The photography results from Sotheby’s recent Contemporary Art Evening and Day auctions weren’t particularly notable. With an overall Buy-In rate for photography near 35% and no positive surprises, the Total Sale Proceeds struggled to reach the low end of the pre-sale estimate range. For all three houses, the photography results in this fall Contemporary Art season were largely lackluster.
Lot 123, Gerhard Richter, Cage Grid (Complete Set), 2011, estimated at $600000-800000, sold at $1450000, Sotheby’s Contemporary Art Day Auction (New York), November 12, 2015.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 52 |
| Aggregate Pre Sale Low Estimate | $4880000 |
| Aggregate Pre Sale High Estimate | $6942000 |
| Total Lots Sold | 34 |
| Total Lots Bought In | 18 |
| Buy In % | 34.62% |
| Total Sale Proceeds | $4706250 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 3 |
| Total Low Lots Sold | 1 |
| Total Low Lots Bought In | 2 |
| Low Buy In % | 66.67% |
| Aggregate High Estimate of Low Lots | $24000 |
| Total Proceeds from Low Lots | $11250 |
| Mid Total Lots | 26 |
| Total Mid Lots Sold | 16 |
| Total Mid Lots Bought In | 10 |
| Mid Buy In % | 38.46% |
| Aggregate High Estimate of Mid Lots | $643000 |
| Total Proceeds from Mid Lots | $415000 |
| Total High Lots | 23 |
| Total High Lots Sold | 17 |
| Total High Lots Bought In | 6 |
| High Buy In % | 26.09% |
| Aggregate High Estimate of High Lots | $6275000 |
| Total Proceeds from High Lots | $4280000 |
The top photographic lot by High estimate was lot 55, Andreas Gursky, Pyongyang IV, 2007, estimated at $1200000-1800000; it sold for $1390000. The top photo outcome of the sales was lot 123, Gerhard Richter, Cage Grid (Complete Set), 2011, estimated at $600000-800000, sold at $1450000 (image above, via Sotheby’s).
88.24% of the lots that sold had proceeds in or above the estimate range and there were no positive surprises in the sales (defined as having proceeds of at least double the high estimate).
The complete lot by lot results can be found here (Evening) and here (Day).
