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.
