The photographs sold in Sotheby’s Contemporary Art auctions in New York last week performed admirably. With the top photo lot Richard Prince work selling above its estimate range, a photography Buy-In rate of under 6%, and a few positive surprises thrown in for good measure, the Total Sale Proceeds for photography (of nearly $2.9M) came in far above the high end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 18 |
| Aggregate Pre Sale Low Estimate | $1412000 |
| Aggregate Pre Sale High Estimate | $2096000 |
| Total Lots Sold | 17 |
| Total Lots Bought In | 1 |
| Buy In % | 5.56% |
| Total Sale Proceeds | $2876250 |
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 | 9 |
| Total Mid Lots Sold | 8 |
| Total Mid Lots Bought In | 1 |
| Mid Buy In % | 11.11% |
| Aggregate High Estimate of Mid Lots | $216000 |
| Total Proceeds from Mid Lots | $365000 |
| Total High Lots | 9 |
| Total High Lots Sold | 9 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | $1880000 |
| Total Proceeds from High Lots | $2511250 |
The top photography lot by High estimate was lot 419, Richard Prince, Untitled (Four Women Looking in the Same Direction), 1977, estimated at $250000-350000; it was also the top photography outcome of the sales at $530000 (image above, via Sotheby’s).
88.24% of the lots that sold had proceeds in or above the estimate range and there was 3 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s):
Lot 124, Charles Gaines, Falling Leaves: Set 4, 1979, estimated at $30000-40000, sold at $150000
Lot 420, Cindy Sherman, Untitled Film Still #49, 1979, estimated at $120000-180000, sold at $400000
Lot 508, Louise Lawler, I-O, 1993/1998, estimated at $20000-30000, sold at $65000
The complete lot by lot results can be found here (Evening) and here (Day).
