Even the consistently outsized demand for Gerhard Richter’s photographic multiples couldn’t backfill the missing proceeds for the Jeff Wall print that failed to find a buyer at Sotheby’s recent Contemporary Art sales in London. The Richters outperformed, all three on offer delivering positive surprises, but the Total Sale Proceeds still fell under the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 14 |
| Aggregate Pre Sale Low Estimate | £602000 |
| Aggregate Pre Sale High Estimate | £831000 |
| Total Lots Sold | 11 |
| Total Lots Bought In | 3 |
| Buy In % | 21.43% |
| Total Sale Proceeds | £435375 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 2 |
| Total Low Lots Sold | 1 |
| Total Low Lots Bought In | 1 |
| Low Buy In % | 50.00% |
| Aggregate High Estimate of Low Lots | £7000 |
| Total Proceeds from Low Lots | £3250 |
| Mid Total Lots | 6 |
| Total Mid Lots Sold | 5 |
| Total Mid Lots Bought In | 1 |
| Mid Buy In % | 16.67% |
| Aggregate High Estimate of Mid Lots | £59000 |
| Total Proceeds from Mid Lots | £95625 |
| Total High Lots | 6 |
| Total High Lots Sold | 5 |
| Total High Lots Bought In | 1 |
| High Buy In % | 16.67% |
| Aggregate High Estimate of High Lots | £765000 |
| Total Proceeds from High Lots | £336500 |
The top photography lot by High estimate was lot 35, Jeff Wall, Church, Carolina St., Vancouver, 2007, estimated at £250000-350000 (image in preview post). It did not sell. The top photography outcome of the two sales was lot 169, Hiroshi Sugimoto, Lake Superior, Cascade River, 1995, estimated at £150000-200000, sold at £149000 (image above, via Sotheby’s).
90.91%% of the lots that sold had proceeds in or above the estimate range and there were a total of 3 positive surprise in the sales (defined as having proceeds of at least double the high estimate) (image above via Sotheby’s):
Lot 240, Gerhard Richter, Bouquet (P3), 2014, estimated at £4000-6000, sold at £17500
Lot 242, Gerhard Richter, Haggadah (P2), 2014, estimated at £4000-6000, sold at £17500
Lot 243, Gerhard Richter, Abstraktes Bild (P1), 2014, estimated at £6000-8000, sold at £32500
The complete lot by lot results can be found here (Evening) and here (Day).
