Auction Results: First Open, March 8, 2013 @Christie’s New York

The photography in Christie’s First Open Armory week sale performed solidly. The overall Buy-In rate for the photographs on offer was less than 20% and the Total Sale Proceeds for photography fell in the middle of the range.

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

Summary Statistics
Total Lots 48
Aggregate Pre Sale Low Estimate $1011500
Aggregate Pre Sale High Estimate $1438500
Total Lots Sold 40
Total Lots Bought In 8
Buy In % 16.67%
Total Sale Proceeds $1154375

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

Detailed Breakdown
Low Total Lots 15
Total Low Lots Sold 14
Total Low Lots Bought In 1
Low Buy In % 6.67%
Aggregate High Estimate of Low Lots $103500
Total Proceeds from Low Lots $151750
Mid Total Lots 26
Total Mid Lots Sold 21
Total Mid Lots Bought In 5
Mid Buy In % 19.23%
Aggregate High Estimate of Mid Lots $595000
Total Proceeds from Mid Lots $473125
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 $740000
Total Proceeds from High Lots $529500

The top photography lot by High estimate was lot 90, Andreas Gursky, Atlanta, 1996, estimated at $250000-350000; it was also the top photography outcome of the sale at $314500.

97.50% of the lots that sold had proceeds in or above the estimate range and there were a total of four surprises (defined as having proceeds of at least double the high estimate):

Lot 78, Laurie Simmons, Untitled (Woman’s Head), 1976, estimated at $5000-7000, sold at $18750 (image at right, middle, via Christie’s)

Lot 80, Sturtevant, Duchamp Man Ray Portrait, 1966, estimated at $4000-6000, sold at $18750

Lot 258, Vik Muniz, Scissors (The Sarcezo Drawings), 2002, estimated at $8000-12000, sold at $30000 (image at right, bottom, via Christie’s)

Lot 264, Shirin Neshat, Soliloquy series (Veiled Women in Three Arches), 1999, estimated at $6000-8000, sold at $21250 (image at right, top, via Christie’s)

Complete lot by lot results can be found here.

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Read more about: Laurie Simmons, Shirin Neshat, Vik Muniz, Christie's

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