Auction Results: First Open | Post-War & Contemporary Art, June 4, 2024 @Christie’s (online)

A handful of positive surprises helped amplify the results of the photography included in Christie’s recent First Open online sale. Both of the top photo lots found buyers, with the Orozco work jumping up to more than 4X its high estimate. With the addition of a low overall Buy-In rate for photography (under 6%), the Total Sale Proceeds for photography (of roughly $770K) came in well above the high end of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 34
Aggregate Pre Sale Low Estimate $299000
Aggregate Pre Sale High Estimate $452000
Total Lots Sold 32
Total Lots Bought In 2
Buy In % 5.88%
Total Sale Proceeds $767970

Here is the breakdown (using our typical Low, Mid, and High definitions):

Detailed Breakdown
Low Total Lots 19
Total Low Lots Sold 18
Total Low Lots Bought In 1
Low Buy In % 5.26%
Aggregate High Estimate of Low Lots $119000
Total Proceeds from Low Lots $98910
Mid Total Lots 15
Total Mid Lots Sold 14
Total Mid Lots Bought In 1
Mid Buy In % 6.67%
Aggregate High Estimate of Mid Lots $333000
Total Proceeds from Mid Lots $669060
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 tied between two lots, each estimated at $30000-50000: lot 8, Vik Muniz, Metachrome, (Cut-outs, after Henri Matisse), 2017, and lot 14, Gabriel Orozco, Atomist: Crews Battle, 1996. The Orozco work was the top photography outcome of the sale at $201600 (image above, via Christie’s), while the Muniz work found a buyer at $37800.

81.25% of the lots that sold had proceeds in or above the estimate range and there were 6 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Christie’s):

Lot 14, Gabriel Orozco, Atomist: Crews Battle, 1996, estimated at $30000-50000, sold at $201600

Lot 63, Arnulf Rainer, Mein Hund hat 12 Ecken, c1970, estimated at $8000-12000, sold at $44100

Lot 73, Jim Hodges, And Then I Looked Up, 2001, estimated at $10000-15000, sold at $107100

Lot 108, Guyton/Walker, Untitled (from the series: Dear Ketel One Drinker Hello Again. The Failever Of Judgement Part IV), 2005, estimated at $10000-15000, sold at $32760

Lot 121, Olafur Eliasson, The broken stone series, 1997, estimated at $12000-18000, sold at $75600

Lot 132, Luigi Ontani, EvAdamo d’aprés Cranach (EvAdamo after Cranach), 1975, estimated at $10000-15000, sold at $52920

The complete lot by lot results can be found here.

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Read more about: Arnulf Rainer, Gabriel Orozco, Jim Hodges, Luigi Ontani, Olafur Eliasson, Wade Guyton, Christie's

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