The photography included in Sotheby’s recent Contemporary Art auctions in London performed admirably, especially in the highest price tier. Led by a Gerhard Richter rephotographed painting, the photo outcomes were consistently strong across the two sales, with an overall Buy-In rate for photography under 5%. After the tally, the Total Sale Proceeds for photography (of roughly £2.75M) came in above the top end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 22 |
| Aggregate Pre Sale Low Estimate | £1712500 |
| Aggregate Pre Sale High Estimate | £2527000 |
| Total Lots Sold | 21 |
| Total Lots Bought In | 1 |
| Buy In % | 4.55% |
| Total Sale Proceeds | £2756250 |
Here is the breakdown (using our usual Low, Mid, and High price tier definitions). Given changing exchange rates, we have adjusted the break points between tiers to better match $10000 and $50000:
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 3 |
| Total Low Lots Sold | 3 |
| Total Low Lots Bought In | 0 |
| Low Buy In % | 0.00% |
| Aggregate High Estimate of Low Lots | £18000 |
| Total Proceeds from Low Lots | £28350 |
| Mid Total Lots | 10 |
| Total Mid Lots Sold | 9 |
| Total Mid Lots Bought In | 1 |
| Mid Buy In % | 10.00% |
| Aggregate High Estimate of Mid Lots | £239000 |
| Total Proceeds from Mid Lots | £321300 |
| Total High Lots | 9 |
| Total High Lots Sold | 9 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | £2270000 |
| Total Proceeds from High Lots | £2406600 |
The top photography lot by High estimate was lot 119, Gerhard Richter, Ema (Akt auf einer Treppe) (Ema (Nude on a Staircase)), 1992, estimated at £400000-600000; it was also the top photography outcome of the sales at £567000 (image above, via Sotheby’s).
95.24% of the lots that sold had proceeds in or above the estimate range and there were 2 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (image above, via Sotheby’s):
Lot 251, Christian Boltanski, Monument, 1986, estimated at £18000-25000, sold at £113400
Lot 302, Shirin Neshat, Fervor series, 2000, estimated at £7000-9000, sold at £20160
The complete lot by lot results can be found here (Evening) and here (Day).
