Auction Results: Contemporary Art Evening and Day Auctions, May 12 and 13, 2015 @Sotheby’s

The failure to find a buyer for the top photo lot (Cindy Sherman) and an overly large Buy-In rate for photography (near 40%) combined to dampen the results at Sotheby’s recent Contemporary Art sales in New York. Even with a handful of positive surprises, the Total Sale Proceeds for photography fell below the pre-sale estimate range. With this as a backdrop, the most intriguing data point was the relentless push upward for Cory Arcangel’s one click Photoshop gradients – the one on offer here sold for nearly 6 times its high estimate.

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

Summary Statistics
Total Lots 48
Aggregate Pre Sale Low Estimate $6810000
Aggregate Pre Sale High Estimate $9943000
Total Lots Sold 29
Total Lots Bought In 19
Buy In % 39.58%
Total Sale Proceeds $5923750

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 $8000
Total Proceeds from Low Lots $0
Mid Total Lots 15
Total Mid Lots Sold 8
Total Mid Lots Bought In 7
Mid Buy In % 46.67%
Aggregate High Estimate of Mid Lots $475000
Total Proceeds from Mid Lots $227500
Total High Lots 32
Total High Lots Sold 21
Total High Lots Bought In 11
High Buy In % 34.38%
Aggregate High Estimate of High Lots $9460000
Total Proceeds from High Lots $5696250

The top photographic lot by High estimate was lot 54, Cindy Sherman, Untitled #153, 1985, estimated at $2000000-3000000; it did not sell. The top photographic outcome was lot 52, Thomas Struth, Pantheon, Rome, 1990, estimated at $800000-1200000, sold at $1810000 (image in preview post).

93.10% of the lots that sold had proceeds in or above the estimate range and there were a total of 7 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s):

Lot 224, Andy Warhol, Self Portraits in Drag (6 Works), 1980-1982, estimated at $70000-90000, sold at $274000

Lot 404, Barbara Kruger, Untitled (Provenance), 2015, estimated at $120000-180000, sold at $394000

Lot 437, Cory Arcangel, Photoshop CS: 110 by 72 inches, 300 DPI, RGB, Square Pixels…, 2008, estimated at $40000-60000, sold for $358000 (image in preview post)

Lot 470, Louise Lawler, Warhol/Marilyn (Blue), 1988, estimated at $1000090-150000, sold at $322000

Lot 472, Cindy Sherman, Untitled Film Still #24, 1978, estimated at $70000-90000, sold at $237500

Lot 474, Cindy Sherman, Untitled Film Still #28, 1979, estimated at $60000-80000, sold at $162500

Lot 558, Thomas Ruff, Stern 16H30M/-50 degrees, 1989, estimated at $60000-80000, sold at $187500

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

Send this article to a friend

Read more about: Andy Warhol, Barbara Kruger, Cindy Sherman, Cory Arcangel, Louise Lawler, Thomas Ruff, Sotheby's

Leave a comment

Your email address will not be published.

Recent Articles

Nan Goldin, You never did anything wrong @Gagosian

Nan Goldin, You never did anything wrong @Gagosian

JTF (just the facts): A total of 27 photographic works, framed in black and unmatted, and hung against white walls in the main gallery space and the entry area. The ... Read on.

Sign up for our weekly email newsletter

This field is required.