With a Buy-In rate for the highest priced photo lots topping 40% and no positive surprises, it isn’t much of a shock that the Total Sale Proceeds of Christie’s recent Post-War and Contemporary Art Evening, Morning, and Afternoon sales fell meaningfully below the low end of the pre-sale estimate range. While the two Gilbert & George works in the Evening sale did find buyers, there was just too much softness in the rest of the top photo lots to generate much momentum.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 31 |
| Aggregate Pre Sale Low Estimate | $4465000 |
| Aggregate Pre Sale High Estimate | $6620000 |
| Total Lots Sold | 20 |
| Total Lots Bought In | 11 |
| Buy In % | 35.48% |
| Total Sale Proceeds | $3740750 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| 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 | 7 |
| Total Mid Lots Sold | 6 |
| Total Mid Lots Bought In | 1 |
| Mid Buy In % | 14.29% |
| Aggregate High Estimate of Mid Lots | $250000 |
| Total Proceeds from Mid Lots | $232500 |
| Total High Lots | 24 |
| Total High Lots Sold | 14 |
| Total High Lots Bought In | 10 |
| High Buy In % | 41.67% |
| Aggregate High Estimate of High Lots | $6370000 |
| Total Proceeds from High Lots | $3508250 |
The top photographic lot by High estimate was lot 62B, Gilbert & George, Dead Boards No. 5, 1976, estimated at $800000-1200000; it was also the top outcome of the sales at $965000. (image in preview post)
Only 75.00% of the lots that sold had proceeds in or above the estimate range and there were no positive surprises in the sales (defined as having proceeds of at least double the high estimate).
The closest outcome to a positive surprise was lot 500, Anselm Kiefer, Midgard Utgard, 2002, estimated at $100000-150000, sold at $245000. (image above, via Christie’s)
The complete lot by lot results can be found here (Evening), here (Morning), and here (Afternoon).
