Auction Results: New Now, March 8, 2023 @Phillips

The photography included in the recent New Now sale at Phillips in New York generally performed to expectations. The top lot Hank Willis Thomas work sold within its estimate range, and with a respectable overall Buy-In rate for photography of less than 15%, the Total Sale Proceeds for photography (of roughly $550K) fell 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 15
Aggregate Pre Sale Low Estimate $434000
Aggregate Pre Sale High Estimate $623000
Total Lots Sold 13
Total Lots Bought In 2
Buy In % 13.33%
Total Sale Proceeds $548005

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

Detailed Breakdown
Low Total Lots 2
Total Low Lots Sold 2
Total Low Lots Bought In 0
Low Buy In % 0.00%
Aggregate High Estimate of Low Lots $13000
Total Proceeds from Low Lots $8255
Mid Total Lots 9
Total Mid Lots Sold 7
Total Mid Lots Bought In 2
Mid Buy In % 22.22%
Aggregate High Estimate of Mid Lots $230000
Total Proceeds from Mid Lots $152400
Total High Lots 4
Total High Lots Sold 4
Total High Lots Bought In 0
High Buy In % 0.00%
Aggregate High Estimate of High Lots $380000
Total Proceeds from High Lots $387350

The top photography lot by High estimate was lot 21, Hank Willis Thomas, Society of the Spectacle (Spectrum IV), 2019, estimated at $100000-150000; it was also the top photography outcome of the sale at $127000 (images above, via Phillips.)

69.23% of the lots that sold had proceeds in or above the estimate range and there were no positive photographic surprises in the sale (defined as having proceeds of at least double the high estimate).

The complete lot by lot results can be found here.

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