Swann’s efforts to sell a complete set of Edward Curtis’ The North American Indian fell short last week, and with that much value missing from the tally, it was inevitable that the results would disappoint. The top outcome ended up being a dense studio view from Constantin Brancusi (sold at $125K), and while there were plenty of positive surprises in the vernacular photography section, with an overall Buy-In rate near 35%, the Total Sale Proceeds still fell well 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 | 432 |
| Aggregate Pre Sale Low Estimate | $2706900 |
| Aggregate Pre Sale High Estimate | $4031700 |
| Total Lots Sold | 282 |
| Total Lots Bought In | 150 |
| Buy In % | 34.72% |
| Total Sale Proceeds | $1630077 |
Here is the breakdown (using our typical Low, Mid, and High price range definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 396 |
| Total Low Lots Sold | 263 |
| Total Low Lots Bought In | 133 |
| Low Buy In % | 33.59% |
| Aggregate High Estimate of Low Lots | $1669700 |
| Total Proceeds from Low Lots | $1039677 |
| Mid Total Lots | 33 |
| Total Mid Lots Sold | 18 |
| Total Mid Lots Bought In | 15 |
| Mid Buy In % | 45.45% |
| Aggregate High Estimate of Mid Lots | $727000 |
| Total Proceeds from Mid Lots | $490400 |
| Total High Lots | 3 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 2 |
| High Buy In % | 66.67% |
| Aggregate High Estimate of High Lots | $1635000 |
| Total Proceeds from High Lots | $100000 |
The top lot by High estimate was lot 57, Edward S. Curtis, The North American Indian, Volumes 1-20 and Folios 1-20, 1907-1930, estimated at $1000000-1500000; it did not sell. The top outcome of the sale was lot 71, Constantin Brancusi, Vu d’atelier, c1928, estimated at $30000-45000, sold at $125000 (image above, via Swann).
76.24% of the lots that sold had proceeds in or above the estimate range and there were a total of 17 positive surprises in the sale (defined as having proceeds of at least double the high estimate). Eleven of these lots came in the vernacular imagery section (lot 328 Bohemian Grove, California, lot 336 San Francisco Earthquake & Fire, lot 342 Emma Goldman, lot 351 Burley Tobacco – Lexington, KY, lot 360 Insurance Claim, lot 368 China – Cheong Chi Pio & His “Verdant Villa”, lot 375 Pin-Up Girls, lot 382 Pro Wrestling, lot 387 Solar Eclipse, lot 389 Atomic Bombs – Trinity Nuclear Test, and lot 394 NASA). The positive surprises in fine photographs and photobooks were as follows (images above via Swann):
Lot 61, Edward S. Curtis, Prayer to the Stars, 1904, estimated at $5000-7500, sold at $19500
Lot 71, Constantin Brancusi, Vu d’atelier, c1928, estimated at $30000-45000, sold at $125000
Lot 177, Roy DeCarava, Hallway, 1953/late 1960s-early 1970s, estimated at $10000-15000, sold at $31250
Lot 214, Robert Silvers, Migrant Mother, 1999, estimated at $4000-6000, sold at $14375
Lot 304, Wolfgang Tillmans, Philip, Close-up II, 1997, estimated at $2000-3000, sold at $6000
Lot 402, Jacob Riis, How the Other Half Lives, 1890, estimated at $800-1200, sold at $2750
The complete lot by lot results can be found here.
