The photography results at Christie’s recent Post-War to Present sale in New York were decidedly discouraging. The top lot Richard Prince print did find a buyer, but with a Buy-In rate for photography over 60% and no positive surprises, it’s no wonder that the Total Sale Proceeds came in well below the low end of the aggregate pre-sale estimate.
The summary statistics are below (all results include the buyer’s premium):
|Aggregate Pre Sale Low Estimate||$505000|
|Aggregate Pre Sale High Estimate||$740000|
|Total Lots Sold||4|
|Total Lots Bought In||7|
|Buy In %||63.64%|
|Total Sale Proceeds||$221250|
Here is the breakdown (using our typical Low, Mid, and High definitions):
|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||5|
|Total Mid Lots Sold||1|
|Total Mid Lots Bought In||4|
|Mid Buy In %||80.00%|
|Aggregate High Estimate of Mid Lots||$170000|
|Total Proceeds from Mid Lots||$15000|
|Total High Lots||6|
|Total High Lots Sold||3|
|Total High Lots Bought In||3|
|High Buy In %||50.00%|
|Aggregate High Estimate of High Lots||$570000|
|Total Proceeds from High Lots||$206250|
The top photographic lot by High estimate was lot 241, Richard Prince, Untitled (Labels), 1977, estimated at $120000-180000. It was also the top photographic outcome of the sale at $125000 (image above, via Christie’s).
75.00% of the lots that sold had proceeds in or above the estimate range and there were no positive surprises in the sale (defined as having proceeds of at least double the high estimate).
The complete lot by lot results can be found here.