General sluggishness muted the results of the recent Contemporary Photographs sale at Sotheby’s. The top lot water tower typology by Bernd and Hilla Becher sold within its estimate range, but an overall Buy-In rate north of 30% and roughly a third of the works that found a buyer doing so below their estimate ranges combined to undermine the momentum. When the dust settled, the Total Sale Proceeds came in underneath 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 | 82 |
| Aggregate Pre Sale Low Estimate | $872000 |
| Aggregate Pre Sale High Estimate | $1293000 |
| Total Lots Sold | 56 |
| Total Lots Bought In | 26 |
| Buy In % | 31.71% |
| Total Sale Proceeds | $833868 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 42 |
| Total Low Lots Sold | 26 |
| Total Low Lots Bought In | 16 |
| Low Buy In % | 38.10% |
| Aggregate High Estimate of Low Lots | $285000 |
| Total Proceeds from Low Lots | $127638 |
| Mid Total Lots | 36 |
| Total Mid Lots Sold | 26 |
| Total Mid Lots Bought In | 10 |
| Mid Buy In % | 27.78% |
| Aggregate High Estimate of Mid Lots | $648000 |
| Total Proceeds from Mid Lots | $397530 |
| Total High Lots | 4 |
| Total High Lots Sold | 4 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | $360000 |
| Total Proceeds from High Lots | $308700 |
The top lot by High estimate was lot 11, Bernd and Hilla Becher, Water Towers, 1963-80, estimated at $100000-150000; it was also the top outcome of the sale at $119700 (image above via Sotheby’s).
Just 64.29% 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) (image above via Sotheby’s):
Lot 45, Sophie Calle, ‘Christmas wreaths, Saint Lucie, a nice dog, railroad stations, the Eiffel Tower, all of that is beautiful’ (from The Blind), 1986, estimated at $10000-15000, sold at $30240
The complete lot by lot results can be found here.
