Auction Results: New Now, July 13, 2021 @Phillips London

The only real photographic excitement at Phillips’ recent New Now sale in London was the withdrawal of the top photo lot, a 1990 Gerhard Richter chromogenic print of his image of two candles, estimated at £350000-550000. With this headliner yanked off stage, the rest of the photography on offer struggled to gain attention. The overall Buy-In rate for photography was respectable (under 19%), but with only a couple of positive surprises, the Total Sale Proceeds (of just under £230K) fell 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 27
Aggregate Pre Sale Low Estimate £251000
Aggregate Pre Sale High Estimate £358500
Total Lots Sold 22
Total Lots Bought In 5
Buy In % 18.52%
Total Sale Proceeds £229068

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

Detailed Breakdown
Low Total Lots 9
Total Low Lots Sold 9
Total Low Lots Bought In 0
Low Buy In % 0.00%
Aggregate High Estimate of Low Lots £18500
Total Proceeds from Low Lots £31122
Mid Total Lots 15
Total Mid Lots Sold 11
Total Mid Lots Bought In 4
Mid Buy In % 26.67%
Aggregate High Estimate of Mid Lots £175000
Total Proceeds from Mid Lots £90846
Total High Lots 3
Total High Lots Sold 2
Total High Lots Bought In 1
High Buy In % 33.33%
Aggregate High Estimate of High Lots £165000
Total Proceeds from High Lots £107100

The top photography lot by High estimate was lot 35, Gilbert & George, Piss on Piss, 1996, estimated at £60000-80000; it was also the top photography outcome of the sale at £69300 (image above, via Phillips).

86.36% 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) (image above via Phillips):

Lot 72, Jeff Koons, K is for Kindness, 2021, estimated at £300-500, sold at £8190

Lot 103, Richard Prince, Untitled (from Cowboys & Girlfriends), 1992, estimated at £3000-4000, sold at £9450

The complete lot by lot results can be found here.

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Read more about: Gilbert and George, Jeff Koons, Richard Prince, Phillips

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