Auction Results: 19th Photo Auction, May 24, 2019 @WestLicht

From the auction house’s perspective, the results from WestLicht’s recent photography sale in Vienna were meaningfully disappointing. While the Buy-In rate of over 37% and the lack of any positive surprises would normally have pulled the Total Sale Proceeds down, the fact that roughly 70% of the lots that sold did so below their estimate ranges was the real killer. In the end, the proceeds of just over €500K fell well below the aggregate pre-sale estimate range. It’s as if everything on offer was discounted, so if you were a collector in the middle of this particular sale, it was a bargain hunter’s paradise.

The summary statistics are below (all results include the buyer’s premium):

Summary Statistics
Total Lots 206
Aggregate Pre Sale Low Estimate €833900
Aggregate Pre Sale High Estimate €1015100
Total Lots Sold 128
Total Lots Bought In 78
Buy In % 37.86%
Total Sale Proceeds €520380

Here is the breakdown (using our typical Low, Mid, and High definitions):

Detailed Breakdown
Low Total Lots 179
Total Low Lots Sold 106
Total Low Lots Bought In 73
Low Buy In % 40.78%
Aggregate High Estimate of Low Lots €609100
Total Proceeds from Low Lots €295860
Mid Total Lots 27
Total Mid Lots Sold 22
Total Mid Lots Bought In 5
Mid Buy In % 18.52%
Aggregate High Estimate of Mid Lots €406000
Total Proceeds from Mid Lots €224520
Total High Lots 0
Total High Lots Sold NA
Total High Lots Bought In NA
High Buy In % NA
Aggregate High Estimate of High Lots €0
Total Proceeds from High Lots €0

The top lot by High estimate was lot 174, Various, PROVOKE, VOl. 1, 2, and 3, 1968-1969, estimated at €30000-35000. It was also the top outcome of the sale at €24000 (image above, via WestLicht).

Only 28.91% of the lots that sold had proceeds in or above the estimate range and there were no positive surprises in the sale (defined as having proceeds of at least double the high estimate).

Complete lot by lot results can be found here.

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Read more about: OstLicht Photo Auction

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