Auction Results: First Open: Post-War and Contemporary Art Online, July 7, 2021 @Christie’s London

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.

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Read more about: Tim Gardner, Vik Muniz, Christie's

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