Auction Results: Contemporary Art Evening and Day Auctions, October 7 and 8, 2016 @Sotheby’s London

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).

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Read more about: Gerhard Richter, Hiroshi Sugimoto, Sotheby's

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