Friday, July 8, 2011

Auction Results: Contemporary Art Evening and Day Auctions, June 29 and 30, 2011 @Sotheby's London

The photography up for sale in Sotheby's Contemporary Art auctions in London last week solidly met expectations. With an overall Buy-In rate across the two sales of 20% and a number of postitive surprises, the Total Sale Proceeds for photography came in near the top end of the range.

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

Total Lots: 40
Pre Sale Low Total Estimate: £1999000
Pre Sale High Total Estimate: £2783000
Total Lots Sold: 32
Total Lots Bought In: 8
Buy In %: 20.00%
Total Sale Proceeds: £2570650
Here is the breakdown (using the Low, Mid, and High definitions from the preview post, here):

Low Total Lots: 1
Low Sold: 1
Low Bought In: 0
Buy In %: 0.00%
Total Low Estimate: £5000
Total Low Sold: £6875

Mid Total Lots: 23
Mid Sold: 19
Mid Bought In: 4
Buy In %: 17.39%
Total Mid Estimate: £378000
Total Mid Sold: £482725
High Total Lots: 16
High Sold: 12
High Bought In: 4
Buy In %: 25.00%
Total High Estimate: £2400000
Total High Sold: £2081050
The top lot by High estimate was lot 39, Andreas Gursky, Engadin II, 2006, at £500000-700000; it was also the top outcome of the two sales at £937250.

93.75% of the lots that sold had proceeds in or above their estimate. There were seven surprises in these sales (defined as having proceeds of at least double the high estimate):

Lot 101, Jorg Immendorff, Den Eisbaren Mal Reinhalten  (Polar Bear Poker), 1968, at £32450
Lot 242, Andreas Gursky, Gasherd (Gas Cooker), 1980, at £55250
Lot 244, Gerhard Richter, 20.5.07:21.5.07 (diptych), 2007, at £56450
Lot 245, Wolfgang Tillmans, Paper Drop (Roma), 2007, at £49250 (image at right, bottom, via Sotheby's)
Lot 262, Annie Leibovitz, Queen Elizabeth II, Buckingham Palace, London, 2007/2011, at £50450 (image at right, top, via Sotheby's)
Lot 298, Cindy Sherman, Untitled #174, 1987, at £61250
Lot 300, Gilbert & George, The Red Sculpture Album, 1975, at £43250

Complete lot by lot results can be found here (Evening) and here (Day).

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