The massive (nearly 49%) Buy-In rate should have derailed the recent Contemporary Photographs sale at Sotheby’s in New York, but a few sales in the top price tier and a handful of well placed positive surprises helped to prop up what otherwise should have been a troubled sale. In the end, the Total Sale Proceeds fell at the lower end of the aggregate pre-sale range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 76 |
| Aggregate Pre Sale Low Estimate | $1213000 |
| Aggregate Pre Sale High Estimate | $1801000 |
| Total Lots Sold | 39 |
| Total Lots Bought In | 37 |
| Buy In % | 48.68% |
| Total Sale Proceeds | $1252750 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 28 |
| Total Low Lots Sold | 10 |
| Total Low Lots Bought In | 18 |
| Low Buy In % | 64.29% |
| Aggregate High Estimate of Low Lots | $216000 |
| Total Proceeds from Low Lots | $87000 |
| Mid Total Lots | 41 |
| Total Mid Lots Sold | 23 |
| Total Mid Lots Bought In | 18 |
| Mid Buy In % | 43.90% |
| Aggregate High Estimate of Mid Lots | $1025000 |
| Total Proceeds from Mid Lots | $628250 |
| Total High Lots | 7 |
| Total High Lots Sold | 6 |
| Total High Lots Bought In | 1 |
| High Buy In % | 14.29% |
| Aggregate High Estimate of High Lots | $560000 |
| Total Proceeds from High Lots | $537500 |
The top lot by High estimate was lot 48, Andreas Gursky, Gardasee (Lake Garda Panorama), 1986-1993, estimated at $80000-120000; it sold at $125000. The top outcome of the sale was lot 24, Michael Dweck, Sonya, Poles (Montauk), 2002/2010, estimated at $50000-70000, sold at $168750 (images above via Sotheby’s).
74.36% of the lots that sold had proceeds in or above the estimate range and there were a total of 4 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s):
Lot 24, Michael Dweck, Sonya, Poles (Montauk), 2002/2010, estimated at $50000-70000, sold at $168750
Lot 40, Catherine Opie, Untitled #5 (Icehouses), 2001, estimated at $20000-30000, sold at $125000
Lot 41, Catherine Opie, Untitled #6 (Icehouses), 2001, estimated at $20000-30000, sold at $81250
Lot 56, Pierre Keller, Keith Haring and Andy Warhol, 1985, estimated at $4000-6000, sold at $40000
The complete lot by lot results can be found here.
