Auction Results: Contemporary Art Evening and Day Auctions, October 5 and 6, 2018 @Sotheby’s London

Led by a Richard Prince cowboy, the photography included in Sotheby’s recent Contemporary Art auctions in London performed solidly. Three positive surprises from Walid Raad helped push the Total Sale Proceeds (for photography) to the healthy middle of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 18
Pre Sale Low Total Estimate £1811000
Pre Sale High Total Estimate £3099000
Total Lots Sold 14
Total Lots Bought In 4
Buy In % 22.22%
Total Sale Proceeds £2493125

Here is the breakdown (using our usual Low, Mid, and High price tier definitions):

Detailed Breakdown
Low Total Lots 0
Low Sold NA
Low Bought In NA
Low Buy In % NA
Total Low Estimate £0
Total Low Sold £0
Mid Total Lots 8
Mid Sold 8
Mid Bought In 0
Mid Buy In % 0.00%
Total Mid Estimate £89000
Total Mid Sold £231875
Total High Lots 10
High Sold 6
High Bought In 4
High Buy In % 40.00%
Total High Estimate £3010000
Total High Sold £2261250

The top photography lot by High estimate was tied between two lots: lot 34, Richard Prince, Untitled (Cowboy), 1997, and lot 148, Gerhard Richter, Cage Grid (Complete Set), 2011, both estimated at £600000-800000. The Prince print was the top photography outcome of the sales at £1090000 (image above, via Sotheby’s), while the Richter set sold at £730000.

92.86% of the lots that sold had proceeds in or above the estimate range and there were a total of 3 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above, via Sotheby’s):

Lot 180, Walid Raad, Let’s Be Honest, The Weather Helped (Venezuela, Romania, Italy, Iraq, Libya), 1998, estimated at £8000-12000, sold at £41250

Lot 181, Walid Raad, Let’s Be Honest, The Weather Helped (Finland, Germany, Greece, Egypt, Belgium), 1998, estimated at £8000-12000, sold at £47500

Lot 263, Walid Raad, Let’s Be Honest, The Weather Helped (Saudi Arabia, China, United States, Switzerland, NATO, United Kingdom, Israel), 1998, estimated at £8000-12000, sold at £6850

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

Read more about: Richard Prince, Walid Raad, Sotheby's

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