Christie’s got its Fall season started with its First Open sale in New York yesterday, and the photography included fared decently well. While the sale trailed off markedly in the later lots, with the help of a meaningful positive surprise from Marina Abramovic, the overall Buy-In rate came in under 30% and the Total Sale Proceeds (for photography) fell solidly into the middle of the pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 28 |
| Aggregate Pre Sale Low Estimate | $637000 |
| Aggregate Pre Sale High Estimate | $886000 |
| Total Lots Sold | 20 |
| Total Lots Bought In | 8 |
| Buy In % | 28.57% |
| Total Sale Proceeds | $757625 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 6 |
| Total Low Lots Sold | 5 |
| Total Low Lots Bought In | 1 |
| Low Buy In % | 16.67% |
| Aggregate High Estimate of Low Lots | $48000 |
| Total Proceeds from Low Lots | $35875 |
| Mid Total Lots | 20 |
| Total Mid Lots Sold | 14 |
| Total Mid Lots Bought In | 6 |
| Mid Buy In % | 30.00% |
| Aggregate High Estimate of Mid Lots | $578000 |
| Total Proceeds from Mid Lots | $548750 |
| Total High Lots | 2 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 1 |
| High Buy In % | 50.00% |
| Aggregate High Estimate of High Lots | $260000 |
| Total Proceeds from High Lots | $173000 |
The top lot by High estimate was lot 41, Richard Prince, Untitled (Mixed Couples), 1977-1978, estimated at $150000-200000; it sold at $173000 (image above, left, via Christie’s).
90.00% of the lots that sold had proceeds in or above the estimate range, but there was only 1 surprise in the sale (defined as having proceeds of at least double the high estimate):
Lot 26, Marina Abramovic, Lips of Thomas, 1975-2005, estimated at $25000-35000, sold at $112500 (image featured in preview post)
Complete lot by lot results can be found here.
