Auction Results: Contemporary Art Evening and Day Auctions, June 28 and 29, 2017 @Sotheby’s London

With an overall Buy-In rate for photography just over 17% and all of the photo lots in the top price tier selling in or above their estimates, the photography in Sotheby’s recent Contemporary Art sales in London performed admirably. A Gerhard Richter multi-part work was the top photo lot, bringing in more than 900K, and a pair of positive surprises from Wolfgang Tillmans helped push the Total Sale Proceeds for photography well above the pre-sale estimate range.

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

Summary Statistics
Total Lots 23
Aggregate Pre Sale Low Estimate £1434000
Aggregate Pre Sale High Estimate £2015000
Total Lots Sold 19
Total Lots Bought In 4
Buy In % 17.39%
Total Sale Proceeds £2600375

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 £4000
Total Proceeds from Low Lots £0
Mid Total Lots 13
Total Mid Lots Sold 10
Total Mid Lots Bought In 3
Mid Buy In % 23.08%
Aggregate High Estimate of Mid Lots £176000
Total Proceeds from Mid Lots £200625
Total High Lots 9
Total High Lots Sold 9
Total High Lots Bought In 0
High Buy In % 0.00%
Aggregate High Estimate of High Lots £1835000
Total Proceeds from High Lots £2399750

The top photography lot by High estimate was lot 133, Gerhard Richter, Cage Grid (Complete Set), 2011, estimated at £600000-800000; it was also the top photographic outcome of the sales at £908750 (image above, via Sothbey’s).

89.47% of the lots that sold had proceeds in or above the estimate range and there were a total of 3 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above, via Sotheby’s):

Lot 29, Wolfgang Tillmans, Freischwimmer #81, 2005, estimated at £80000-120000, sold at £500750

Lot 148, Wolfgang Tillmans, Lighter Green/Red III, 2009, estimated at £25000-35000, sold at £81250

Lot 241, The Atlas Group/Walid Raad, Missing Lebanese Wars, 1996-2003, estimated at £8000-12000, sold at £55000

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

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Read more about: Gerhard Richter, Walid Raad, Wolfgang Tillmans, Sotheby's

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