Auction Results: Contemporary Art Evening and Day Auctions, June 28 and 29, 2016 @Sotheby’s London

The post Brexit funk continued at Sotheby’s Contemporary Art sales earlier this week, with higher priced photography struggling to find traction with buyers. With an overall Buy-In rate for photography over 35% and only one positive surprise (Gerhard Richter’s large edition photographic abstractions seem to be anxiety proof), the Total Sale Proceeds missed the low end of the aggregate pre-sale range by a meaningful margin.

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

Summary Statistics
Total Lots 17
Aggregate Pre Sale Low Estimate £604000
Aggregate Pre Sale High Estimate £844000
Total Lots Sold 11
Total Lots Bought In 6
Buy In % 35.29%
Total Sale Proceeds £383125

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

Detailed Breakdown
Low Total Lots 1
Total Low Lots Sold 0
Total Low Lots Bought In 1
Low Buy In % 100.00%
Aggregate High Estimate of Low Lots £3000
Total Proceeds from Low Lots £0
Mid Total Lots 8
Total Mid Lots Sold 7
Total Mid Lots Bought In 1
Mid Buy In % 12.50%
Aggregate High Estimate of Mid Lots £116000
Total Proceeds from Mid Lots £126875
Total High Lots 8
Total High Lots Sold 4
Total High Lots Bought In 4
High Buy In % 50.00%
Aggregate High Estimate of High Lots £725000
Total Proceeds from High Lots £256250

The top photography lot by High estimate was lot 167, Cory Archangel, PHOTOSHOP CS: 84 BY 66 INCHES, 300 DPI, RGB, SQUARE PIXELS, DEFAULT GRADIENT “BLUE, RED, YELLOW,” MOUSEDOWN Y=18200 X=1350, MOUSEUP Y=23400 X=18250, 2010, estimated at £150000-200000 (image in preview post); it did not sell. The top photographic outcome was lot 221, Anselm Kiefer, Cosmos + Demian, 2004, estimated at £100000-150000, sold at £125000 (image above via Sotheby’s)

90.91%% of the lots that sold had proceeds in or above the estimate range and there was only 1 positive surprise in the sales (defined as having proceeds of at least double the high estimate) (image above via Sotheby’s):

Lot 255, Gerhard Richter, Abstraktes Bild (P1), 2014, estimated at £4000-6000, sold at £30000

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

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Read more about: Anselm Kiefer, Gerhard Richter, Sotheby's

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