Auction Results: New Now Evening and Day Sales, February 29, 2016 @Phillips

Photography buyers clearly had their minds elsewhere during the busy fair week in New York, as the photography in Phillips’ New Now sales fared poorly. With a pass on the top photo lot Sugimoto seascape, a Buy-In rate for photography over 50%, and few positive surprises to pick up the slack, the Total Sale Proceeds missed the low end of the aggregate pre-sale estimate by a wide margin.

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

Summary Statistics
Total Lots 37
Aggregate Pre Sale Low Estimate $660000
Aggregate Pre Sale High Estimate $945000
Total Lots Sold 17
Total Lots Bought In 20
Buy In % 54.05%
Total Sale Proceeds $297875

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

Detailed Breakdown
Low Total Lots 24
Total Low Lots Sold 13
Total Low Lots Bought In 11
Low Buy In % 45.83%
Aggregate High Estimate of Low Lots $159000
Total Proceeds from Low Lots $74125
Mid Total Lots 10
Total Mid Lots Sold 5
Total Mid Lots Bought In 5
Mid Buy In % 50.00%
Aggregate High Estimate of Mid Lots $196000
Total Proceeds from Mid Lots $98750
Total High Lots 3
Total High Lots Sold 1
Total High Lots Bought In 2
High Buy In % 66.67%
Aggregate High Estimate of High Lots $590000
Total Proceeds from High Lots $125000

The top lot by High estimate was lot 20, Hiroshi Sugimoto, Red Sea, 1992, estimated at $250000-350000; it did not sell. The top photo outcome of the two sales was lot 21, Thomas Struth, Todai-ji Interior, Nara, 1999, estimated at $120000-180000, sold at $125000 (image above, via Phillips).

94.12% of the lots that sold had proceeds in or above the estimate range, and there were a total of 2 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above via Phillips):

Lot 160, Ian Wallace, At the Crosswalk III, 2007, estimated at $15000-20000, sold at $40000

Lot 249, Clifford Ross, Hurricane III, 2000, estimated at $4000-6000, sold at $18750

The complete lot by lot results can be found here (Evening) and here (Day).

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Read more about: Clifford Ross, Ian Wallace, Thomas Struth, Phillips

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