Auction Results: Ansel Adams: A Legacy | Photographs from the Meredith Collection, October 16, 2024 @Sotheby’s (online)

In a fall auction market for photography otherwise muted by general softness, the sale of the Meredith collection of works by Ansel Adams at Sotheby’s last week was a rare bright spot. By nearly any statistical measure we track, the sale was a smashing success: 100% sell through (or a “white glove” 0% Buy-In rate), 41 records for individual works by Adams (although not quite matching the very highest price paid for an Adams work, of $988K in 2020 here), 77% of the lots selling above their estimate ranges, and a total of 25 positive surprises.

The collection included photographs selected by Adams himself and later gifted to The Friends of Photography, so the provenance of the prints was essentially unmatched, and even his standard sized prints from the 1970s did well, in contrast to the larger murals that typically drive up the numerical outcomes. In the end, the Total Sale Proceeds (of roughly $4.5M) came in far above the top end of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 96
Aggregate Pre Sale Low Estimate $1775000
Aggregate Pre Sale High Estimate $2801000
Total Lots Sold 96
Total Lots Bought In 0
Buy In % 0.00%
Total Sale Proceeds $4567680

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

Detailed Breakdown
Low Total Lots 34
Total Low Lots Sold 34
Total Low Lots Bought In 0
Low Buy In % 0.00%
Aggregate High Estimate of Low Lots $284000
Total Proceeds from Low Lots $535560
Mid Total Lots 55
Total Mid Lots Sold 55
Total Mid Lots Bought In 0
Mid Buy In % 0.00%
Aggregate High Estimate of Mid Lots $1307000
Total Proceeds from Mid Lots $1968120
Total High Lots 7
Total High Lots Sold 7
Total High Lots Bought In 0
High Buy In % 0.00%
Aggregate High Estimate of High Lots $1210000
Total Proceeds from High Lots $2064000

The top lot by High estimate was lot 19, Ansel Adams, Surf Sequence, San Mateo County Coast, California (five prints), 1940/1981-1982, estimated at $200000-300000; it sold at $576000 (a new record for the work), but it was not the top outcome of the sale. That honor went to lot 63, Ansel Adams, Aspens, Northern New Mexico (Vertical), 1958/1970s, estimated at $150000-250000, sold at $720000 (also a new record) (image above via Sotheby’s).

92.71% of the lots that sold had proceeds in or above the estimate range, and there were a total of 25 positive surprises in the sale (defined as having proceeds of at least double the high estimate). The 18 positive surprises priced above $20000 are listed below (images above via Sotheby’s):

Lot 2, Ansel Adams, Thunderstorm, Yosemite Valley, Yosemite National Park, California, 1945/1973-1977, estimated at $20000-30000, sold at $60000

Lot 7, Ansel Adams, Tenaya Lake, Mount Conness, Yosemite National Park, California, c1946/1973-1977, estimated at $15000-25000, sold at $54000

Lot 8, Ansel Adams, Forest, Yosemite Valley (Yosemite National Park), 1950/1963-1970, estimated at $10000-15000, sold at $66000

Lot 17, Ansel Adams, Ice on Ellery Lake, Sierra Nevada, California, c1959/1973-1977, estimated at $7000-10000, sold at $33600

Lot 18, Ansel Adams, Sand Bar, Rio Grande, Big Bend National Park, Texas, c1942/1980, estimated at $5000-7000, sold at $20400

Lot 23, Ansel Adams, High County Crags and Moon, Sunrise, Kings Canyon National Park, California, 1936/1973-1977, estimated at $7000-10000, sold at $22800

Lot 27, Ansel Adams, Moro Rock, Sequoia National Park and Sierra Foothills, c1945/1973-1977, estimated at $7000-10000, sold at $42000

Lot 31, Ansel Adams, Storm Surf and Rocks, Timber Cove, California, c1960/c1974, estimated at $7000-10000, sold at $26400

Lot 36, Ansel Adams, Golden Gate Headlands from Lincoln Park, San Francisco, California, c1950/1973-1977, estimated at $25000-35000, sold at $102000

Lot 45, Ansel Adams, White House Ruin, Canyon de Chelly National Monument, Arizona, 1942/1973-1977, estimated at $15000-25000, sold at $60000

Lot 51, Ansel Adams, Redwoods, Bull Creek Flat, California, c1960/1978, estimated at $8000-12000, sold at $33600

Lot 59, Ansel Adams, Grasses in Rain, Glacier Bay National Monument, Alaska, 1948/1973-1977, estimated at $5000-7000, sold at $21600

Lot 61, Ansel Adams, Pine Forest in Snow, Yosemite National Park, California, 1933/1978, estimated at $5000-7000, sold at $26400

Lot 63, Ansel Adams, Aspens, Northern New Mexico (Vertical), 1958/1970s, estimated at $150000-250000, sold at $720000

Lot 64, Ansel Adams, Dogwood, Yosemite National Park, California, 1938/1981, estimated at $7000-10000, sold at $21600

Lot 70, Ansel Adams, Rose and Driftwood, San Francisco, California, 1932/1973-1977, estimated at $30000-50000, sold at $132000

Lot 79, Ansel Adams, The Snake River & the Tetons, Grand Teton National Park, Wyoming, 1950s/1962-1963, estimated at $20000-30000, sold at $96000

Lot 80, Ansel Adams, The Golden Gate Bridge from Baker Beach, San Francisco, 1953/1950s, estimated at $10000-15000, sold at $31200

The complete lot by lot results can be found here.

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