The contemporary photographs included in Christie’s recent First Open sale in London were less than entirely revelatory, and so the soft results that followed weren’t unexpected. With an overall Buy-In rate for photography of 33% and just one positive surprise, the Total Sale Proceeds for photography came in at just £65K, well below the low end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 24 |
| Aggregate Pre Sale Low Estimate | £101900 |
| Aggregate Pre Sale High Estimate | £150500 |
| Total Lots Sold | 16 |
| Total Lots Bought In | 8 |
| Buy In % | 33.33% |
| Total Sale Proceeds | £67625 |
Here is the breakdown (using our usual Low, Mid, and High price tier definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 14 |
| Total Low Lots Sold | 10 |
| Total Low Lots Bought In | 4 |
| Low Buy In % | 28.47% |
| Aggregate High Estimate of Low Lots | £41500 |
| Total Proceeds from Low Lots | £21375 |
| Mid Total Lots | 10 |
| Total Mid Lots Sold | 6 |
| Total Mid Lots Bought In | 4 |
| Mid Buy In % | 40.00% |
| Aggregate High Estimate of Mid Lots | £74000 |
| Total Proceeds from Mid Lots | £46250 |
| 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 | £35000 |
| Total Proceeds from High Lots | £0 |
The top photography lot by High estimate was lot 25, Chris Levine, She’s Light (Eyes Open), 2014, estimated at £25000-35000; it did not sell. The top photography outcome of the sale was lot 130, Vik Muniz, Cavalho (Horse), 2003, estimated at £8000-12000, sold at £17500 (image above, via Christie’s).
68.75% of the photo lots that sold had proceeds in or above the estimate range and there was just one positive surprise in the sale (defined as having proceeds of at least double the high estimate) (image above, via Christie’s):
Lot 86, Tim Gardner, Friends at a Wedding, 2001, estimated at £1000-2000, sold at £5250
Complete lot by lot results can be found here.
