It was an uneventful run for the photography included in Phillips’ 20th Century & Contemporary Art sales in New York last week. With no photography lots in the Evening sale, most of the photo lots were relegated to the Afternoon session, where the top lot Andreas Gursky Pyongyang II diptych found a buyer within its estimate range. With a photographic Buy-In rate near 39% and no positive surprises, the Total Sale Proceeds for photography (of just under $1M) fell below the low end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 26 |
| Aggregate Pre Sale Low Estimate | $970000 |
| Aggregate Pre Sale High Estimate | $1430000 |
| Total Lots Sold | 16 |
| Total Lots Bought In | 10 |
| Buy In % | 38.46% |
| Total Sale Proceeds | $956970 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 4 |
| Total Low Lots Sold | 3 |
| Total Low Lots Bought In | 1 |
| Low Buy In % | 25.00% |
| Aggregate High Estimate of Low Lots | $38000 |
| Total Proceeds from Low Lots | $19530 |
| Mid Total Lots | 16 |
| Total Mid Lots Sold | 7 |
| Total Mid Lots Bought In | 9 |
| Mid Buy In % | 56.25% |
| Aggregate High Estimate of Mid Lots | $402000 |
| Total Proceeds from Mid Lots | $210420 |
| Total High Lots | 6 |
| Total High Lots Sold | 4 |
| Total High Lots Bought In | 2 |
| High Buy In % | 33.33% |
| Aggregate High Estimate of High Lots | $990000 |
| Total Proceeds from High Lots | $727020 |
The top photography lot by High estimate was lot 398, Andreas Gursky, Pyongyang II, 2007, estimated at $300000-500000; it was also the top photography outcome of the sales at $378000 (image above, via Phillips).
81.25% of the lots that sold had proceeds in or above the estimate range and there were no positive surprises in the sales (defined as having proceeds of at least double the high estimate).
The complete lot by lot results can be found here (Evening), here (Morning), and here (Afternoon).
