Auction Results: First Open Post-War and Contemporary Art London, September 29, 2016 @Christie’s London

The photography included in Christie’s recent First Open sale in London generally met expectations. While the top lot Roni Horn work did not find a buyer, the overall Buy-In rate for photography came in under 25% and there were a few positive surprises, leading to Total Sale Results that fell safely above 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 29
Aggregate Pre Sale Low Estimate £232000
Aggregate Pre Sale High Estimate £319500
Total Lots Sold 22
Total Lots Bought In 7
Buy In % 24.14%
Total Sale Proceeds £255375

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

Detailed Breakdown
Low Total Lots 8
Total Low Lots Sold 7
Total Low Lots Bought In 1
Low Buy In % 12.50%
Aggregate High Estimate of Low Lots £28500
Total Proceeds from Low Lots £28125
Mid Total Lots 20
Total Mid Lots Sold 15
Total Mid Lots Bought In 5
Mid Buy In % 25.00%
Aggregate High Estimate of Mid Lots £231000
Total Proceeds from Mid Lots £227250
Total High Lots 1
Total High Lots Sold 0
Total High Lots Bought In 1
High Buy In % 100.00%
Aggregate High Estimate of High Lots £60000
Total Proceeds from High Lots £0

The top photography lot by High estimate was lot 102, Roni Horn, Could and Cloun (Gray) – Group 2, 2000-2001, estimated at £40000-60000 (image in preview post). It did not sell. The top photography outcome was lot 26, Douglas Huebler, Variable Piece #101, 1973, estimated at £18000-22000, sold at £52500 (image in preview post).

90.91% of the photo lots that sold had proceeds in or above the estimate range and there were a total of 4 surprises in the sale (defined as having proceeds of at least double the high estimate):

Lot 18, Dan Graham, Homes for America, 1966-1973, estimated at £2000-3000, sold at £7500 (image above, via Christie’s)

Lot 26, Douglas Huebler, Variable Piece #101, 1973, estimated at £18000-22000, sold at £52500 (image in preview post)

Lot 107, Thomas Ruff, Portrait (V. Liebermann), 1999, estimated at £8000-10000, sold at £21250 (image in preview post)

Lot 164, Gerhard Richter, Haggadah (P2), 2014, estimated at £4000-6000, sold at £30000 (image above, via Christie’s)

Complete lot by lot results can be found here.

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Read more about: Dan Graham, Douglas Huebler, Gerhard Richter, Thomas Ruff, Christie's

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