The solid performance of the higher priced photography lots in the Modern & Contemporary Art sales at Phillips last week in London carried the sales to an unexpectedly strong outcome. The top lot Andreas Gursky print jumped up over £600K, and with an overall Buy-In rate for photography of just 10%, even with no positive surprises, the Total Sale Proceeds for photography (of roughly £1.4M) came in above the top end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 10 |
| Aggregate Pre Sale Low Estimate | £753000 |
| Aggregate Pre Sale High Estimate | £1072000 |
| Total Lots Sold | 9 |
| Total Lots Bought In | 1 |
| Buy In % | 10.00% |
| Total Sale Proceeds | £1409065 |
Here is the breakdown (using our usual Low, Mid, and High price tier definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 0 |
| Total Low Lots Sold | NA |
| Total Low Lots Bought In | NA |
| Low Buy In % | NA |
| Aggregate High Estimate of Low Lots | £0 |
| Total Proceeds from Low Lots | £0 |
| Mid Total Lots | 4 |
| Total Mid Lots Sold | 3 |
| Total Mid Lots Bought In | 1 |
| Mid Buy In % | 25.00% |
| Aggregate High Estimate of Mid Lots | £72000 |
| Total Proceeds from Mid Lots | £62865 |
| Total High Lots | 6 |
| Total High Lots Sold | 6 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | £1000000 |
| Total Proceeds from High Lots | £1346200 |
The top photography lot by High estimate was lot 13, Andreas Gursky, New York, Mercantile Exchange, 2000, estimated at £250000-350000; it was also the top photography outcome of the sales at £609600 (image above, via Phillips).
88.89% 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 (Modern & Contemporary Art Evening) and here (Modern & Contemporary Art Day).
