The photography available in Sotheby’s recent Contemporary Curated sale in New York generally stumbled on all the measures we use to track success – the top photo lot failed to sell, the overall photo Buy-In rate was high (40%), and there were no positive surprises to pick up the sack. As a result, the Total Sale Proceeds for photography fell well below the aggregate pre-sale low estimate, coming in at just over $370K against a low estimate of roughly $680K.
The summary statistics are below (all results include the buyer’s premium):
|Aggregate Pre Sale Low Estimate||$686000|
|Aggregate Pre Sale High Estimate||$952000|
|Total Lots Sold||15|
|Total Lots Bought In||10|
|Buy In %||40.00%|
|Total Sale Proceeds||$376250|
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
|Low Total Lots||3|
|Total Low Lots Sold||2|
|Total Low Lots Bought In||1|
|Low Buy In %||33.33%|
|Aggregate High Estimate of Low Lots||$22000|
|Total Proceeds from Low Lots||$17500|
|Mid Total Lots||17|
|Total Mid Lots Sold||10|
|Total Mid Lots Bought In||7|
|Mid Buy In %||41.18%|
|Aggregate High Estimate of Mid Lots||$460000|
|Total Proceeds from Mid Lots||$208750|
|Total High Lots||5|
|Total High Lots Sold||3|
|Total High Lots Bought In||2|
|High Buy In %||40.00%|
|Aggregate High Estimate of High Lots||$470000|
|Total Proceeds from High Lots||$150000|
The top lot by High estimate was lot 226, Richard Prince, Untitled (Portrait), 2014, estimated at $150000-200000 (image in preview post); it did not sell. The top photographic outcome in the sale was lot 24, Gerhard Richter, Untitled (5.5.89), 1989, estimated at $40000-60000, sold at $62500 (image in preview post).
Only 66.67% of the lots that sold had proceeds in or above the estimate range and there were no positive surprises in the sale (defined as having proceeds of at least double the high estimate). The closest thing to a positive surprise was lot 288, Cindy Sherman, Untitled, 1999, estimated at $6000-8000, sold at $11250 (image above via Sotheby’s).
The complete lot by lot results can be found here.