Auction Results: First Open Post-War and Contemporary Art NY, September 28, 2016 @Christie’s

The photography sold in Christie’s recent First Open sale in New York didn’t gather much memorable momentum. While the top lot from Richard Price did sell in its range, an overall Buy-In rate for photography over 30% and no positive surprises led to lackluster results, the Total Sale Proceeds falling just underneath the aggregate pre-sale low estimate.

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

Summary Statistics
Total Lots 44
Aggregate Pre Sale Low Estimate $1577300
Aggregate Pre Sale High Estimate $2310200
Total Lots Sold 30
Total Lots Bought In 14
Buy In % 31.82%
Total Sale Proceeds $1564750

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 13
Total Low Lots Bought In 2
Low Buy In % 13.33%
Aggregate High Estimate of Low Lots $80200
Total Proceeds from Low Lots $47875
Mid Total Lots 24
Total Mid Lots Sold 14
Total Mid Lots Bought In 10
Mid Buy In % 41.67%
Aggregate High Estimate of Mid Lots $700000
Total Proceeds from Mid Lots $399375
Total High Lots 5
Total High Lots Sold 3
Total High Lots Bought In 2
High Buy In % 40.00%
Aggregate High Estimate of High Lots $1530000
Total Proceeds from High Lots $1117500

The top photographic lot by High estimate was lot 202, Richard Prince, Untitled (Cowboy), 1999, estimated at $800000-1200000. It was also the top photographic outcome of the sale at $967500 (image in preview post).

85.00% of the lots that sold had proceeds in or above the estimate range and there were no positive surprises in the sale (defined as having proceeds of at least double the high estimate). The closest thing to a positive surprise was lot 209, Christopher Williams, Velosolex 2200 Nr. 2 (Front, Side and Back), Serial Number 3128819, Moteur antiparasité, Date of Production 1964, (From the Collection of Hanh Dam), Douglas M Parker Studio, Glendale, California. August 25, 2005, 2005, estimated at $20000-30000, sold at $47500. (image above via Christie’s)

The complete lot by lot results can be found here.

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