Wednesday, February 20, 2013

Auction Results: Contemporary Art Evening and Day Sales, February 14 and 15, 2013 @Phillips London

It was an unimpressively weak outing for the photography included in Phillips' Contemporary Art sales in London last week. Seven out of the top ten photography lots failed to sell, driving the overall Buy-In rate for photography up near 50%, and the Total Sale Proceeds for photography missed the low end of the estimate range by a wide margin.

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

Total Lots: 29
Pre Sale Low Total Estimate: £927000
Pre Sale High Total Estimate: £1305000
Total Lots Sold: 15
Total Lots Bought In: 14
Buy In %: 48.28%
Total Sale Proceeds: £759025

Here is the breakdown (using the Low, Mid, and High definitions from the preview post, here):

Low Total Lots: 0
Low Sold: NA
Low Bought In: NA
Buy In %: NA
Total Low Estimate: £0
Total Low Sold: NA

Mid Total Lots: 12
Mid Sold: 8
Mid Bought In: 4
Buy In %: 33.33%
Total Mid Estimate: £190000
Total Mid Sold: £119375

High Total Lots: 17
High Sold: 7
High Bought In: 10
Buy In %: 58.82%
Total High Estimate: £1115000
Total High Sold: £639650

The top photography lot by High estimate was lot 8, Barbara Kruger, Untitled (Look and listen), 1996, at £200000-300000; it was also the top photography outcome across two sales at £253250.

100.00% of the lots that sold had proceeds above or in the estimate range, but that statistic is a little deceiving, since only 2 photography lots sold above the range and there were no positive surprises (defined as having proceeds of at least double the high estimate).

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

Howick Place
London SW1P 1BB

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