Auction Results: Post-War and Contemporary Art Evening, Morning, and Afternoon Sales, November 12 and 13, 2013 @Christie’s

The results of Christie’s landmark set of Post-War and Contemporary Art sales last week are now well known: the staggering $692 million in total proceeds, the astonishing $142 million for the Bacon triptych, and massive numbers for Koons and Warhol ($58 million and $57 million respectively). Photographically, the sales performed very well, finding plenty of buyers willing to pay full price (a Cindy Sherman centerfold topped $2 million) but without the fanfare of big name world records. The overall Buy-In rate for photography was under 10% and the Total Sale Proceeds came in a hair under the pre sale aggregate High estimate.

 

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

Summary Statistics
Total Lots 36
Aggregate Pre Sale Low Estimate $6943000
Aggregate Pre Sale High Estimate $10237000
Total Lots Sold 33
Total Lots Bought In 3
Buy In % 8.33%
Total Sale Proceeds $10175000

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 NA
Mid Total Lots 13
Total Mid Lots Sold 12
Total Mid Lots Bought In 1
Mid Buy In % 7.69%
Aggregate High Estimate of Mid Lots $427000
Total Proceeds from Mid Lots $435000
Total High Lots 23
Total High Lots Sold 21
Total High Lots Bought In 2
High Buy In % 8.70%
Aggregate High Estimate of High Lots $9810000
Total Proceeds from High Lots $9740000

The top lot by High estimate was lot 24, Gilbert & George, Red Morning (Hate), 1977, estimated at $1500000-2500000; it sold for $1805000. The top outcome of the sale was lot 10, Cindy Sherman, Untitled #92, 1981, estimated at $900000-1200000, sold at $2045000.

96.97% of the lots that sold had proceeds in or above the estimate range and there were a total of 2 photographic surprises in the three sales (defined as having proceeds of at least double the high estimate):

Lot 113, Ed Ruscha, Gasoline Stations, 1962/1989, estimated at $60000-80000,sold at $179000 (image above, left, via Christie’s)

Lot 450, Richard Prince, Untitled (Cowboy), 1980-1984, estimated at $80000-120000, sold at $257000 (image above, right, via Christie’s)

Complete lot by lot results can be found Evening (here), Morning (here) and Afternoon (here).

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Read more about: Ed Ruscha, Richard Prince, Christie's

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