Auction Results: Post-War and Contemporary Art Evening and Day Sales, February 12 and 13, 2020 @Christie’s London

The top lot multi-image Gerhard Richter abstraction didn’t find a buyer at Christie’s recent Post War and Contemporary Art auctions in London, but the rest of the photography included in the sales performed admirably. The Buy-In rate for photography was just over 11%, and with a couple of notable positive surprises, the Total Sales Proceeds for photography came in just under £1.8M, near the top end of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 18
Aggregate Pre Sale Low Estimate £1537000
Aggregate Pre Sale High Estimate £2171000
Total Lots Sold 16
Total Lots Bought In 2
Buy In % 11.11%
Total Sale Proceeds £1799000

Here is the breakdown (using our usual Low, Mid, and High price tier definitions):

Detailed Breakdown
Low Total Lots 0
Total Low Lots Sold NA
Total Low Lots Bought In NA
Low Buy In % NA
Aggregate High Estimate of Low Lots £0
Total Proceeds from Low Lots £0
Mid Total Lots 6
Total Mid Lots Sold 6
Total Mid Lots Bought In 0
Mid Buy In % 0.00%
Aggregate High Estimate of Mid Lots £116000
Total Proceeds from Mid Lots £182500
Total High Lots 12
Total High Lots Sold 10
Total High Lots Bought In 2
High Buy In % 16.67%
Aggregate High Estimate of High Lots £2055000
Total Proceeds from High Lots £1616500

The top photography lot by High estimate was lot 140, Gerhard Richter, Cage Grid (Complete Set), 2011, estimated at £600000-800000; it did not sell. The top photography outcome of the sales was lot 139, Gerhard Richter, Untitled (Park), 1990, estimated at £150000-200000, sold at £503250 (image above, via Christie’s).

87.50% of the photo lots that sold had proceeds in or above the estimate range and there were 4 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above, via Christie’s):

Lot 139, Gerhard Richter, Untitled (Park), 1990, estimated at £150000-200000, sold at £503250

Lot 170, Louise Lawler, It Could Be Elvis, 1994, estimated at £15000-20000, sold at £56250

Lot 205, Thomas Struth, Louvre IV, Paris, 1989-1990, estimated at £80000-120000, sold at £383250

Lot 207, Thomas Ruff, Porträt (V. Liebermann), 1999, estimated at £12000-18000, sold at £57500

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

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Read more about: Gerhard Richter, Louise Lawler, Thomas Ruff, Thomas Struth, Christie's

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