Auction Results: Contemporary Art Evening and Day Auctions, October 14 and 15, 2021 @Sotheby’s London

Large scale German photography has gone through a soft patch of late, so it was interesting to see an Andreas Gurksy stock exchange image jump back up into view at Sotheby’s recent Contemporary Art auctions in London, with a sale just under £500K. But the other (actually higher estimated) Gursky print also on offer didn’t sell, which dampened the overall results. With just nine lots of photography available across the two sales, a nearly 45% Buy-In rate for photography made the results more susceptible to lumpy swings, and when the dust settled, the Total Sale Proceeds for photography (of roughly £725K) came in below the low end of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 9
Aggregate Pre Sale Low Estimate £774000
Aggregate Pre Sale High Estimate £1071000
Total Lots Sold 5
Total Lots Bought In 4
Buy In % 44.44%
Total Sale Proceeds £725800

Here is the breakdown (using our usual Low, Mid, and High price tier 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 3
Total Mid Lots Sold 2
Total Mid Lots Bought In 1
Mid Buy In % 33.33%
Aggregate High Estimate of Mid Lots £31000
Total Proceeds from Mid Lots £60480
Total High Lots 6
Total High Lots Sold 3
Total High Lots Bought In 3
High Buy In % 50.00%
Aggregate High Estimate of High Lots £1040000
Total Proceeds from High Lots £665320

The top photography lot by High estimate was lot 144, Andreas Gursky, Pyongyang IV, 2007, estimated at £320000-420000; it did not sell. The top photography outcome of the sales was lot 37, Andreas Gursky, Chicago Mercantile Exchange, 1997, estimated at £200000-300000, sold at £499000 (image above, via Sotheby’s).

100.00% of the lots that sold had proceeds in or above the estimate range and there were 2 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (image above, via Sotheby’s):

Lot 138, Petra Cortright, DEATHKARZ “australia” and “songlines” and “dreamtime”_ 102.12018, 2018, estimated at £6000-8000, sold at £47880

Lot 191, Gilbert & George, Money and Shit, 1997, estimated at £20000-30000, sold at £126000

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

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Read more about: Andreas Gursky, Gilbert and George, Petra Cortright, Sotheby's

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