Auction Results: Contemporary Art Evening and Day Auctions, June 30 and July 1, 2014 @Sotheby’s London

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).

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Read more about: Andreas Gursky, Dan Graham, Douglas Huebler, Sotheby's

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