Auction Results: Modern & Contemporary Art Evening, Day, and Online Sales, June 27 and July 3, 2024 @Phillips London

The solid performance of the higher priced photography lots in the Modern & Contemporary Art sales at Phillips last week in London proved to be enough to carry the sales to a respectable midpoint. The top lot Andreas Gursky print of Los Angeles found a buyer within its estimate range, as did a pair of prints by Cindy Sherman, with a Bernd & Hilla Becher typology selling above its range. While there was only one positive surprise in the sales (a Wolfgang Tillmans paper drop), a workmanlike overall Buy-In rate for photography of 20% led to Total Sale Proceeds for photography (of roughly £1.6M) that fell squarely in the middle of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 25
Aggregate Pre Sale Low Estimate £1215800
Aggregate Pre Sale High Estimate £1836200
Total Lots Sold 20
Total Lots Bought In 5
Buy In % 20.00%
Total Sale Proceeds £1602232

Here is the breakdown (using our usual Low, Mid, and High price tier definitions):

Detailed Breakdown
Low Total Lots 12
Total Low Lots Sold 11
Total Low Lots Bought In 1
Low Buy In % 8.33%
Aggregate High Estimate of Low Lots £54200
Total Proceeds from Low Lots £54102
Mid Total Lots 5
Total Mid Lots Sold 3
Total Mid Lots Bought In 2
Mid Buy In % 40.00%
Aggregate High Estimate of Mid Lots £112000
Total Proceeds from Mid Lots £55880
Total High Lots 8
Total High Lots Sold 6
Total High Lots Bought In 2
High Buy In % 25.00%
Aggregate High Estimate of High Lots £1670000
Total Proceeds from High Lots £1492250

The top photography lot by High estimate was lot 13, Andreas Gursky, Los Angeles, 1998, estimated at £400000-600000; it was also the top photography outcome of the sales at £546100 (image above, via Phillips).

85.00% of the lots that sold had proceeds in or above the estimate range and there was just 1 positive surprise in the sales (defined as having proceeds of at least double the high estimate)(image above, via Phillips):

Lot 122, Wolfgang Tillmans, Paper Drop (light), 2006, estimated at £40000-60000, sold at £120650

The complete lot by lot results can be found here (Modern & Contemporary Art: Evening and Day) and here (Modern & Contemporary Art: Online).

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Read more about: Andreas Gursky, Wolfgang Tillmans, Phillips

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