Hindman opened up a new space in New York this past week and got things started photographically with a selection of works from the collection of Joe Baio. Baio is a passionate and contagiously enthusiastic collector, who has amassed a thoughtfully edited subject matter focused collection filled with images of children from across the entire history of the medium. Over the years, Baio has continued to reshuffle and rehang his collection, and back in 2010, he sold off one tranche of works at Christie’s. This sale continued that ongoing process, but with somewhat less success. With an overall Buy-In rate over 40% and more than 60% of the lots that did sell doing so below their estimate ranges, the Total Sale Proceeds (of roughly $340K) fell well 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 | 101 |
| Aggregate Pre Sale Low Estimate | $620700 |
| Aggregate Pre Sale High Estimate | $923300 |
| Total Lots Sold | 58 |
| Total Lots Bought In | 43 |
| Buy In % | 42.57% |
| Total Sale Proceeds | $344069 |
Here is the breakdown (using our typical Low, Mid, and High price range definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 69 |
| Total Low Lots Sold | 44 |
| Total Low Lots Bought In | 25 |
| Low Buy In % | 36.23% |
| Aggregate High Estimate of Low Lots | $326300 |
| Total Proceeds from Low Lots | $148239 |
| Mid Total Lots | 31 |
| Total Mid Lots Sold | 14 |
| Total Mid Lots Bought In | 17 |
| Mid Buy In % | 54.84% |
| Aggregate High Estimate of Mid Lots | $537000 |
| Total Proceeds from Mid Lots | $195830 |
| Total High Lots | 1 |
| Total High Lots Sold | 0 |
| Total High Lots Bought In | 1 |
| High Buy In % | 100.00% |
| Aggregate High Estimate of High Lots | $60000 |
| Total Proceeds from High Lots | $0 |
The top lot by High estimate was lot 30, Henri Cartier-Bresson, Texas, 1960/c1968, estimated at $40000-60000; it did not sell. The top outcome of the sale was lot 56, LaToya Ruby Frazier, Momme, 2008, estimated at $20000-30000, sold at $50400 (image above, via Hindman).
Just 39.66% of the lots that sold had proceeds in or above the estimate range and there was only 1 positive surprise in the sale (defined as having proceeds of at least double the high estimate)(image above via Hindman):
Lot 82, Justine Kurland, Hula Girls, Christianburg, Virginia, 2000, estimated at $1500-2000, sold at $5040
The complete lot by lot results can be found here.
