Friday, March 15, 2013

Auction Results: Contemporary Art, March 7, 2013 @Sotheby's New York

The photographic material in Sotheby's recent Armory week Contemporary Art sale clearly didn't attract much attention. The results of the sale were pretty dismal, with a Buy-In rate for photography over 50% and Total Sale Proceeds for photography coming in way under the low estimate.

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

Total Lots: 32
Pre Sale Low Total Estimate: $499000
Pre Sale High Total Estimate: $704000
Total Lots Sold: 15
Total Lots Bought In: 17
Buy In %: 53.13%
Total Sale Proceeds: $271625

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

Low Total Lots: 8
Low Sold: 4
Low Bought In: 4
Buy In %: 50.00%
Total Low Estimate: $59000
Total Low Sold: $26500

Mid Total Lots: 22
Mid Sold: 11
Mid Bought In: 11
Buy In %: 50.00%
Total Mid Estimate: $50500
Total Mid Sold: $245125

High Total Lots: 2
High Sold: 0
High Bought In: 2
Buy In %: 100.00%
Total High Estimate: $140000
Total High Sold: $0

The top photography lot by High estimate was lot 137, Mike Kelley and Bob Flanagan, More Love Than Can Ever Be Repaid, 1990, estimated at $60000-80000; it did not sell. The top outcome of the sale was lot 207, Pieter Hugo, Jatto with Mainasara, Ogere-Remo, Nigeria, 2007, estimated at $25000-35000; it sold for $43750.

80.00% of the lots that sold had proceeds in or above the estimate range and there were no surprises in the sale (defined as having proceeds of at least double the high estimate).

(Lot 203, Alex Prager, Cindy (from the Big Valley series), 2008, estimated at $5000-7000, sold for $10000. Image via Sotheby's.)

Complete lot by lot results can be found here.

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