The photography included in the recent First Open | Post-War & Contemporary Art sale at Christie’s didn’t deliver much in the way of excitement. The top lot Richard Prince Instagram portrait failed to sell, and while the overall Buy-In rate for photography came in under 20%, more than half the lots that sold did so below their estimate ranges, leading to Total Sale Proceeds for photography (of just under $170K) that fell well under 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 | 31 |
| Aggregate Pre Sale Low Estimate | $265500 |
| Aggregate Pre Sale High Estimate | $388500 |
| Total Lots Sold | 25 |
| Total Lots Bought In | 6 |
| Buy In % | 19.35% |
| Total Sale Proceeds | $168966 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 16 |
| Total Low Lots Sold | 15 |
| Total Low Lots Bought In | 1 |
| Low Buy In % | 6.25% |
| Aggregate High Estimate of Low Lots | $90500 |
| Total Proceeds from Low Lots | $56196 |
| Mid Total Lots | 15 |
| Total Mid Lots Sold | 10 |
| Total Mid Lots Bought In | 5 |
| Mid Buy In % | 33.33% |
| Aggregate High Estimate of Mid Lots | $298000 |
| Total Proceeds from Mid Lots | $112770 |
| Total High Lots | 0 |
| Total High Lots Sold | NA |
| Total High Lots Bought In | NA |
| High Buy In % | NA |
| Aggregate High Estimate of High Lots | $0 |
| Total Proceeds from High Lots | $0 |
The top photography lot by High estimate was lot 92, Richard Prince, Untitled (Portrait), 2015, estimated at $30000-50000; it did not sell. The the top photography outcome of the sale was lot 217, Thomas Struth, West 58th Street, New York, Midtown 1978, 1978, estimated at $20000-30000, sold at $20160 (image above, via Christie’s).
Just 48.00% 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 complete lot by lot results can be found here.
