Thursday, February 24, 2011

Auction Results: Contemporary Art Evening and Day Sales, with the Valencia Collection, February 17 and 18, 2011 @Phillips London

While the photography on offer in Phillips' Contemporary Art sales in London last week wasn't hugely exciting, it did deliver favorable results. The Buy-In rate for photography (across the Evening, Day, and Valencia Collection auctions) was just over 20%, and the Total Sale Proceeds from the photo lots covered the high end of estimate range.

The summary statistics are below (all results include the buyer’s premium):

Total Lots: 29
Pre Sale Low Total Estimate: £326000
Pre Sale High Total Estimate: £458000
Total Lots Sold: 23
Total Lots Bought In: 6
Buy In %: 20.69%
Total Sale Proceeds: £478088

Here is the breakdown (using the Low, Mid, and High definitions from the preview post, here):
Low Total Lots: 3
Low Sold: 2
Low Bought In: 1
Buy In %: 33.33%
Total Low Estimate: £11000
Total Low Sold: £6188

Mid Total Lots: 21
Mid Sold: 17
Mid Bought In: 4
Buy In %: 19.05%
Total Mid Estimate: £287000
Total Mid Sold: £355650

High Total Lots: 5
High Sold: 4
High Bought In: 1
Buy In %: 20.00%
Total High Estimate: £160000
Total High Sold: £116250

The top lot by High estimate was tied between two works: lot 298, Fischli and Weiss, Untitled (SAS and Concorde, NY), 1988/1989, and lot 306, Marilyn Minter, Runs, 2005, both at £25000-35000; the Fischli and Weiss sold for £31250 and the Minter did not sell. The top outcome of the sale was tied between 164, Fernando Bryce, Vision de la pintura occidental, 2002, and lot 343, Konstantin Khudyakov, The Last Supper, 2007, both at £46850.

91.30% of the lots that sold had proceeds above or in the estimate range, and there were a total of four surprises in these sales (defined as having proceeds of at least double the high estimate):

Lot 164, Fernando Bryce, Vision de la pintura occidental, 2002, at £46850
Lot 303, Tracey Emin, I've Got It All, 2000, at £32450 (image at right, top, via Phillips)
Lot 308, Thomas Ruff, Nudes lu 10, 1999, at £39650
Lot 343, Konstantin Khudyakov, The Last Supper, 2007, at £46850

Complete lot by lot results can be found here (Evening), here (Day) and here (Valencia).
Phillips De Pury & Company
Howick Place
London SW1P 1BB

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