The results from the photography included in the contemporary art auctions at Sotheby’s in London last week were largely uneventful. The top photo lot Richard Avedon print of Marilyn Monroe passed, making way for two Andreas Gursky prints, separated across the two sales but coming in at the same price. Aside from one notable withdrawal (an early Gilbert & George work), the overall Buy-In rate came in under 8%, and with a single positive surprise, the Total Sale Proceeds for photography (of roughly £900K) fell underneath the low end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 13 |
| Aggregate Pre Sale Low Estimate | £971000 |
| Aggregate Pre Sale High Estimate | £1406000 |
| Total Lots Sold | 12 |
| Total Lots Bought In | 1 |
| Buy In % | 7.69% |
| Total Sale Proceeds | £904960 |
Here is the breakdown (using our usual Low, Mid, and High price tier 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 | £3000 |
| Total Proceeds from Low Lots | £5120 |
| Mid Total Lots | 7 |
| Total Mid Lots Sold | 7 |
| Total Mid Lots Bought In | 0 |
| Mid Buy In % | 0.00% |
| Aggregate High Estimate of Mid Lots | £103000 |
| Total Proceeds from Mid Lots | £170240 |
| Total High Lots | 5 |
| Total High Lots Sold | 4 |
| Total High Lots Bought In | 1 |
| High Buy In % | 20.00% |
| Aggregate High Estimate of High Lots | £1300000 |
| Total Proceeds from High Lots | £729600 |
The top photography lot by High estimate was lot 138, Richard Avedon, Marilyn Monroe, Actress, New York City, 1957/1980, estimated at £400000-600000; it did not sell. The top photography outcome of the sales was tied between two lots, both selling at £281600: lot 141, Andreas Gursky, Tokyo, 2017, and lot 293, Andreas Gursky, Cocoon II, 2008 (images above, via Sotheby’s).
91.67% 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 Sotheby’s):
Lot 273, Gilbert & George, Beard of ISIS, 2016, estimated at £10000-15000, sold at £70400
The complete lot by lot results can be found here (Modern & Contemporary Evening) and here (Contemporary Day).
