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.
