The photography on offer in Christie’s recent Post-War to Present sale in New York was highly concentrated into just a handful of high priced lots, a strategy which turned out to have its downside when several of those lots failed to sell. Two out of the top three lots passed, pulling the Total Sale Proceeds (of just under $200k) well underneath 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 | 6 |
| Aggregate Pre Sale Low Estimate | $605000 |
| Aggregate Pre Sale High Estimate | $887000 |
| Total Lots Sold | 4 |
| Total Lots Bought In | 2 |
| Buy In % | 33.33% |
| Total Sale Proceeds | $188750 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 1 |
| Total Low Lots Sold | 1 |
| Total Low Lots Bought In | 0 |
| Low Buy In % | 0.00% |
| Aggregate High Estimate of Low Lots | $7000 |
| Total Proceeds from Low Lots | $20000 |
| Mid Total Lots | 2 |
| Total Mid Lots Sold | 2 |
| Total Mid Lots Bought In | 0 |
| Mid Buy In % | 0.00% |
| Aggregate High Estimate of Mid Lots | $80000 |
| Total Proceeds from Mid Lots | $43750 |
| 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 | $800000 |
| Total Proceeds from High Lots | $125000 |
The top photography lot by High estimate was lot 240, Wolfgang Tillmans, Freischwimmer 206, 2012, estimated at $250000-350000; it did not sell. The top photography outcome of the sale was lot 242, John Baldessari, Object (With Observer), 1988, estimated at $150000-200000, sold at $125000 (image above, via Christie’s).
Just 50.00% of the lots that sold had proceeds in or above the estimate range and there was just one positive surprise in the sale (defined as having proceeds of at least double the high estimate):
Lot 306, Paul Pfeiffer, Four Horsemen of the Apocalypse (6), 2000, estimated at $5000-7000, sold at $20000 (image above, via Christie’s)
The complete lot by lot results can be found here.
