Led by a strong performance at the top end of the range (with 22 of the 24 High lots finding buyers), the photography in Christie’s Post-War and Contemporary Art sales in London last week brought in the most photo revenue among the three major houses. With a Thomas Struth church scene tallying nearly £700000, the overall Buy-In rate for photography was less than 15% and the Total Sale Proceeds for photography topped the pre-sale estimate range with room to spare.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 48 |
| Aggregate Pre Sale Low Estimate | £1717000 |
| Aggregate Pre Sale High Estimate | £2465000 |
| Total Lots Sold | 41 |
| Total Lots Bought In | 7 |
| Buy In % | 14.58% |
| Total Sale Proceeds | £2822975 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| 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 | £5000 |
| Total Proceeds from Low Lots | £4000 |
| Mid Total Lots | 23 |
| Total Mid Lots Sold | 18 |
| Total Mid Lots Bought In | 5 |
| Mid Buy In % | 21.74% |
| Aggregate High Estimate of Mid Lots | £365000 |
| Total Proceeds from Mid Lots | £305875 |
| Total High Lots | 24 |
| Total High Lots Sold | 22 |
| Total High Lots Bought In | 2 |
| High Buy In % | 8.33% |
| Aggregate High Estimate of High Lots | £2095000 |
| Total Proceeds from High Lots | £2513100 |
The top lot by High estimate was lot 47, Jeff Wall, The Crooked Path, 1991, estimated at £250000-350000; it sold for £482500. The top outcome of the sale was lot 14, Thomas Struth, San Zaccaria, Venice, 1995, estimated at £150000-200000, sold at £698500 (image above, via Christie’s).
92.68% of the lots that sold had proceeds in or above the estimate range, and there were 2 surprises in the sales (defined as having proceeds of at least double the high estimate):
Lot 14, Thomas Struth, San Zaccaria, Venice, 1995, estimated at £150000-200000, sold at £698500
Lot 293, Gabriel Orozco, Gato en la Jungla, 1992, estimated at £15000-20000, sold at £51250 (image in the preview post, here)
