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
Aggregate Pre Sale Low Estimate $3195500
Aggregate Pre Sale High 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
Total Low Lots Sold 58
Total Low Lots Bought In 31
Low Buy In % 34.83%
Aggregate High Estimate of Low Lots $640500
Total Proceeds from Low Lots $438750
Mid Total Lots 107
Total Mid Lots Sold 77
Total Mid Lots Bought In 30
Mid Buy In % 28.04%
Aggregate High Estimate of Mid Lots $2449000
Total Proceeds from Mid Lots $1722125
Total High Lots 19
Total High Lots Sold 15
Total High Lots Bought In 4
High Buy In % 21.05%
Aggregate High Estimate of High Lots $1560000
Total Proceeds from High Lots $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.

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Read more about: Cindy Sherman, Richard Misrach, Robert Mapplethorpe, Phillips

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