Auction Results: Contemporary Evening and Day Auctions, October 14 and 15, 2022 @Sotheby’s London

The photography included in Sotheby’s recent Contemporary Art auctions in London performed admirably, especially in the highest price tier. Led by a Gerhard Richter rephotographed painting, the photo outcomes were consistently strong across the two sales, with an overall Buy-In rate for photography under 5%. After the tally, the Total Sale Proceeds for photography (of roughly £2.75M) came in above the top end of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 22
Aggregate Pre Sale Low Estimate £1712500
Aggregate Pre Sale High Estimate £2527000
Total Lots Sold 21
Total Lots Bought In 1
Buy In % 4.55%
Total Sale Proceeds £2756250

Here is the breakdown (using our usual Low, Mid, and High price tier definitions). Given changing exchange rates, we have adjusted the break points between tiers to better match $10000 and $50000:

Detailed Breakdown
Low Total Lots 3
Total Low Lots Sold 3
Total Low Lots Bought In 0
Low Buy In % 0.00%
Aggregate High Estimate of Low Lots £18000
Total Proceeds from Low Lots £28350
Mid Total Lots 10
Total Mid Lots Sold 9
Total Mid Lots Bought In 1
Mid Buy In % 10.00%
Aggregate High Estimate of Mid Lots £239000
Total Proceeds from Mid Lots £321300
Total High Lots 9
Total High Lots Sold 9
Total High Lots Bought In 0
High Buy In % 0.00%
Aggregate High Estimate of High Lots £2270000
Total Proceeds from High Lots £2406600

The top photography lot by High estimate was lot 119, Gerhard Richter, Ema (Akt auf einer Treppe) (Ema (Nude on a Staircase)), 1992, estimated at £400000-600000; it was also the top photography outcome of the sales at £567000 (image above, via Sotheby’s).

95.24% of the lots that sold had proceeds in or above the estimate range and there were 2 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (image above, via Sotheby’s):

Lot 251, Christian Boltanski, Monument, 1986, estimated at £18000-25000, sold at £113400

Lot 302, Shirin Neshat, Fervor series, 2000, estimated at £7000-9000, sold at £20160

The complete lot by lot results can be found here (Evening) and here (Day).

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Read more about: Christian Boltanski, Gerhard Richter, Shirin Neshat, Sotheby's

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