Sotheby’s began its Fall season of contemporary art/photography yesterday in New York, and like the auction at Christie’s the day before, the photography available held its own just fine. Once again, there was softness at the end of the sale, but in this case, strength among the top photography lots mopped up the broader weakness in the lower priced offerings. Overall, the Buy-In rate came in over 35% (usually a bad sign), but the Total Sale Proceeds (for photography) fell solidly into the middle of the pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
|Aggregate Pre Sale Low Estimate||$1246000|
|Aggregate Pre Sale High Estimate||$1781000|
|Total Lots Sold||27|
|Total Lots Bought In||15|
|Buy In %||35.71%|
|Total Sale Proceeds||$1680875|
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
|Low Total Lots||6|
|Total Low Lots Sold||3|
|Total Low Lots Bought In||3|
|Low Buy In %||50.00%|
|Aggregate High Estimate of Low Lots||$44000|
|Total Proceeds from Low Lots||$27500|
|Mid Total Lots||27|
|Total Mid Lots Sold||16|
|Total Mid Lots Bought In||11|
|Mid Buy In %||40.74%|
|Aggregate High Estimate of Mid Lots||$687000|
|Total Proceeds from Mid Lots||$376875|
|Total High Lots||9|
|Total High Lots Sold||8|
|Total High Lots Bought In||1|
|High Buy In %||11.11%|
|Aggregate High Estimate of High Lots||$1050000|
|Total Proceeds from High Lots||$1276500|
The top lot by High estimate was lot 3, John Baldessari, 18th and Highland, National City, 1966-1967, estimated at $150000-250000; it was also the top outcome of the sale at $509000 (image featured in the preview post).
88.89% of the lots that sold had proceeds in or above the estimate range, but there was only 1 surprise in the sale (defined as having proceeds of at least double the high estimate) – the same John Baldessari lot referenced above.
The only other lot close to being a surprise was lot 240, Cindy Sherman, Untitled, 1984, estimated at $100000-150000, sold at $209000 (image above, left, via Sotheby’s).
Complete lot by lot results can be found here.