Auction Results: New Now, September 27, 2023 @Phillips

While the top two photography lots both failed to sell at the recent New Now sale at Phillips in New York, the rest of the photographs on offer picked up the slack and generally performed to expectations. The overall Buy-In rate for photography came in at roughly 22%, and with a couple of positive surprises to help out, the Total Sale Proceeds for photography (of roughly $540K) came in near the top of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 9
Aggregate Pre Sale Low Estimate $374000
Aggregate Pre Sale High Estimate $546000
Total Lots Sold 7
Total Lots Bought In 2
Buy In % 22.22%
Total Sale Proceeds $541020

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

Detailed Breakdown
Low Total Lots 1
Total Low Lots Sold 1
Total Low Lots Bought In 0
Low Buy In % 0.00%
Aggregate High Estimate of Low Lots $6000
Total Proceeds from Low Lots $5080
Mid Total Lots 3
Total Mid Lots Sold 3
Total Mid Lots Bought In 0
Mid Buy In % 0.00%
Aggregate High Estimate of Mid Lots $70000
Total Proceeds from Mid Lots $163830
Total High Lots 5
Total High Lots Sold 3
Total High Lots Bought In 2
High Buy In % 40.00%
Aggregate High Estimate of High Lots $470000
Total Proceeds from High Lots $372110

The top photography lot by High estimate was tied between two lots, both estimated at $80000-120000: lot 147, Cindy Sherman, Untitled #154, 1985, and lot 149, Richard Prince, Untitled, 2010. Neither lot found a buyer. The top photography outcome of the sale fell to lot 42, Gilbert & George, Man God, 1988, estimated at $70000-100000, sold at $234950 (images above, via Phillips.)

85.71% of the lots that sold had proceeds in or above the estimate range and there were a total of two positive photographic surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Phillips):

Lot 42, Gilbert & George, Man God, 1988, estimated at $70000-100000, sold at $234950

Lot 146, John Baldessari, Prima Facie (Fifth State): Brevity, 2006-2007, estimated at $30000-40000, sold at $139700

The complete lot by lot results can be found here.

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Read more about: Gilbert and George, John Baldessari, Phillips

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