Gregory Crewdson and Ed Ruscha Lead Phillips $1.02m 'Photographs from the Martin Z. Margulies Foundation Part II' Auction in New York
3 min read · 09 Oct 2024
Untitled by Gregory Crewdson sold for $76,200. Image courtesy of Phillips
A work by Gregory Crewdson was the headline sale at Phillips 'Photographs from the Martin Z. Margulies Foundation Part II' auction on October 9 in New York.
- The sale totaled $1.02m, falling short of its pre-sale low estimate.
Snapshot of the sale
- 90 works sold totaling $1.02m.
- Estimates totaled: $1.12m (low) and $1.66m (high), excluding premiums.
- The sell-through rate was 74% of the original 122 lots announced.
The star lot was: Gregory Crewdson, Untitled (2024), which sold for $76,200, 90% above its $40,000 low estimate.
The outperformer sold for 244% above its low estimate. Dorothea Lange, Migrant Worker, Coachella Valley, California (1938), sold for $24,100 ($7,000 low estimate). It has not been traded before.
Breakdown of results against auction house estimates that are disclosed
- 22 works, or 24%, sold above their high estimate.
- 46 works, or 51%, sold within their low and high estimate.
- 22 works, or 24%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
No sales had a guarantee.
Works that did not sell
32 works were bought-in, including: Thomas Struth, Selected Images of the Ruhr Valley from Unconscious Places (1984), estimated at $100,000 (low) to $150,000 (high). It has not been traded before.
Withdrawn before the sale
0 works were withdrawn
Terms and definitions
All results include the fees and premiums added to the price of a work of art when the auctioneer's hammer falls. Sale prices are compared to the auction house’s low estimate, which do not include premiums.
Guarantees: Sometimes an auction house guarantees to pay a seller for a work, regardless of whether the bidding reaches the reserve price, a figure that is typically confidential.
Bought-in: If there are no bids for a work, or if bidding falls short of the reserve price, the lot is unsold or “bought-in”.
Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.
Premiums: Typically a sliding-scale of charges paid in addition to the hammer price by the buyer, plus any other fees.