Softness in the higher priced lots muted the overall photographic outcome of the Post-War to Present and Post-War to Present Online sales at Christie’s in London last week. While the overall Buy-In rate for photography came in just above 15%, all of the passes occurred in the middle or high price tiers, so even with a few positive surprises, the Total Sales Proceeds for photography (of roughly £235K) still fell below the low end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 26 |
| Aggregate Pre Sale Low Estimate | £295200 |
| Aggregate Pre Sale High Estimate | £451800 |
| Total Lots Sold | 22 |
| Total Lots Bought In | 4 |
| Buy In % | 15.38% |
| Total Sale Proceeds | £237636 |
Here is the breakdown (using our usual Low, Mid, and High price tier definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 16 |
| Total Low Lots Sold | 16 |
| Total Low Lots Bought In | 0 |
| Low Buy In % | 0.00% |
| Aggregate High Estimate of Low Lots | £55800 |
| Total Proceeds from Low Lots | £99036 |
| Mid Total Lots | 7 |
| Total Mid Lots Sold | 5 |
| Total Mid Lots Bought In | 2 |
| Mid Buy In % | 28.57% |
| Aggregate High Estimate of Mid Lots | £146000 |
| Total Proceeds from Mid Lots | £100800 |
| Total High Lots | 3 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 2 |
| High Buy In % | 66.67% |
| Aggregate High Estimate of High Lots | £250000 |
| Total Proceeds from High Lots | £37800 |
The top photography lot by High estimate was lot 116, Anselm Kiefer, Waterloo Bridge, 2004, estimated at £100000-150000; it did not sell. The top photography outcome of the sale fell to lot 61, Gerhard Richter, Ella, 2014, estimated at £30000-50000, sold at £37800 (image above, via Christie’s).
72.73% of the photo 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) (images above, via Christie’s):
Lot 24, Wolfgang Tillmans, Lutz, sidewalk, 1993/1996, estimated at £4000-6000, sold at £13860
Lot 25, Wolfgang Tillmans, Anemone, 2003, estimated at £3000-5000, sold at £35280
Lot 26, Francesca Woodman, Polka Dot No #5, Providence, Rhode Island, 1976/posthumous 2007, estimated at £3000-5000, sold at £15120
Complete lot by lot results can be found here (Post-War to Present) and here (Post-War to Present Online).
