Auction Results: Photographs, October 4, 2018 @Phillips

Whether it was careful estimate setting or simply measured bidding, the results at the recent various owner Photographs sale at Phillips often fell in line with expectations. The top lot Cindy Sherman print found a buyer, and while there were only two positive surprises across the entire sale, with an overall Buy-In rate at roughly 30%, the Total Sale Proceeds stayed steady, finding the middle of the aggregate pre-sale estimate.

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

Summary Statistics
Total Lots 215
Pre Sale Low Total Estimate $3195500
Pre Sale High Total Estimate $4649500
Total Lots Sold 150
Total Lots Bought In 65
Buy In % 30.23%
Total Sale Proceeds $3508375

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

Detailed Breakdown
Low Total Lots 89
Low Sold 58
Low Bought In 31
Low Buy In % 34.83%
Total Low Estimate $640500
Total Low Sold $438750
Mid Total Lots 107
Mid Sold 77
Mid Bought In 30
Mid Buy In % 28.04%
Total Mid Estimate $2449000
Total Mid Sold $1722125
Total High Lots 19
High Sold 15
High Bought In 4
High Buy In % 21.05%
Total High Estimate $1560000
Total High Sold $1347500

The top lot by High estimate was lot 258, Cindy Sherman, Untitled #296, 1994, estimated at $180000-220000; it was also the top outcome of the sale at $325000 (image above via Phillips).

91.33% 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 191, Richard Misrach, Ocotillo #1, Arizona, 1976, estimated at $5000-7000, sold at $15000

Lot 228, Robert Mapplethorpe, Y Portfolio, 1978, estimated at $30000-50000, sold at $112500

The complete lot by lot results can be found here.

Cindy Sherman, Richard Misrach, Robert Mapplethorpe, Phillips

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