Auction Results: Contemporary Art Evening and Day Auctions, November 17 and 18, 2016 @Sotheby’s

Having roundly bested its competitors in the race for contemporary photography consignments in the recent Contemporary Art season in New York, it was only fitting that Sotheby’s would garner some solid photo outcomes when the sales actually took place. This was generally the case last week, with the three photo lots in the Evening sale all finding buyers, and the rest of the available photo works performing respectably. The overall Buy-In rate for photography was an admirable 20%, and while there was only one positive surprise, the Total Sale Proceeds for photography topped $5.6M and fell easily into the middle of the pre-sale estimate range.

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

Summary Statistics
Total Lots 25
Aggregate Pre Sale Low Estimate $4250000
Aggregate Pre Sale High Estimate $7438000
Total Lots Sold 20
Total Lots Bought In 5
Buy In % 20.00%
Total Sale Proceeds $5680000

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

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 NA
Mid Total Lots 6
Total Mid Lots Sold 4
Total Mid Lots Bought In 2
Mid Buy In % 33.33%
Aggregate High Estimate of Mid Lots $183000
Total Proceeds from Mid Lots $170000
Total High Lots 19
Total High Lots Sold 16
Total High Lots Bought In 3
High Buy In % 15.79%
Aggregate High Estimate of High Lots $7255000
Total Proceeds from High Lots $5510000

The top photography lot by High estimate was lot 31, Richard Prince, Untitled (Cowboy), 1997, estimated at $1200000-1800000 (image in preview post); it was also the top photography outcome of the sales at $1452500.

85.00% of the lots that sold had proceeds in or above the estimate range and there was only 1 positive surprise in the sales (defined as having proceeds of at least double the high estimate) (image above via Sotheby’s):

Lot 431, Adrian Ghenie, Study for Boogyman, 2010, estimated at $18000-25000, sold at $75000

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

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Read more about: Adrian Ghenie, Sotheby's

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