Auction Results: First Open, March 6, 2014 @Christie’s

Aside from two Cindy Sherman prints that jumped over their estimates, the results for the photography found in Christie’s First Open sale were generally lackluster. With an overall Buy-In rate coming in at a hefty 50% and Total Sale Proceeds that missed the low end of the estimate range, it was the weakest of the photography results during the Armory week Contemporary Art sales.

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

Summary Statistics
Total Lots 58
Aggregate Pre Sale Low Estimate $916000
Aggregate Pre Sale High Estimate $1304000
Total Lots Sold 29
Total Lots Bought In 29
Buy In % 50.00%
Total Sale Proceeds $864625

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

Detailed Breakdown
Low Total Lots 24
Total Low Lots Sold 8
Total Low Lots Bought In 16
Low Buy In % 66.67%
Aggregate High Estimate of Low Lots $150000
Total Proceeds from Low Lots $45500
Mid Total Lots 27
Total Mid Lots Sold 16
Total Mid Lots Bought In 11
Mid Buy In % 40.74%
Aggregate High Estimate of Mid Lots $554000
Total Proceeds from Mid Lots $420125
Total High Lots 7
Total High Lots Sold 5
Total High Lots Bought In 2
High Buy In % 28.57%
Aggregate High Estimate of High Lots $600000
Total Proceeds from High Lots $399000

The top lot by High estimate was lot 129, John Baldessari, Sphinx and Cigarette (with Two Answers) – Version 2, 1997, estimated at $80000-120000; it did not sell. The top outcome of the sale was lot 4, Cindy Sherman, Untitled, 2010/2012, estimated at $50000-70000, sold at $149000 (image above, via Christie’s).

79.31% of the lots that sold had proceeds in or above the estimate range, and there were only 2 surprises in the sale (defined as having proceeds of at least double the high estimate):

Lot 4, Cindy Sherman, Untitled, 2010/2012, estimated at $50000-70000, sold at $149000 (image above, via Christie’s).

Lot 166, Cindy Sherman, Untitled, 2000, estimated at $30000-40000, sold at $137000 (see preview post here for image).

Complete lot by lot results can be found here.

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