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):
|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):
|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.