The photography included in Christie’s recent First Open and Rosa de la Cruz Collection online sales generally met expectations. The top lot Richard Prince print found a buyer at more than double its estimate range, essentially making up for some softness in other parts of sale. The overall Buy-In rate for photography was an uneventful 25%, leading to Total Sale Proceeds for photography (of roughly $550K) that tallied up in the middle of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 28 |
| Aggregate Pre Sale Low Estimate | $425000 |
| Aggregate Pre Sale High Estimate | $633000 |
| Total Lots Sold | 21 |
| Total Lots Bought In | 7 |
| Buy In % | 25.00% |
| Total Sale Proceeds | $553014 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 12 |
| Total Low Lots Sold | 9 |
| Total Low Lots Bought In | 3 |
| Low Buy In % | 25.00% |
| Aggregate High Estimate of Low Lots | $60000 |
| Total Proceeds from Low Lots | $42714 |
| Mid Total Lots | 14 |
| Total Mid Lots Sold | 10 |
| Total Mid Lots Bought In | 4 |
| Mid Buy In % | 28.57% |
| Aggregate High Estimate of Mid Lots | $393000 |
| Total Proceeds from Mid Lots | $226800 |
| Total High Lots | 2 |
| Total High Lots Sold | 2 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | $180000 |
| Total Proceeds from High Lots | $283500 |
The top photography lot by High estimate was lot 58, Richard Prince, Entertainers (Twins), 1983/2005, estimated at $80000-120000; it was also the top photography outcome of the sales at $239400 (image above, via Christie’s).
76.19% of the lots that sold had proceeds in or above the estimate range and there was just 1 positive surprise in the sales (defined as having proceeds of at least double the high estimate) (image above, via Christie’s):
Lot 1230, Lalla Essaydi, Converging Territories #23a, 2003-2006, estimated at $4000-6000, sold at $13860
The complete lot by lot results can be found here (First Open) and here (de la Cruz).
