Auction Results: New Now, March 4, 2020 @Phillips

While there wasn’t much highly valuable photography on offer in Phillips’ entry level New Now sale in New York last week, the photography that was included generally met expectations. The combination of the top lot Vik Muniz portfolio finding a buyer, an overall Buy-In Rate for photography just above 15%, and a few positive surprises led to Total Sale Proceeds for photography of roughly $300K, comfortably in the middle of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 24
Aggregate Pre Sale Low Estimate $288000
Aggregate Pre Sale High Estimate $407000
Total Lots Sold 20
Total Lots Bought In 4
Buy In % 16.67%
Total Sale Proceeds $320375

Here is the breakdown (using our typical Low, Mid, and High price tier definitions):

Detailed Breakdown
Low Total Lots 13
Total Low Lots Sold 11
Total Low Lots Bought In 2
Low Buy In % 15.38%
Aggregate High Estimate of Low Lots $88000
Total Proceeds from Low Lots $95375
Mid Total Lots 9
Total Mid Lots Sold 8
Total Mid Lots Bought In 1
Mid Buy In % 11.11%
Aggregate High Estimate of Mid Lots $179000
Total Proceeds from Mid Lots $175000
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 $140000
Total Proceeds from High Lots $50000

The top photography lot by High estimate was lot 182, Vik Muniz, The Best of LIFE (portfolio), 1989/1995, estimated at $60000-80000; it sold at $50000. The top photography outcome of the sale was lot 179, Paul McCarthy, Fancy Tomato Ketchup from the series PROPO, 1991/2009, estimated at $20000-30000, sold at $52500 (image above, via Phillips.)

80.00% 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 133, Radcliffe Bailey, Untitled, 2001, estimated at $10000-15000, sold at $30000

Lot 178, Roe Ethridge, Sunset, 2008, estimated at $4000-6000, sold at $21250

The complete lot by lot results can be found here.

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Read more about: Paul McCarthy, Radcliffe Bailey, Roe Ethridge, Phillips

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