The results for the photography included in the various modern and contemporary art sales at Van Ham in Cologne last week were decidedly underwhelming. Both top lots failed to sell, the overall Buy-In rate for photography topped 50%, and there were no positive surprises. When the music stopped, the Total Sale Proceeds for photography (of roughly €270K) came in well 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 | 29 |
| Aggregate Pre Sale Low Estimate | €470000 |
| Aggregate Pre Sale High Estimate | €680000 |
| Total Lots Sold | 14 |
| Total Lots Bought In | 15 |
| Buy In % | 51.72% |
| Total Sale Proceeds | €271260 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 11 |
| Total Low Lots Sold | 3 |
| Total Low Lots Bought In | 8 |
| Low Buy In % | 72.73% |
| Aggregate High Estimate of Low Lots | €86000 |
| Total Proceeds from Low Lots | €29040 |
| Mid Total Lots | 14 |
| Total Mid Lots Sold | 10 |
| Total Mid Lots Bought In | 4 |
| Mid Buy In % | 28.57% |
| Aggregate High Estimate of Mid Lots | €334000 |
| Total Proceeds from Mid Lots | €196020 |
| Total High Lots | 4 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 3 |
| High Buy In % | 75.00% |
| Aggregate High Estimate of High Lots | €260000 |
| Total Proceeds from High Lots | €46200 |
The top photography lot by High estimate was tied between two lots: lot 8, Günther Förg, Untitled (Atelier Melnikov), 1995, and lot 232, Thomas Ruff, neg◊lapresmidi (5 photographs), 2016, both estimated at €50000-70000; both failed to sell. The top photography outcome of the sales was lot 564, Gerhard Richter, Gilbert & George (10 photographs), 1975, estimated at €40000-60000, sold at €46200 (image above via Van Ham.)
100.00% of the lots that sold had proceeds in or above the estimate, and there were no positive surprises in the sales (defined as having proceeds of at least double the high estimate).
Complete lot by lot results can be found here.
