Auction Results: First Open LDN, September 25, 2014 @Christie’s South Kensington

Following up on its First Open sale in New York earlier in the week, Christie’s kicked off its Fall season in London with a matching First Open sale yesterday. Sadly, the results for photography were meaningfully weaker, especially in the mid range. Overall, the Buy-In rate hit a discouraging 40% and the Total Sale Proceeds for photography missed the low end of the pre sale estimate range.

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

Summary Statistics
Total Lots 35
Aggregate Pre Sale Low Estimate £167400
Aggregate Pre Sale High Estimate £247600
Total Lots Sold 21
Total Lots Bought In 14
Buy In % 40.00%
Total Sale Proceeds £156438

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

Detailed Breakdown
Low Total Lots 18
Total Low Lots Sold 13
Total Low Lots Bought In 5
Low Buy In % 27.78%
Aggregate High Estimate of Low Lots £55600
Total Proceeds from Low Lots £50813
Mid Total Lots 15
Total Mid Lots Sold 6
Total Mid Lots Bought In 9
Mid Buy In % 60.00%
Aggregate High Estimate of Mid Lots £132000
Total Proceeds from Mid Lots £54375
Total High Lots 2
Total High Lots Sold 2
Total High Lots Bought In 0
High Buy In % 0.00%
Aggregate High Estimate of High Lots £60000
Total Proceeds from High Lots £51250

The top lot by High estimate was tied between two lots: lot 29, Gerhard Richter, MV.52, 2011, and lot 102, Barbara Kruger, Face It (Magenta), 2007, both estimated at £20000-300000; the Richter was the top photography outcome of the sale at £27500 (image above, right, via Christie’s), while the Kruger sold at £23750.

100.00% of the lots that sold had proceeds in or above the estimate range, and there were 2 surprises in the sale (defined as having proceeds of at least double the high estimate):

Lot 91, Peter Fischli & David Weiss, Untitled (Group IV), 2005, estimated at £3000-4000, sold at £8750 (image above, middle, via Christie’s)

Lot 193, Lottie Davies, Home: My Mother Was Born in a Bucket, 2014, estimated at £800-1200, sold at £5625 (image above, left, via Christie’s)

Complete lot by lot results can be found here.

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Read more about: Gerhard Richter, Lottie Davies, Peter Fischli and David Weiss, Christie's

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