Total Lots 26
Aggregate Pre Sale Low Estimate £1071000
Aggregate Pre Sale High Estimate £1565000
Total Lots Sold 22
Total Lots Bought In 4
Buy In % 15.38%
Total Sale Proceeds £1970250

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

Detailed Breakdown
Low Total Lots 2
Total Low Lots Sold 1
Total Low Lots Bought In 1
Low Buy In % 50.00%
Aggregate High Estimate of Low Lots £9000
Total Proceeds from Low Lots £3750
Mid Total Lots 10
Total Mid Lots Sold 8
Total Mid Lots Bought In 2
Mid Buy In % 20.00%
Aggregate High Estimate of Mid Lots £141000
Total Proceeds from Mid Lots £146250
Total High Lots 14
Total High Lots Sold 13
Total High Lots Bought In 1
High Buy In % 7.14%
Aggregate High Estimate of High Lots £1415000
Total Proceeds from High Lots £1820250

The top photographic lot by High estimate was lot 49, Andreas Gursky, Shanghai, 2000, estimated at £400000-600000; it was also the top outcome of the sale at £1109000 (image above, via Sotheby’s).

86.36% 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 389, Gerhard Richter, Haggadah (P2), 2014, estimated at £4000-6000, sold at £60000 (image above, via Sotheby’s)

Complete lot by lot results can be found here (Evening) and here (Day).

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Read more about: Andreas Gursky, Gerhard Richter, Sotheby's

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