Auction Results: An American Journey: The Diann G. and Thomas A. Mann Collection of Photographic Masterworks, October 4 and 5, 2018 @Christie’s

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.

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Read more about: Alfred Stieglitz, Herb Ritts, Christie's

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