Even with a number of lots on offer with no reserve, the results for the photographs included in the single owner Chara Schreyer sale at Sotheby’s in New York last week were underwhelming. While the overall Buy-In rate for photography was low (under 7%), too many lots found buyers below their estimate ranges, dragging down the aggregate numbers. When the timers expired, the Total Sale Proceeds for photography (of roughly $260K) came in below the low end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 30 |
| Aggregate Pre Sale Low Estimate | $287500 |
| Aggregate Pre Sale High Estimate | $425000 |
| Total Lots Sold | 28 |
| Total Lots Bought In | 2 |
| Buy In % | 6.67% |
| Total Sale Proceeds | $259715 |
Here is the breakdown (using our usual Low, Mid, and High price tier definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 15 |
| Total Low Lots Sold | 15 |
| Total Low Lots Bought In | 0 |
| Low Buy In % | 0.00% |
| Aggregate High Estimate of Low Lots | $99000 |
| Total Proceeds from Low Lots | $99441 |
| Mid Total Lots | 14 |
| Total Mid Lots Sold | 12 |
| Total Mid Lots Bought In | 2 |
| Mid Buy In % | 14.29% |
| Aggregate High Estimate of Mid Lots | $266000 |
| Total Proceeds from Mid Lots | $134874 |
| Total High Lots | 1 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | $60000 |
| Total Proceeds from High Lots | $25400 |
The top photography lot by High estimate was lot 438, Garry Winogrand, Women Are Beautiful (portfolio), 1981, estimated at $40000-60000; the Winogrand lot tied for the top photo lot honors at $25400 with lot 445, Robert Filliou, The Paper Brain for 103 Days, 1972, estimated at $5000-7000, and also sold at $25400 (images above, via Sotheby’s).
Just 53.57% of the lots that sold had proceeds in or above the estimate range and there were a total of 3 positive photographic surprises in the sale (defined as having proceeds of at least double the high estimate)(images above, via Sotheby’s):
Lot 445, Robert Filliou, The Paper Brain for 103 Days, 1972, estimated at $5000-7000, sold at $25400
Lot 499, Ed Ruscha, Texaco, Vega, Texas (from 26 Gasoline Stations), 1962, estimated at $3000-5000, sold at $15240
Lot 536, Christian Marclay, Untitled, 2004, estimated at $4000-6000, sold at $12700
The complete lot by lot results can be found here.
