The first of what looks to be a very long parade of themed sales at Phillips took place just over a week ago in London, and overall, the photography on offer performed quite poorly. Whether this was due to the material being too fresh and unknown or to a lack of actual buyers showing up we can't say, as we weren't present in the room at the time of the sale. But with a buy-in rate of more than 50% (i.e. more than half the photography lots failed to sell) and Total Sale Proceeds well below the total Low estimate, Phillips has to be wondering about how to tune the strategy for better results going forward.
The summary statistics are below (all results include the buyer’s premium):
Total Lots: 112
Pre Sale Low Total Estimate: £465000
Pre Sale High Total Estimate: £659500
Total Lots Sold: 54
Total Lots Bought In: 58
Buy In %: 51.79%
Total Sale Proceeds: £383601
Here is the breakdown (using the Low, Mid, and High definitions from the preview post, here):
Low Total Lots: 78
Low Sold: 34
Low Bought In: 44
Buy In %: 56.41%
Total Low Estimate: £220000
Total Low Sold: £90626
Mid Total Lots: 31
Mid Sold: 17
Mid Bought In: 14
Buy In %: 45.16%
Total Mid Estimate: £309500
Total Mid Sold: £177875
High Total Lots: 3
High Sold: 3
High Bought In: 0
Buy In %: 00.00%
Total High Estimate: £130000
Total High Sold: £115100
87.04% of the lots that sold had proceeds in or above the estimate range. There were no surprises in this sale (defined as having proceeds of at least double the high estimate).
The top lot by High estimate was Lot 141, Rashid Rana, When He Said I Do, He Did Not Say What He Did, 2004, with an estimate of £40000-60000; it sold for £25000. The top outcome of the sale was Lot 125, Thomas Ruff, Jpeg wd01, 2005, with an estimate of £30000-40000; it sold for £46850.
Complete lot by lot results can be found here.
Phillips De Pury & Company
Howick Place
London SW1P 1BB
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