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).
