Auction Results: Post-War and Contemporary Art Evening, Morning, and Afternoon Sales, November 12 and 13, 2014 @Christie’s

While the bidding was apparently thin, there was enough interest in the 21 image Cindy Sherman Untitled Film Stills lot at Christie’s Post-War and Contemporary Art Evening sale on November 12th to get a sale made. With that lot in the bag, the high priced lots in the rest of the sale (and its Morning and Afternoon brethren) struggled to keep pace, with five out of the next six most valuable photo lots passing. All in, the overall Buy-In rate for photography neared 30% and the Total Sale Proceeds for photography (including the Sherman lot) came in at just over $10M, falling just shy of the low end of the pre-sale aggregate estimate.

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

Summary Statistics
Total Lots 38
Aggregate Pre Sale Low Estimate $10400000
Aggregate Pre Sale High Estimate $14355000
Total Lots Sold 27
Total Lots Bought In 11
Buy In % 28.95%
Total Sale Proceeds $10045500

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 10
Total Mid Lots Sold 9
Total Mid Lots Bought In 1
Mid Buy In % 10.00%
Aggregate High Estimate of Mid Lots $335000
Total Proceeds from Mid Lots $400000
Total High Lots 28
Total High Lots Sold 18
Total High Lots Bought In 10
High Buy In % 35.71%
Aggregate High Estimate of High Lots $14020000
Total Proceeds from High Lots $9645500

The top lot by High estimate was lot 13, Cindy Sherman, Untitled Film Stills (21 prints), 1977-1980, estimated at $6000000-8000000; it was also the top photo outcome of the sales at $6773000.

100.00% of the lots that sold had proceeds in or above the estimate range and there were 3 positive surprises in the sales (defined as having proceeds of at least double the high estimate):

Lot 435, Andres Serrano, Piss Christ, 1987, estimated at $60000-80000, sold at $173000 (image above, right, via Christie’s)

Lot 524, Cindy Sherman, Untitled #146, 1985, estimated at $100000-150000, sold at $461000 (image above, left, via Christie’s)

Lot 587, Richard Prince, Untitled (Watch), 1978-1979, estimated at $20000-30000, sold at $100000 (image above, middle, via Christie’s)

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

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Read more about: Andres Serrano, Cindy Sherman, Richard Prince, Christie's

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