Buoyed by a respectable Buy-In Rate for photography of just over 20%, the photography included in Phillips’ recent New Now sale in London generally performed to expectations. Two forgettable prints by Andy Warhol were the only positive surprises, but the Total Sale Proceeds still came in above the low end of the aggregate pre-sale range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 43 |
| Aggregate Pre Sale Low Estimate | £239000 |
| Aggregate Pre Sale High Estimate | £355000 |
| Total Lots Sold | 34 |
| Total Lots Bought In | 9 |
| Buy In % | 20.93% |
| Total Sale Proceeds | £267189 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 20 |
| Total Low Lots Sold | 16 |
| Total Low Lots Bought In | 4 |
| Low Buy In % | 20.00% |
| Aggregate High Estimate of Low Lots | £72000 |
| Total Proceeds from Low Lots | £54564 |
| Mid Total Lots | 21 |
| Total Mid Lots Sold | 17 |
| Total Mid Lots Bought In | 4 |
| Mid Buy In % | 19.05% |
| Aggregate High Estimate of Mid Lots | £198000 |
| Total Proceeds from Mid Lots | £175125 |
| Total High Lots | 2 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 1 |
| High Buy In % | 50.00% |
| Aggregate High Estimate of High Lots | £85000 |
| Total Proceeds from High Lots | £37500 |
The top photography lot by High estimate is lot 3, Keith Haring, Untitled (Bill T. Jones), 1984, estimated at £30000-50000 (image in preview post); it was also the top photographic outcome of the sale at £37500.
Only 64.71% of the lots that sold had proceeds in or above the estimate range and there were a total of 2 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Phillips):
Lot 145, Andy Warhol, Jean-Michel Basquiat, Basquiat’s Mother and friends, 1984, estimated at £2000-3000, sold at £8750
Lot 146, Andy Warhol, Andy Warhol and Jon Gould, 1978, estimated at £2000-3000, sold at £8125
The complete lot by lot results can be found here.
