Auction Results: Contemporary Art Evening and Day Auctions, May 16 and 17, 2018 @Sotheby’s

While there were no photography lots in the Evening sale to tempt well-heeled collectors, the photography available in Sotheby’s recent Contemporary Art sales in New York largely performed to expectations. The top lot Andreas Gursky print found a buyer, and with a reasonable Buy-In rate for photography (just over 17%) and a few positive surprises (including a Cindy Sherman film still), the Total Sale Proceeds for photography found their way to the middle of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 35
Aggregate Pre Sale Low Estimate $3720000
Aggregate Pre Sale High Estimate $5400000
Total Lots Sold 29
Total Lots Bought In 6
Buy In % 17.14%
Total Sale Proceeds $4660250

Here is the breakdown (using our typical Low, Mid, and High definitions):

Detailed Breakdown
Low Total Lots 0
Total Low Lots Sold NA
Total Low Lots Bought In NA
Low Buy In % NA
Aggregate High Estimate of Low Lots $0
Total Proceeds from Low Lots $0
Mid Total Lots 11
Total Mid Lots Sold 10
Total Mid Lots Bought In 1
Mid Buy In % 9.09%
Aggregate High Estimate of Mid Lots $370000
Total Proceeds from Mid Lots $393750
Total High Lots 24
Total High Lots Sold 19
Total High Lots Bought In 5
High Buy In % 20.83%
Aggregate High Estimate of High Lots $5030000
Total Proceeds from High Lots $4266500

The top photography lot by High estimate was lot 448, Andreas Gursky, Avenue of the Americas, 2001, estimated at $450000-650000. It was also the top photography outcome of the sales at $759000 (image above, via Sotheby’s).

100.00% 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 131, Gerhard Richter, Untitled (5.2.1991), 1991, estimated at $30000-40000, sold at $93750

Lot 445, Sigmar Polke, Untitled, 1975, estimated at $40000-60000, sold at $218750

Lot 454, Cindy Sherman, Untitled Film Still #39, 1979, estimated at $80000-120000, sold at $362500

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

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Read more about: Andreas Gursky, Cindy Sherman, Gerhard Richter, Sigmar Polke, Sotheby's

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