Softness in the top lots dampened the photography results in the various contemporary art sales at Christie’s last week. The top photography outcome of the sales went to a watery Wolfgang Tillmans abstraction, but an overall Buy-In rate for photography over 25% and just a few positive surprises led to Total Sale Proceeds for photography across all of the sales of just $820K, 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 | 27 |
| Aggregate Pre Sale Low Estimate | $922500 |
| Aggregate Pre Sale High Estimate | $1313000 |
| Total Lots Sold | 20 |
| Total Lots Bought In | 7 |
| Buy In % | 25.93% |
| Total Sale Proceeds | $821888 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 11 |
| Total Low Lots Sold | 11 |
| Total Low Lots Bought In | 0 |
| Low Buy In % | 0.00% |
| Aggregate High Estimate of Low Lots | $43000 |
| Total Proceeds from Low Lots | $28928 |
| Mid Total Lots | 8 |
| Total Mid Lots Sold | 5 |
| Total Mid Lots Bought In | 3 |
| Mid Buy In % | 37.50% |
| Aggregate High Estimate of Mid Lots | $270000 |
| Total Proceeds from Mid Lots | $197760 |
| Total High Lots | 8 |
| Total High Lots Sold | 4 |
| Total High Lots Bought In | 4 |
| High Buy In % | 50.00% |
| Aggregate High Estimate of High Lots | $1000000 |
| Total Proceeds from High Lots | $595200 |
The top photography lot by High estimate was tied between two lots, each estimated at $150000-200000: lot 323, Wolfgang Tillmans, Schwarm 12, 2021, and lot 342, Cindy Sherman, Untitled #470, 2008; the Tillmans print sold at $230400 and was the top photography outcome of the sales (image above, via Christie’s), while the Sherman print failed to sell.
Just 60.00% of the lots that sold had proceeds in or above the estimate range, and there were a total of 3 positive surprises in the sales (defined as having proceeds of at least double the high estimate)(images above, via Christie’s):
Lot 48 (Goodman), Luis Camnitzer, Landscape as an Attitude, 1979, estimated at $1000-2000, sold at $4864
Lot 50 (Goodman), Luis Camnitzer, The Photograph, 1981, estimated at $1000-2000, sold at $4864
Lot 314 (P-W to P), Gerhard Richter, Firenze, 2000, estimated at $50000-70000, sold at $153600
The complete lot by lot results can be found here (Post-War to Present), here (Breaking Ground: The Private Collection of Marian Goodman Part II), and here (Up Close).
