It was a dismal outing for the photography found in Sotheby’s Contemporary Curated sale last week. With nine out of the top ten photo lots failing to find buyers and an overall Buy-In rate over 50%, it’s no surprise that the Total Sale Proceeds missed the pre-sale range by a wide margin.
The summary statistics are below (all results include the buyer’s premium):
|Pre Sale Low Total Estimate||$899000|
|Pre Sale High Total Estimate||$1301000|
|Total Lots Sold||22|
|Total Lots Bought In||25|
|Buy In %||53.19%|
|Total Sale Proceeds||$411875|
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
|Low Total Lots||9|
|Low Bought In||3|
|Low Buy In %||33.33%|
|Total Low Estimate||$65000|
|Total Low Sold||$33125|
|Mid Total Lots||32|
|Mid Bought In||16|
|Mid Buy In %||50.00%|
|Total Mid Estimate||$796000|
|Total Mid Sold||$378750|
|Total High Lots||6|
|High Bought In||6|
|High Buy In %||100.00%|
|Total High Estimate||$440000|
|Total High Sold||$0|
The top lot by High estimate was lot 35, John Baldessari, National City (W, 1, 2, 3, 4, 5, 6, B), 1996-2009, estimated at $80000-120000; it did not sell. The top outcome of the sale was lot 148, James Casebere, Arcade, 1995, estimated at $10000-15000, sold at $75000 (image above, left, via Sotheby’s).
77.27% 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 148, James Casebere, Arcade, 1995, estimated at $10000-15000, sold at $75000
Lot 155, AES+F, Last Riot 2, The Track, 2006, estimated at $8000-120000, sold at $25000
Lot 156, AES+F, Last Riot 2, Tondo #22, 2006, estimated at $8000-12000, sold at $25000 (image above, right, via Sotheby’s).
Complete lot by lot results can be found here.