Auction Results: Hiroshi Sugimoto Photographs: The Fossilization of Time, November 8, 2018 @Christie’s Paris

If there’s one thing that the recent single artist sale of the work of Hiroshi Sugimoto at Christie’s in Paris tells us, it is that the market for Sugimoto’s work is mature and predictable. Two mural-sized seascapes led the sale and both sold at or just above their estimate ranges. And while the overall Buy-In rate was high (over 46%), there were enough secondary and lesser known works on offer to make that outcome understandable. For those lots that did sell, two thirds sold right within in their estimate range, and there were no positive surprises at all. In the end, the Total Sale Proceeds fell below 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 €1284000
Aggregate Pre Sale High Estimate €1896000
Total Lots Sold 15
Total Lots Bought In 13
Buy In % 46.43%
Total Sale Proceeds €1208000

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

Detailed Breakdown
Low Total Lots 1
Total Low Lots Sold 1
Total Low Lots Bought In 0
Low Buy In % 0.00%
Aggregate High Estimate of Low Lots €7000
Total Proceeds from Low Lots €5250
Mid Total Lots 14
Total Mid Lots Sold 7
Total Mid Lots Bought In 7
Mid Buy In % 50.00%
Aggregate High Estimate of Mid Lots €314000
Total Proceeds from Mid Lots €196250
Total High Lots 13
Total High Lots Sold 7
Total High Lots Bought In 6
High Buy In % 46.15%
Aggregate High Estimate of High Lots €1575000
Total Proceeds from High Lots €1006500

The top lot by High estimate was tied between two lots: lot 205, Hiroshi Sugimoto, Sea of Japan, Rebun Island, 1996, and lot 216, Hiroshi Sugimoto, Bass Strait, Table Cape, 1997, both estimated at €200000-300000. The Sea of Japan print was the top outcome of the sale at €307500, while the Bass Strait print sold at €271500 (images above, via Christie’s).

93.33% of the lots that sold had proceeds in or above the estimate range and there were no surprises in the sale (defined as having proceeds of at least double the high estimate).

Complete lot by lot results can be found here.

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