Auction Results: Modern Discoveries and Contemporary Discoveries, October 1 and 2, 2024 @Sotheby’s (online)

It was mainly a mop up affair for the photographs included in the Modern Discoveries and Contemporary Discoveries sales at Sotheby’s in New York last week. Many of the photo lots were sold without reserve, leading to mostly completed sales, but largely below the pre-sale estimate ranges. Neither of the top photo lots went home with a buyer (one was withdrawn, the other passed), and just 20% of the lots that sold did so in or above their estimate ranges. Not surprisingly, the Total Sale Proceeds for photography (of roughly $240K) came in below 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 59
Aggregate Pre Sale Low Estimate $355800
Aggregate Pre Sale High Estimate $539200
Total Lots Sold 53
Total Lots Bought In 6
Buy In % 10.17%
Total Sale Proceeds $240240

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

Detailed Breakdown
Low Total Lots 45
Total Low Lots Sold 42
Total Low Lots Bought In 3
Low Buy In % 6.67%
Aggregate High Estimate of Low Lots $276200
Total Proceeds from Low Lots $109440
Mid Total Lots 13
Total Mid Lots Sold 11
Total Mid Lots Bought In 2
Mid Buy In % 15.38%
Aggregate High Estimate of Mid Lots $203000
Total Proceeds from Mid Lots $130800
Total High Lots 1
Total High Lots Sold 0
Total High Lots Bought In 1
High Buy In % 100.00%
Aggregate High Estimate of High Lots $60000
Total Proceeds from High Lots $0

The top photography lot by High estimate was tied between two lots, both estimated at $40000-60000: lot 828, Ana Mendieta, Untitled (Glass on Body Imprints), 1972/1997, and lot 883, Thomas Ruff, JPEG EA01, 2007; the Mendieta lot was withdrawn and the Ruff lot didn’t sell. The top photographic outcome of the sales fell to lot 993, Liz Deschenes, Moire #3, 2007, estimated at $12000-18000, sold at $26400 (image above, via Sotheby’s).

Just 20.75% of the lots that sold had proceeds in or above the estimate range and there were no positive photographic surprises in the sales (defined as having proceeds of at least double the high estimate).

The complete lot by lot results can be found here (Modern Discoveries) and here (Contemporary Discoveries).

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