Auction Results: Contemporary Art Evening and Day Auctions, October 5 and 6, 2017 @Sotheby’s London

With the top lot Andreas Gursky print failing to sell, the photography in Sotheby’s recent Contemporary Art sales in London had to struggle to keep its head above water. A Wolfgang Tillmans abstract came to rescue, and between a Buy-In rate for photography near 20% and a handful of positive surprises, the Total Sale Proceeds managed to nearly catch the bottom of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 37
Aggregate Pre Sale Low Estimate £2637000
Aggregate Pre Sale High Estimate £3746000
Total Lots Sold 29
Total Lots Bought In 8
Buy In % 21.62%
Total Sale Proceeds £2616000

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 3
Total Low Lots Bought In 0
Low Buy In % 0.00%
Aggregate High Estimate of Low Lots £15000
Total Proceeds from Low Lots £25000
Mid Total Lots 14
Total Mid Lots Sold 11
Total Mid Lots Bought In 3
Mid Buy In % 21.43%
Aggregate High Estimate of Mid Lots £181000
Total Proceeds from Mid Lots £170250
Total High Lots 20
Total High Lots Sold 15
Total High Lots Bought In 5
High Buy In % 25.00%
Aggregate High Estimate of High Lots £3550000
Total Proceeds from High Lots £2420750

The top photography lot by High estimate was lot 37, Andreas Gursky, Bahrain II, 2007, estimated at £550000-750000 (image in preview post); it did not sell. The top photography outcome was lot 2, Wolfgang Tillmans, Greifbar 26, 2014, estimated at £150000-200000, sold at £548750 (image above, via Sotheby’s).

96.55% of the lots that sold had proceeds in or above the estimate range and there were a total of 5 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above, via Sotheby’s):

Lot 2, Wolfgang Tillmans, Greifbar 26, 2014, estimated at £150000-200000, sold at £548750

Lot 213, Wolfgang Tillmans, Blautopf I, 2001, estimated at £3000-5000, sold at £11875

Lot 267, Sigmar Polke, Untitled (photocopies in 4 parts), 2001, estimated at £4000-6000, sold at £26250

Lot 281, Shirin Neshat, Untitled (Rapture Series), 1999, estimated at £6000-8000, sold at £28750

Lot 286, Gerhard Richter, Abstraktes Bild (P1), 2014, estimated at £4000-6000, sold at £21250

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

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Read more about: Gerhard Richter, Shirin Neshat, Sigmar Polke, Wolfgang Tillmans, Sotheby's

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