Auction Results: Contemporary Discoveries (online), July 19, 2022 @Sotheby’s

Sotheby’s continued its experimentation with a cross-medium approach to lower end offerings with its Contemporary Discoveries online sale earlier this week. With nearly 60 lots of photography included, there was a range of material on offer, some of it available with no reserve. An overall Buy-In rate for photography of over 37% dampened the results a bit, and with only one positive surprise to balance the softness, the Total Sale Proceeds for photography (of roughly $360K) fell well below the low end of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 59
Aggregate Pre Sale Low Estimate $512000
Aggregate Pre Sale High Estimate $761500
Total Lots Sold 37
Total Lots Bought In 22
Buy In % 37.29%
Total Sale Proceeds $367794

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

Detailed Breakdown
Low Total Lots 29
Total Low Lots Sold 20
Total Low Lots Bought In 9
Low Buy In % 31.03%
Aggregate High Estimate of Low Lots $181500
Total Proceeds from Low Lots $79884
Mid Total Lots 29
Total Mid Lots Sold 17
Total Mid Lots Bought In 12
Mid Buy In % 41.38%
Aggregate High Estimate of Mid Lots $520000
Total Proceeds from Mid Lots $287910
Total High Lots 1
Total High Lots Sold 0
Total High Lots Bought In 1
High Buy In % 100.00%
Aggregate High Estimate of High Lots $60000
Total Proceeds from High Lots $0

The top photography lot by High estimate was lot 264, Jeff Wall, Young Man Wet With Rain, 2011, estimated at $40000-60000; it did not sell. The top photography outcome in the sale was lot 103, David Hockney, Canal and Road Kyoto, 1983, estimated at $18000-25000, sold at $44100 (image above, via Sotheby’s.)

64.86% of the lots that sold had proceeds in or above the estimate range and there was just one positive surprises in the sale (defined as having proceeds of at least double the high estimate) (image above, via Sothebys):

Lot 341, Andro Wekua, Calling over 2, 2007, estimated at $2000-3000, sold at $6930

The complete lot by lot results can be found here.

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Read more about: Andro Wekua, David Hockney, Sotheby's

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