The photographs included in Sotheby’s recent Contemporary Art online sale delivered altogether solid results. Both top lots found buyers, and were then bested by a Vik Muniz reworking of Van Gogh. The overall Buy-In rate for photography was a bit high (at 25%), but with a couple of positive surprises, the Total Sale Proceeds for photography (of just over $475K) came in well above the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 16 |
| Aggregate Pre Sale Low Estimate | $250800 |
| Aggregate Pre Sale High Estimate | $367200 |
| Total Lots Sold | 12 |
| Total Lots Bought In | 4 |
| Buy In % | 25.00% |
| Total Sale Proceeds | $476154 |
Here is the breakdown (using our usual Low, Mid, and High price tier definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 4 |
| Total Low Lots Sold | 4 |
| Total Low Lots Bought In | 0 |
| Low Buy In % | 0.00% |
| Aggregate High Estimate of Low Lots | $25200 |
| Total Proceeds from Low Lots | $25074 |
| Mid Total Lots | 10 |
| Total Mid Lots Sold | 6 |
| Total Mid Lots Bought In | 4 |
| Mid Buy In % | 40.00% |
| Aggregate High Estimate of Mid Lots | $222000 |
| Total Proceeds from Mid Lots | $322560 |
| Total High Lots | 2 |
| Total High Lots Sold | 2 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | $120000 |
| Total Proceeds from High Lots | $128520 |
The top photography lot by High estimate was tied between two lots, each estimated at $40000-60000: lot 50, Cindy Sherman, Untitled #121, 1983, and lot 58, Vik Muniz, Standard Station (Night), after Ed Ruscha, 2008. The Sherman sold at $40320 and the Muniz sold at $88200, but neither was the top photography outcome of the sale. That honor went to lot 217, Vik Muniz, Almond Blossom, after van Gogh (from ‘Pictures of Magazines’), 2005, estimated at $20000-30000, sold at $107100 (image above, via Sotheby’s.)
91.67% of the lots that sold had proceeds in or above the estimate range and there were a total of 3 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s).
Lot 51, Lorna Simpson, 2 Tracks, 1990, estimated at $20000-30000, sold at $69300
Lot 213, David LaChapelle, “Last Supper” (from ‘Jesus is my Homeboy’), 2003, estimated at $15000-25000, sold at $63000
Lot 217, Vik Muniz, Almond Blossom, after van Gogh (from ‘Pictures of Magazines’), 2005, estimated at $20000-30000, sold at $107100
The complete lot by lot results can be found here.
