Sotheby’s Contemporary Curated sale warmed up the crowd in New York last week, but the results for the photography on offer were rather forgettable. With an overall Buy-In Rate for photography above 37% and only one positive surprise, it took a solid string of lots sold above the estimate range to bring the Total Sale Proceeds in just above the aggregate low estimate.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 40 |
| Aggregate Pre Sale Low Estimate | $821000 |
| Aggregate Pre Sale High Estimate | $1157000 |
| Total Lots Sold | 25 |
| Total Lots Bought In | 15 |
| Buy In % | 37.50% |
| Total Sale Proceeds | $868625 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 8 |
| Total Low Lots Sold | 4 |
| Total Low Lots Bought In | 4 |
| Low Buy In % | 50.00% |
| Aggregate High Estimate of Low Lots | $60000 |
| Total Proceeds from Low Lots | $43750 |
| Mid Total Lots | 26 |
| Total Mid Lots Sold | 17 |
| Total Mid Lots Bought In | 9 |
| Mid Buy In % | 34.62% |
| Aggregate High Estimate of Mid Lots | $497000 |
| Total Proceeds from Mid Lots | $343625 |
| 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 | $600000 |
| Total Proceeds from High Lots | $481250 |
The top photographic lot by High estimate was lot 250, John Baldessari, Two Chests (Heart and Soul), 1991, estimated at $150000-200000; it was also the top photographic outcome of the sale at $175000.
96.00% of the lots that sold had proceeds in or above the estimate range and there was only 1 positive surprise in the sale (defined as having proceeds of at least double the high estimate) (image above via Sotheby’s):
Lot 338, Liu Bolin, #34 Red in the East, 2008, estimated at $5000-7000, sold at $15000
The complete lot by lot results can be found here.
