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).
