After a solid positive surprise from a David Hockney pool image got things started, the rest of the action at the Photographs sale at Bonhams in New York last week was generally unremarkable. An overall Buy-In rate over 44% was the primary culprit, leading to Total Sale Proceeds (of roughly $475K) that 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 | 156 |
| Aggregate Pre Sale Low Estimate | $772500 |
| Aggregate Pre Sale High Estimate | $1125900 |
| Total Lots Sold | 87 |
| Total Lots Bought In | 69 |
| Buy In % | 44.23% |
| Total Sale Proceeds | $474164 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 131 |
| Total Low Lots Sold | 75 |
| Total Low Lots Bought In | 56 |
| Low Buy In % | 42.75% |
| Aggregate High Estimate of Low Lots | $608900 |
| Total Proceeds from Low Lots | $309889 |
| Mid Total Lots | 24 |
| Total Mid Lots Sold | 12 |
| Total Mid Lots Bought In | 12 |
| Mid Buy In % | 50.00% |
| Aggregate High Estimate of Mid Lots | $457000 |
| Total Proceeds from Mid Lots | $164275 |
| Total High Lots | 1 |
| Total High Lots Sold | 0 |
| Total High Lots Bought In | 1 |
| High Buy In % | 100.00% |
| Aggregate High Estimate of High Lots | $60000 |
| Total Proceeds from High Lots | $0 |
The top lot by High estimate was lot 140, Alfred Stieglitz, Winter, Fifth Avenue (from the portfolio ‘Picturesque Bits of New York and Other Studies’), 1897, estimated at $40000-60000; it did not sell. The top outcome of the sale was lot 44, Hiroshi Sugimoto, Time Exposed (portfolio), 1991, estimated at $18000-24000, sold at $19125 (image above, via Bonhams.)
84.06% of the lots that sold had proceeds in or above the estimate range and there were a total of 4 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (image above, via Bonhams):
Lot 1, David Hockney, Untitled (Diving Board), c1975, estimated at $2000-3000, sold at $20400
Lot 2, David Hockney, Untitled (Poolside), c1976, estimated at $2000-3000, sold at $6012
Lot 36, Arthur Leipzig, Stickball, New York City, 1950/later, estimated at $1200-1800, sold at $4463
Lot 49, Herbert Matter, Untitled (Photogram), c1940, estimated at $1000-2000, sold at $4080
The complete lot by lot results can be found here.
That street genre photograph by Arthur Leipzig, Stickball, New York City, 1950/later may worth little in terms of an art market auction but nevertheless is quietly astounding.