Auction Results: First Open, September 26, 2013 @Christie’s

With the help of nearly $1 million dollars from Andreas Gursky’s Pyongyang II, the proceeds for the photography in Christie’s First Open sale settled comfortably into the pre-sale estimate range. While the Buy-In rate hovered near 30% and many of the higher priced lots didn’t find buyers, there were still enough positive surprises mixed in elsewhere to help meet overall expectations.

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

Summary Statistics
Total Lots 67
Aggregate Pre Sale Low Estimate $1720000
Aggregate Pre Sale High Estimate $2519000
Total Lots Sold 47
Total Lots Bought In 20
Buy In % 29.85%
Total Sale Proceeds $1842125

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

Detailed Breakdown
Low Total Lots 26
Total Low Lots Sold 18
Total Low Lots Bought In 8
Low Buy In % 30.77%
Aggregate High Estimate of Low Lots $177000
Total Proceeds from Low Lots $82125
Mid Total Lots 37
Total Mid Lots Sold 26
Total Mid Lots Bought In 11
Mid Buy In % 29.73%
Aggregate High Estimate of Mid Lots $772000
Total Proceeds from Mid Lots $572500
Total High Lots 4
Total High Lots Sold 3
Total High Lots Bought In 1
High Buy In % 25.00%
Aggregate High Estimate of High Lots $1570000
Total Proceeds from High Lots $1187500

The top lot by High estimate was lot 138, Andreas Gursky, Pyongyang II, 2007, estimated at $800000-1200000; it was also the top outcome of the sale at $963750.

78.72% of the lots that sold had proceeds in or above the estimate range, and there were a total of 8 surprises in the sale (defined as having proceeds of at least double the high estimate):

Lot 68, Nancy Holt, Holes of Light, 1973, estimated at $3000-5000, sold at $21250

Lot 92, Nan Goldin, Christmas at the Other Side, Boston, 1972, estimated at $3000-5000, sold at $10000

Lot 93, Nan Goldin, Guido on the Dock, Venice, 1998, estimated at $7000-10000, sold at $20000

Lot 164, Sol LeWitt, Photogrid, 1977, estimated at $7000-10000, sold at $40000 (image above, right, via Christie’s)

Lot 347, Wang Qingsong, Look Up! Look Up!, 2000, estimated $5000-7000, sold at $17500 (image above, middle, via Christie’s)

Lot 354, Nan Goldin, French Chris at the Drive-In, New Jersey, 1979, estimated at $6000-8000, sold at $23750 (image above, left, via Christie’s)

Lot 365, Gerhard Richter, 2.5.89-7.5.89, 1991,estimated at $12000-18000, sold at $37500

Lot 374, Cy Twombly, Angels’ Trumpets, Gaeta, 2008, estimated at $10000-15000, sold at $40000

Complete lot by lot results can be found here.

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Read more about: Nan Goldin, Sol LeWitt, Wang Qingsong, Christie's

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