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 |
| Aggregate Pre Sale Low Estimate | $874000 |
| Aggregate Pre Sale High 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 |
| Total Low Lots Sold | 1 |
| Total Low Lots Bought In | 1 |
| Low Buy In % | 50.00% |
| Aggregate High Estimate of Low Lots | $14000 |
| Total Proceeds from Low Lots | $5000 |
| Mid Total Lots | 24 |
| Total Mid Lots Sold | 13 |
| Total Mid Lots Bought In | 11 |
| Mid Buy In % | 45.83% |
| Aggregate High Estimate of Mid Lots | $594000 |
| Total Proceeds from Mid Lots | $465875 |
| Total High Lots | 6 |
| Total High Lots Sold | 4 |
| Total High Lots Bought In | 2 |
| High Buy In % | 33.33% |
| Aggregate High Estimate of High Lots | $620000 |
| Total Proceeds from High Lots | $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.
