A large Buy-In rate dragged down the results at the recent single owner Mann collection sale at Christie’s in New York. With nearly half the lots failing to find buyers, and only 1 positive surprise across the whole sale, the Total Sale Proceeds missed the low end of the aggregate pre-sale estimate range by more than a million dollars.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 184 |
| Aggregate Pre Sale Low Estimate | $4754000 |
| Aggregate Pre Sale High Estimate | $7215000 |
| Total Lots Sold | 94 |
| Total Lots Bought In | 90 |
| Buy In % | 48.91% |
| Total Sale Proceeds | $3427500 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 49 |
| Total Low Lots Sold | 23 |
| Total Low Lots Bought In | 26 |
| Low Buy In % | 53.06% |
| Aggregate High Estimate of Low Lots | $341000 |
| Total Proceeds from Low Lots | $121250 |
| Mid Total Lots | 92 |
| Total Mid Lots Sold | 47 |
| Total Mid Lots Bought In | 45 |
| Mid Buy In % | 48.91% |
| Aggregate High Estimate of Mid Lots | $2144000 |
| Total Proceeds from Mid Lots | $967500 |
| Total High Lots | 43 |
| Total High Lots Sold | 24 |
| Total High Lots Bought In | 19 |
| High Buy In % | 44.19% |
| Aggregate High Estimate of High Lots | $4730000 |
| Total Proceeds from High Lots | $2338750 |
The top lot by High estimate was lot 15, Alfred Stieglitz, The Steerage, 1907, estimated at $200000-300000; it did not sell. The top outcome of the sale was lot 10, Alfred Stieglitz, The Terminal, New York, 1893/c1910, estimated at $150000-250000, sold at $225000 (image above via Christie’s).
Only 62.77% of the lots that sold had proceeds in or above the estimate range and there was just 1 positive surprise in the sale (defined as having proceeds of at least double the high estimate) (image above via Christie’s):
Lot 182, Herb Ritts, Female Torso with Veil, Paradise Cove, California, 1984, estimated at $8000-12000, sold at $30000
The complete lot by lot results can be found here.
