The reserve prices were firmer at Christie’s Photographs (online) sale (which finished up yesterday) than they were in some of the auction house’s photography efforts in the past pandemic month or two, but not surprisingly, those starting bid prices led to a much higher overall Buy-In rate (over 45%). Thirty lots were pulled before the sale went live, likely evidence of consignor jitters about the current moment, but the sale soldiered on, regardless of the distracting circumstances. A number of positive surprises helped to balance the many passed lots, but when the dust settled, the Total Sale Proceeds of roughly $2.4M came in meaningfully 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 | 238 |
| Aggregate Pre Sale Low Estimate | $3268000 |
| Aggregate Pre Sale High Estimate | $4883000 |
| Total Lots Sold | 130 |
| Total Lots Bought In | 108 |
| Buy In % | 45.38% |
| Total Sale Proceeds | $2422125 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 88 |
| Total Low Lots Sold | 48 |
| Total Low Lots Bought In | 40 |
| Low Buy In % | 45.45% |
| Aggregate High Estimate of Low Lots | $628000 |
| Total Proceeds from Low Lots | $356500 |
| Mid Total Lots | 136 |
| Total Mid Lots Sold | 73 |
| Total Mid Lots Bought In | 63 |
| Mid Buy In % | 46.32% |
| Aggregate High Estimate of Mid Lots | $2985000 |
| Total Proceeds from Mid Lots | $1421875 |
| Total High Lots | 14 |
| Total High Lots Sold | 9 |
| Total High Lots Bought In | 5 |
| High Buy In % | 35.71% |
| Aggregate High Estimate of High Lots | $1270000 |
| Total Proceeds from High Lots | $643750 |
The top lot by High estimate was lot 93, Diane Arbus, Family on their lawn one Sunday in Westchester, N.Y., 1968, estimated at $200000-300000; it did not sell. The top outcome in the sale was lot 247, Peter Beard, But past who can recall or done undo (Paradise Lost), 1977, estimated at $70000-100000, sold at $118750 (image above, via Christie’s.)
96.15% of the lots that sold had proceeds in or above the estimate range and there were a total of 8 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Christie’s):
Lot 46, Ansel Adams, Old Faithful Geyser, Yellowstone National Park, Wyoming, 1942/1978-1984, estimated at $10000-15000, sold at $35000
Lot 115, Henri Cartier-Bresson, Dessau, Germany, 1945/later, estimated at $4000-6000, sold at $16250
Lot 157, Eikoh Hosoe, Ordeal by Roses #32, 1961/1970s, estimated at $7000-9000, sold at $25000
Lot 198, Edward Burtynsky, Colorado River Delta #2, Near San Felipe, Baja, Mexico, 2011/2013, estimated at $15000-25000, sold at $52500
Lot 211, Hiroshi Sugimoto, Nyala, 1980, estimated at $15000-20000, sold at $47500
Lot 231, Alison Rossiter, Fuji, exact expiration date unknown, (#2) from the series ‘Latent’, ca. 1930s, processed in 2009, estimated at $4000-6000, sold at $16250
Lot 239, Lynn Davis, Iceberg #29, Disko Bay, Greenland, 2000/2001, estimated at $8000-12000, sold at $35000
Lot 249, Peter Beard, Untitled (Greetings Richard), July 30-31, 1988, estimated at $10000-15000, sold at $50000
The complete lot by lot results can be found here.
