Auction Results: Post-War and Contemporary Art Evening and Day Auctions, October 6 and 7, 2016 @Christie’s London

Contrary to the otherwise middling outcomes that have taken place thus far this auction season, the results for the photography buried in Christie’s recent Post-War and Contemporary Art sales in London were admirably strong. A low Buy-In rate (under 19%) coupled with a number of positive surprises led to Total Sale Proceeds that exceeded the high end of the pre-sale range. Works by Gordon Matta-Clark, Sigmar Polke, and Gerhard Richter were among the key outperformers.

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

Summary Statistics
Total Lots 32
Aggregate Pre Sale Low Estimate £813000
Aggregate Pre Sale High Estimate £1170000
Total Lots Sold 26
Total Lots Bought In 6
Buy In % 18.75%
Total Sale Proceeds £1199375

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 £3750
Mid Total Lots 22
Total Mid Lots Sold 18
Total Mid Lots Bought In 4
Mid Buy In % 18.18%
Aggregate High Estimate of Mid Lots £250000
Total Proceeds from Mid Lots £341625
Total High Lots 9
Total High Lots Sold 7
Total High Lots Bought In 2
High Buy In % 22.22%
Aggregate High Estimate of High Lots £915000
Total Proceeds from High Lots £854000

The top photography lot by High estimate was lot 41, Cindy Sherman, Untitled Film Still #52, 1979, estimated at £250000-350000 (image in preview post). It was also the top photography outcome of the two sales at £245000.

92.31% of the lots that sold had proceeds in or above the estimate range and there were a total of 6 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above via Christie’s):

Lot 217, Gordon Matta-Clark, Pier 52 (#4), 1975, estimated at £25000-35000, sold at £131000

Lot 218, Gordon Matta-Clark, Pier 52 (#5), 1975, estimated at £25000-35000, sold at £112500 (image in preview post)

Lot 317, Andreas Gursky, Brasilia, Plenarsaal, 1994, estimated at £25000-35000, sold at £81250

Lot 352, Sigmar Polke, Many Storms in the Mind, 1982, estimated at £15000-20000, sold at £106250

Lot 379, Gerhard Richter, Bouquet (P3), 2014, estimated at £4000-6000, sold at £16875

Lot 380, Gerhard Richter, Haggadah (P2), 2014, estimated at £4000-6000, sold at £16250

The complete lot by lot results can be found here (Evening) and here (Day).

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Read more about: Andreas Gursky, Gerhard Richter, Gordon Matta-Clark, Sigmar Polke, Christie's

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