The results from the recent various owner Photographs sale at Phillips in London were generally in line with expectations. While one of the top lots was withdrawn prior to the sale (a print by Nick Knight, and an auction practice which has become more prevalent of late), a nude by Irving Penn jumped up to fill in the gap. The overall Buy-In rate edged above 31% and there were only a handful of positive surprises, but the Total Sale Proceeds (of roughly £1.3M) still 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 | 117 |
| Aggregate Pre Sale Low Estimate | £1177000 |
| Aggregate Pre Sale High Estimate | £1749000 |
| Total Lots Sold | 80 |
| Total Lots Bought In | 37 |
| Buy In % | 31.62% |
| Total Sale Proceeds | £1331468 |
Here is the breakdown (using our typical Low, Mid, and High definitions).
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 44 |
| Total Low Lots Sold | 28 |
| Total Low Lots Bought In | 16 |
| Low Buy In % | 36.36% |
| Aggregate High Estimate of Low Lots | £277000 |
| Total Proceeds from Low Lots | £175133 |
| Mid Total Lots | 67 |
| Total Mid Lots Sold | 48 |
| Total Mid Lots Bought In | 19 |
| Mid Buy In % | 28.36% |
| Aggregate High Estimate of Mid Lots | £1132000 |
| Total Proceeds from Mid Lots | £899795 |
| Total High Lots | 6 |
| Total High Lots Sold | 4 |
| Total High Lots Bought In | 2 |
| High Buy In % | 33.33% |
| Aggregate High Estimate of High Lots | £340000 |
| Total Proceeds from High Lots | £256540 |
The top lot by High estimate was tied between two lots, both estimated at £50000-70000: lot 14, Nick Knight, Kate, 2006/2015, and lot 34, Thomas Struth, Paradise 25, Yuquehy/Brazil, 2001. The Knight print was withdrawn prior to the sale, and the Struth print sold at £69850. The top outcome of the sale was lot 46, Irving Penn, Sitting Nude Rear, New York, 1993, estimated at £30000-50000, sold at £107950 (image above, via Phillips).
92.50% of the lots that sold had proceeds in or above the estimate range and there were a total of 4 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Phillips):
Lot 1, Prince Gyasi, Limitless, 2023, estimated at £18000-22000, sold at £44450
Lot 4, Evelyn Bencicova, I don’t exist from Artificial Tears, 2017, estimated at £10000-15000, sold at £57150
Lot 6, Andrea Torres Balaguer, Hyacinth from Hivernacle, 2022, estimated at £10000-15000, sold at £44450
Lot 46, Irving Penn, Sitting Nude Rear, New York, 1993, estimated at £30000-50000, sold at £107950
The complete lot by lot results can be found here.
