A bit of softness in the top price tier was just enough to dampen the results of the Photographs sale at Christie’s last week. The overall Buy-In rate for the sale was a respectable 20% and there were plenty of positive surprises sprinkled throughout the sale, but a few passes in those pricier lots kept the Total Sale Proceeds tally (of roughly $2M) from picking up speed, ending up just above 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 | 107 |
| Aggregate Pre Sale Low Estimate | $2027500 |
| Aggregate Pre Sale High Estimate | $3006000 |
| Total Lots Sold | 85 |
| Total Lots Bought In | 22 |
| Buy In % | 20.56% |
| Total Sale Proceeds | $2044854 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 39 |
| Total Low Lots Sold | 34 |
| Total Low Lots Bought In | 5 |
| Low Buy In % | 12.82% |
| Aggregate High Estimate of Low Lots | $239000 |
| Total Proceeds from Low Lots | $270774 |
| Mid Total Lots | 53 |
| Total Mid Lots Sold | 44 |
| Total Mid Lots Bought In | 9 |
| Mid Buy In % | 16.98% |
| Aggregate High Estimate of Mid Lots | $1227000 |
| Total Proceeds from Mid Lots | $1082340 |
| Total High Lots | 15 |
| Total High Lots Sold | 7 |
| Total High Lots Bought In | 8 |
| High Buy In % | 53.33% |
| Aggregate High Estimate of High Lots | $1540000 |
| Total Proceeds from High Lots | $691740 |
The top lot by High estimate was lot 10, Paul Strand, The Family, Luzzara, Italy, 1953/late 1950s, estimated at $150000-250000; it sold at $151200. The top outcome of the sale was lot 37, Ansel Adams, Mt. Moran and Jackson Lake from Signal Hill, Grand Teton National Park, Wyoming, c1941/mid 1950s, estimated at $100000-200000, sold at $214200 (image above, via Christie’s.)
84.71% of the lots that sold had proceeds in or above the estimate range and there were a total of 11 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Christie’s):
Lot 6, Paul Strand, New York (Sidewalks), 1916, estimated at $1000-2000, sold at $5670
Lot 12, George Hoyningen-Huene, Divers, Paris 1930/later, estimated at $6000-8000, sold at $22680
Lot 24, Helen Levitt, New York, 1940/1975, estimated at $5000-7000, sold at $20160
Lot 26, Henri Cartier-Bresson, Rue Mouffetard, Paris, 1954/later, estimated at $15000-25000, sold at $50400
Lot 53, Sally Mann, Jessie in the Wind, 1989, estimated at $20000-30000, sold at $69300
Lot 65, Richard Avedon, Marlene Dietrich, Turban by Dior The Ritz Paris, 1955/1978, estimated at $10000-15000, sold at $40320
Lot 67, Herb Ritts, Female Torso with Veil, Paradise Cove, California, 1984, estimated at $12000-15000, sold at $37800
Lot 68, Helmut Newton, Charlotte Rampling, Arles, 1973, estimated at $25000-35000, sold at $75600
Lot 70, Robert Mapplethorpe, Stella Goodall, 1984, estimated at $10000-15000, sold at $44100
Lot 72, Robert Mapplethorpe, Invitation to Light Gallery opening, January 6, 1973, 1973, estimated at $5000-7000, sold at $17640
Lot 83, William Wegman, Lolita, 1990, estimated at $4000-6000, sold at $35280
The complete lot by lot results can be found here.
