Friday, March 15, 2013

Auction Results: First Open, March 8, 2013 @Christie's New York

The photography in Christie's First Open Armory week sale performed solidly. The overall Buy-In rate for the photographs on offer was less than 20% and the Total Sale Proceeds for photography fell in the middle of the range.

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

Total Lots: 48
Pre Sale Low Total Estimate: $1011500
Pre Sale High Total Estimate: $1438500
Total Lots Sold: 40
Total Lots Bought In: 8
Buy In %:16.67%
Total Sale Proceeds: $1154375

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

Low Total Lots: 15
Low Sold: 14
Low Bought In: 1
Buy In %: 6.67%
Total Low Estimate: $103500
Total Low Sold: $151750

Mid Total Lots: 26
Mid Sold: 21
Mid Bought In: 5
Buy In %: 19.23%
Total Mid Estimate: $595000
Total Mid Sold: $473125

High Total Lots: 7
High Sold: 5
High Bought In: 2
Buy In %: 28.57%
Total High Estimate: $740000
Total High Sold: $529500

The top photography lot by High estimate was lot 90, Andreas Gursky, Atlanta, 1996, estimated at $250000-350000; it was also the top photography outcome of the sale at $314500.

97.50% of the lots that sold had proceeds in or above the estimate range and there were a total of four surprises (defined as having proceeds of at least double the high estimate):

Lot 78, Laurie Simmons, Untitled (Woman's Head), 1976, estimated at $5000-7000, sold at $18750 (image at right, middle, via Christie's)
Lot 80, Sturtevant, Duchamp Man Ray Portrait, 1966, estimated at $4000-6000, sold at $18750
Lot 258, Vik Muniz, Scissors (The Sarcezo Drawings), 2002, estimated at $8000-12000, sold at $30000 (image at right, bottom, via Christie's)
Lot 264, Shirin Neshat, Soliloquy series (Veiled Women in Three Arches), 1999, estimated at $6000-8000, sold at $21250 (image at right, top, via Christie's)

Complete lot by lot results can be found here.

20 Rockefeller Plaza
New York, NY 10020

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