A top lot that didn’t sell, an overall Buy-In rate over 52%, and no positive surprises combined to torpedo the results from the recent Photographs sale at Sotheby’s. The softness was felt in all three price tiers, but particularly in the highest priced offerings. When the tally was complete, the Total Sale Proceeds (of roughly $1.06M) 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 | 92 |
| Aggregate Pre Sale Low Estimate | $1726000 |
| Aggregate Pre Sale High Estimate | $2606000 |
| Total Lots Sold | 44 |
| Total Lots Bought In | 48 |
| Buy In % | 52.17% |
| Total Sale Proceeds | $1061720 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 30 |
| Total Low Lots Sold | 16 |
| Total Low Lots Bought In | 14 |
| Low Buy In % | 46.67% |
| Aggregate High Estimate of Low Lots | $256000 |
| Total Proceeds from Low Lots | $110490 |
| Mid Total Lots | 54 |
| Total Mid Lots Sold | 25 |
| Total Mid Lots Bought In | 29 |
| Mid Buy In % | 53.70% |
| Aggregate High Estimate of Mid Lots | $1320000 |
| Total Proceeds from Mid Lots | $570230 |
| Total High Lots | 8 |
| Total High Lots Sold | 3 |
| Total High Lots Bought In | 5 |
| High Buy In % | $62.50% |
| Aggregate High Estimate of High Lots | $1030000 |
| Total Proceeds from High Lots | $381000 |
The top lot by High estimate was lot 27, Ansel Adams, Half Dome, Merced River, Winter, Yosemite Valley, 1938/1959-60, estimated at $250000-350000; it did not sell. The top outcome of the sale was lot 31, Ansel Adams, El Capitan, Winter, Yosemite Valley National Park, California, 1948/1959-60, estimated at $80000-120000, sold at $177800 (image above via Sotheby’s).
79.55% of the lots that sold had proceeds in or above the estimate range, but there were no positive surprises in the sale (defined as having proceeds of at least double the high estimate).
The complete lot by lot results can be found here.
