Auction Results: Photography, with Modern and Contemporary Art Evening and Day, June 6 and 7, 2023 @Lempertz

A Buy-In rate above 50% dampened the results from the Photography and Contemporary Art sales at Lempertz in Cologne last week. With only one of the two top lots finding a buyer and just one positive surprise across the sales, there was little in the way of excitement, leading to Total Sale Proceeds for photography of roughly €430K, well below the aggregate pre-sale high estimate.

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

Summary Statistics
Total Lots 212
Aggregate Pre Sale Low Estimate €600400
Aggregate Pre Sale High Estimate €793400
Total Lots Sold 98
Total Lots Bought In 114
Buy In % 53.77%
Total Sale Proceeds €432684

Here is the breakdown (using our typical Low, Mid, and High definitions). Given recent currency fluctuations, we have once again re-adapted our local currency thresholds to match roughly $10000 and $50000 break points between categories.

Detailed Breakdown
Low Total Lots 196
Total Low Lots Sold 88
Total Low Lots Bought In 108
Low Buy In % 55.10%
Aggregate High Estimate of Low Lots €462400
Total Proceeds from Low Lots €222894
Mid Total Lots 16
Total Mid Lots Sold 10
Total Mid Lots Bought In 6
Mid Buy In % 37.50%
Aggregate High Estimate of Mid Lots €331000
Total Proceeds from Mid Lots €209790
Total High Lots 0
Total High Lots Sold NA
Total High Lots Bought In NA
High Buy In % NA
Aggregate High Estimate of High Lots €0
Total Proceeds from High Lots €0

The top lot by High estimate was lot 73, Thomas Demand, Fotoecke/Photobooth, 2009, and lot 85, Hans Bellmer, Die Puppe. Erinnerungen zum Thema Puppe (10 prints), 1934, both estimated at €30000-40000; the Demand print did not sell and the Bellmer album was the top photography outcome of the sales at €52920 (image above via Lempertz).

79.59% of the lots that sold had proceeds in or above the estimate range, and there was just 1 positive surprise in the sales (defined as having proceeds of at least double the high estimate) (image above, via Lempertz):

Lot 335, Joseph Beuys, La Rivoluzione siamo noi, 1972, estimated at €5000-7000, sold at €21420

The complete lot by lot results can be found here (Photography), here and here (Contemporary Art).

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Read more about: Hans Bellmer, Joseph Beuys, Kunsthaus Lempertz

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