Auction Results: Contemporary Art Evening and Day Sales, May 16 and 17, 2013 @Phillips New York

The photography buried in Phillips’ two Contemporary Art sales last week provided ample proof that if the available works are well edited and the Buy-In rate can be kept low, the overall results are usually plenty successful. In this case, less than 9% of the photographs on offer failed to find buyers, driving the Total Sale Proceeds over the top of aggregate pre-sale high estimate.

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

Summary Statistics
Total Lots 34
Aggregate Pre Sale Low Estimate $2680000
Aggregate Pre Sale High Estimate $3980000
Total Lots Sold 31
Total Lots Bought In 3
Buy In % 8.82%
Total Sale Proceeds $4073250

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

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 NA
Mid Total Lots 19
Total Mid Lots Sold 18
Total Mid Lots Bought In 1
Mid Buy In % 5.26%
Aggregate High Estimate of Mid Lots $480000
Total Proceeds from Mid Lots $568750
Total High Lots 15
Total High Lots Sold 13
Total High Lots Bought In 2
High Buy In % 13.33%
Aggregate High Estimate of High Lots $3500000
Total Proceeds from High Lots $3504500

The top photography lot by High estimate was lot 7, Andreas Gursky, Rhein, 1996, estimated at $1000000-1500000; it was also the top outcome of the sales at 1925000

82.35% of the lots that sold had proceeds in or above the estimate range, and there were a total of 3 surprises in the sale (defined as having proceeds of at least double the high estimate):

Lot 194, Andreas Gursky, Untitled 1 (Carpet), 1993, estimated at $60000-80000, sold at $173000 (image at right, top, via Phillips)

Lot 210, Vik Muniz, Valentine, The Fastest from The Sugar Children, 1996, estimated at $20000-25000, sold at $81250 (image at right, middle, via Phillips)

Lot 252, Ruud van Empel, World #16, 2006, estimated at $12000-18000, sold at $43750 (image at right, bottom, via Phillips)

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

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Read more about: Andreas Gursky, Ruud van Empel, Vik Muniz, Phillips

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