Auction Results: New Now, April 6, 2017 @Phillips London

The photography on offer in Phillips’ recent New Now sale in London didn’t deliver much in the way of excitement. Given that many of the lots were available without reserves, the Buy-In rate for photography was solid (at roughly 22%) but that positive figure was counterbalanced by plenty of lots selling below their estimate ranges. In the end, the Total Sale Proceeds for photography flirted with the low end of the aggregate pre-sale range, but didn’t ultimately clear that hurdle.

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

Summary Statistics
Total Lots 44
Aggregate Pre Sale Low Estimate £252000
Aggregate Pre Sale High Estimate £374000
Total Lots Sold 34
Total Lots Bought In 10
Buy In % 22.73%
Total Sale Proceeds £248688

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

Detailed Breakdown
Low Total Lots 21
Total Low Lots Sold 18
Total Low Lots Bought In 3
Low Buy In % 14.29%
Aggregate High Estimate of Low Lots £73000
Total Proceeds from Low Lots £60438
Mid Total Lots 22
Total Mid Lots Sold 15
Total Mid Lots Bought In 7
Mid Buy In % 31.82%
Aggregate High Estimate of Mid Lots £251000
Total Proceeds from Mid Lots £153250
Total High Lots 1
Total High Lots Sold 1
Total High Lots Bought In 0
High Buy In % 0.00%
Aggregate High Estimate of High Lots £50000
Total Proceeds from High Lots £35000

The top photography lot by High estimate was lot 143, Vik Muniz, Reversal Black Marilyn, 2003, estimated at £30000-50000 (image in preview post). It was also the top photography outcome of the sale at £35000.

Only 58.82% of the lots that sold had proceeds in or above the estimate range and there were a total of 3 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Phillips):

Lot 141, Andy Warhol, Jean-Michel Basquiat, Basquiat’s Mother and friends (3), 1984, estimated at £2000-3000, sold at £8750

Lot 224, Dash Snow, No White Lady, I Don’t Want Yer Purse, 2006-2007, estimated at £3000-5000, sold at £10625

Lot 243, Collier Schorr, Blow-up, 1999, estimated at £1000-2000, sold at £5250

The complete lot by lot results can be found here.

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Read more about: Andy Warhol, Collier Schorr, Dash Snow, Phillips

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