A Buy-In rate for photography of over 42% proved to be a drag on the results in yesterday’s Contemporary Curated sale at Sotheby’s. While the top lot Wolfgang Tillmans print did sell above its estimate range, with just one positive surprise to balance too many passes, the Total Sale Proceeds for photography 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 | 21 |
| Aggregate Pre Sale Low Estimate | $602000 |
| Aggregate Pre Sale High Estimate | $885000 |
| Total Lots Sold | 12 |
| Total Lots Bought In | 9 |
| Buy In % | 42.86% |
| Total Sale Proceeds | $528750 |
Here is the breakdown (using our usual Low, Mid, and High price tier definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 3 |
| Total Low Lots Sold | 1 |
| Total Low Lots Bought In | 2 |
| Low Buy In % | 66.67% |
| Aggregate High Estimate of Low Lots | $25000 |
| Total Proceeds from Low Lots | $10625 |
| Mid Total Lots | 13 |
| Total Mid Lots Sold | 8 |
| Total Mid Lots Bought In | 5 |
| Mid Buy In % | 38.46% |
| Aggregate High Estimate of Mid Lots | $380000 |
| Total Proceeds from Mid Lots | $180625 |
| 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 | $480000 |
| Total Proceeds from High Lots | $337500 |
The top lot by High estimate was lot 217, Wolfgang Tillmans, Paper Drop (New York) I, 2008, estimated at $120000-180000; it was also the top photography outcome in the sale at $250000 (image above, via Sotheby’s.)
91.67% of the lots that sold had proceeds in or above the estimate range and there was just 1 positive surprise in the sale (defined as having proceeds of at least double the high estimate):
Lot 333, Christian Boltanski, Gymnasium Chases, 1991, estimated at $8000-12000, sold at $26250 (image above via Sotheby’s)
The complete lot by lot results can be found here.
