Auction Results: Contemporary Curated, September 25, 2018 @Sotheby’s

A larger-than-usual Buy-In Rate (nearly 47%) proved to be the damper on the photographs included in the recent Contemporary Curated sale at Sotheby’s. With just 2 positive surprises to balance too many passes, the Total Sale Proceeds fell below the low end of aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 32
Pre Sale Low Total Estimate $874000
Pre Sale High Total Estimate $1228000
Total Lots Sold 17
Total Lots Bought In 15
Buy In % 46.88%
Total Sale Proceeds $864625

Here is the breakdown (using our usual Low, Mid, and High price tier definitions):

Detailed Breakdown
Low Total Lots 2
Low Sold 1
Low Bought In 1
Low Buy In % 50.00%
Total Low Estimate $14000
Total Low Sold $5000
Mid Total Lots 24
Mid Sold 13
Mid Bought In 11
Mid Buy In % 45.83%
Total Mid Estimate $594000
Total Mid Sold $465875
Total High Lots 6
High Sold 4
High Bought In 2
High Buy In % 33.33%
Total High Estimate $620000
Total High Sold $393750

The top lot by High estimate was lot 235, Gerhard Richter, Untitled (Haus), 1990, estimated at $150000-200000; it was also the top photography outcome in the sale at $175000 (image above, via Sotheby’s).

94.12% of the lots that sold had proceeds in or above the estimate range and there were 2 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (image above via Sotheby’s):

Lot 240, Lorna Simpson, Tense, 1991, estimated at $20000-30000, sold at $75000

Lot 244, David Hockney, Graffiti Palace, 1982, estimated at $15000-20000, sold at $52500

The complete lot by lot results can be found here.

David Hockney, Gerhard Richter, Lorna Simpson, Sotheby's

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