Led by solid outcomes from works by Andreas Gursky and Gilbert & George, the photography sold amid Sotheby’s recent Contemporary Art Evening and Day sales in London performed generally to expectations. While the overall Buy-In rate for photography came in above 40% (not usually a good sign), there was enough strength at the top end to pull the Total Sale Proceeds into the middle of the pre-sale estimate range. Gursky’s Pyongyang series reinforced its continued popularity with another seven figure outcome.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 57 |
| Aggregate Pre Sale Low Estimate | £3519000 |
| Aggregate Pre Sale High Estimate | £4765000 |
| Total Lots Sold | 34 |
| Total Lots Bought In | 23 |
| Buy In % | 40.35% |
| Total Sale Proceeds | £3847250 |
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 | 1 |
| Total Low Lots Bought In | 0 |
| Low Buy In % | 0.00% |
| Aggregate High Estimate of Low Lots | £2000 |
| Total Proceeds from Low Lots | £7500 |
| Mid Total Lots | 29 |
| Total Mid Lots Sold | 17 |
| Total Mid Lots Bought In | 12 |
| Mid Buy In % | 41.38% |
| Aggregate High Estimate of Mid Lots | £368000 |
| Total Proceeds from Mid Lots | £268750 |
| Total High Lots | 27 |
| Total High Lots Sold | 16 |
| Total High Lots Bought In | 11 |
| High Buy In % | 40.74% |
| Aggregate High Estimate of High Lots | £4395000 |
| Total Proceeds from High Lots | £3571000 |
The top lot by High estimate was lot 3, Gilbert & George, Bummer, 1977, estimated at £700000-900000; it sold for £962500. The top outcome of the sales was lot 41, Andreas Gursky, Pyongyang V, 2007, estimated at £600000-800000, sold at £1082500 (image above, left, via Sotheby’s).
88.24% of the lots that sold had proceeds in or above the estimate range and there were a total of 4 surprises in the sales (defined as having proceeds of at least double the high estimate):
Lot 126, Andreas Gursky, Paris, Beaugrenelle, 1988, estimated at £6000-8000, sold at £22500
Lot 127, Douglas Huebler, Variable Piece #70 (In Process), 1971, estimated at £8000-12000, sold at £33750 (image above, middle via Sotheby’s)
Lot 153, Dan Graham, I) Highway Restaurant, Site View, Jersey City, New Jersey, II) Not Yet Completed Housing Project, Bayonne, New Jersey, 1966/1969, estimated at £1000-2000, sold at £7500 (image above, right, via Sotheby’s)
Lot 308, Hugh Scott-Douglas, Untitled, 2011, estimated at £15000-20000, sold at £53750
Complete lot by lot results can be found here (Evening) and here (Day).
