Aside from a vintage Bernd and Hilla Becher watertower typology that soared over its estimate range, the results of Sotheby’s recent Back to Black: Photographies sale in Paris were rather dismal. With an overall Buy-In rate of over 46%, large chunks of lots went unsold. Even with a few positive surprises (including three Thomas Struth Chicago streetscapes), the Total Sale Proceeds missed the low end of the pre-sale range by a decent margin.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 135 |
| Aggregate Pre Sale Low Estimate | €1837000 |
| Aggregate Pre Sale High Estimate | €2666000 |
| Total Lots Sold | 72 |
| Total Lots Bought In | 63 |
| Buy In % | 46.67% |
| Total Sale Proceeds | €1595163 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 50 |
| Total Low Lots Sold | 27 |
| Total Low Lots Bought In | 23 |
| Low Buy In % | 46.00% |
| Aggregate High Estimate of Low Lots | €301000 |
| Total Proceeds from Low Lots | €196938 |
| Mid Total Lots | 73 |
| Total Mid Lots Sold | 39 |
| Total Mid Lots Bought In | 34 |
| Mid Buy In % | 46.58% |
| Aggregate High Estimate of Mid Lots | €1180000 |
| Total Proceeds from Mid Lots | €702625 |
| Total High Lots | 12 |
| Total High Lots Sold | 6 |
| Total High Lots Bought In | 6 |
| High Buy In % | 50.00% |
| Aggregate High Estimate of High Lots | €1185000 |
| Total Proceeds from High Lots | €695600 |
The top lot by High estimate was lot 96, Diane Arbus, Identical Twins, Cathleen and Colleen, Roselle, New Jersey, 1967, estimated at €200000-300000; it did not sell. The top outcome of the sale was lot 114, Bernd and Hilla Becher, Wasserturme (Trichter), 1972, estimated at €60000-80000, sold at €411000. (image in preview post)
93.06% of the lots that sold had proceeds in or above the estimate range and there were a total of 7 surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Sotheby’s):
Lot 22, Bruce Weber, Tom. Bear Pond. Adirondack Park, 1988, estimated at €3000-5000, sold at €17500
Lot 77, Albert Renger-Patzsch, Machines de Schubert & Salzer Machinefabrik, Ingolstadt, 1949-1965, estimated at €6000-8000, sold at €16250
Lot 94, Robert Frank, Pablo and Andrea, NYC, 1958, estimated at €7000-10000, sold at €23750
Lot 114, Bernd and Hilla Becher, Wasserturme (Trichter), 1972, estimated at €60000-80000, sold at €411000 (image in preview post)
Lot 116, Thomas Struth, South Wabash Avenue (George Diamond), Chicago, 1992, estimated at €5000-7000, sold at €18750
Lot 117, Thomas Struth, South Lasalle Street, Board of Trade, Chicago, 1992, estimated at €6000-8000, sold at €35000
Lot 118, Thomas Struth, South Dearborn Street vs. Post Office Building, Chicago, 1992, estimated at €5000-7000, sold at €16250
Complete lot by lot results can be found here.
