Dreweatts – Out of the Box: Contemporary Art Since 1990 Auction Analysis

July 5, 2015

Out of the Box: Contemporary Art Since 1990 Auction took place on Tuesday, June 30th 2015, at Dreweatts in London. Auction results aren’t impressive at all – only 35.6 percent of of lots offered were sold. The auction gathered only $759,153, despite the high estimate had been put on $2,849,871. The most expensive lots were Rodney Graham’s Inverted Drip Painting #25 and Julie Mehretu’s Untitled, sold for $101,408 and $78,006, respectively. The highest high estimate difference was achieved with the sale of Grayson Perry’s Another Motion in the Craft Versus Art Debate, topping the high estimate for 113.3 percent.

The Art of Rodney Graham

Rodney Graham’s conceptually original practice which includes photography, video, sculpture and installation has made him one of the most important artists working today, having exhibited extensively in museums worldwide over the last three decades. Apart from his career in contemporary art, Graham is also a musician. Graham represented Canada at the 47th Venice Biennale in 1997.

The Overview of Dreweatts – Out of the Box: Contemporary Art Since 1990 Auction

Out of 101 lots offered at Dreweatts – Out of the Box: Contemporary Art Since 1990 auction, only thirty-six were sold, or 35.6 percent. Only three lots were sold over high estimate (8.3 percent of sold lots), while 13 lots were sold in range of estimated values (36.1 percent of sold lots). On the other hand, 20 lots, or 55.6 percent, were sold under low estimate. The highest hammer price was seen in the sale of Rodney Graham’s Inverted Drip Painting #25 and Julie Mehretu’s Untitled, sold for $101,408 and $78,006, respectively. Average hammer price of the auction has settled at $21,088, while median hammer was at $12,871.

Speaking of the most successful lots, we should mention Grayson Perry’s Another Motion in the Craft Versus Art Debate, Gerhard Richter’s Ifrit and Martin Creed’s Work No.172: An intrusion and a protrusion from a wall, that were sold for higher prices from their high estimates: Perry’s work had +113.3 percent, Richter’s work had +100, and Creed’s work had +25 percent difference. On the bottom side are Suling Wang’s Untitled, sold with -66.7 percent difference between hammer price and low estimate, followed by Eva Rothschild’s N.G.O (with -56.7 percent) and Marius Bercea’s Wild Waste (with -30 percent).

Dreweatts – Out of the Box: Contemporary Art Since 1990 Auction Analysis
Herhard Richter - Ifrit (Lot 100). Estimated at $4,680-$7,801; sold for $4.680

Dreweatts – Out of the Box: Contemporary Art Since 1990 Auction Analysis
Marius Bercea - Wild Waste (Lot 77). Estimated at $23,402 - $31,202; sold for $16,381

Dreweatts – Out of the Box: Contemporary Art Since 1990 Auction Analysis
Christian Rosa - Hip-Hop (Lot 89). Estimated at $54,604-$70,205' sold for $54,604

Dreweatts – Out of the Box: Contemporary Art Since 1990 Auction in Detail

Please, scroll down, and you will find two tables – one with the summary of the Dreweatts – Out of the Box: Contemporary Art Since 1990 auction; the second one with detailed information on every lot auctioned at this auction.

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Featured Images:

Jeremy Deller - I Love Melancholy (Lot 4)

Eddie Peake - Goons, detail (Lot 82)

Image in Slider: Steven Claydon - A Monopoly on Posterity (Battering Ram), detail (Lot 69)

All Images courtesy of Dreweatts.

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