The top price tier proved to be the downfall of the recent Classic Photographs sale at Sotheby’s in New York. Both top lots failed to sell, and more than 70% of the lots on offer in the highest price tier went unsold. With few positive surprises elsewhere in the sale, the Total Sale Proceeds (of roughly $1.1M) 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 | 107 |
| Aggregate Pre Sale Low Estimate | $2191500 |
| Aggregate Pre Sale High Estimate | $3378500 |
| Total Lots Sold | 65 |
| Total Lots Bought In | 42 |
| Buy In % | 39.25% |
| Total Sale Proceeds | $1158318 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 50 |
| Total Low Lots Sold | 35 |
| Total Low Lots Bought In | 15 |
| Low Buy In % | 30.00% |
| Aggregate High Estimate of Low Lots | $405500 |
| Total Proceeds from Low Lots | $249984 |
| Mid Total Lots | 46 |
| Total Mid Lots Sold | 27 |
| Total Mid Lots Bought In | 19 |
| Mid Buy In % | 41.30% |
| Aggregate High Estimate of Mid Lots | $983000 |
| Total Proceeds from Mid Lots | $467334 |
| Total High Lots | 11 |
| Total High Lots Sold | 3 |
| Total High Lots Bought In | 8 |
| High Buy In % | 72.73% |
| Aggregate High Estimate of High Lots | $1990000 |
| Total Proceeds from High Lots | $441000 |
The top lot by High estimate was tied between two lots, each estimated at $300000-500000: lot 9, Diane Arbus, A Family on their Lawn One Sunday in Westchester, N.Y., 1968, and lot 23, Helmut Newton, Charlotte Rampling at the Hotel Nord Pinus II, Arles, 1973/later. Neither print found a buyer. The top outcome of the sale was lot 67, Ansel Adams, Clearing Winter Storm, Yosemite National Park, California, 1937/late 1930s or early 1940s, estimated at $200000-300000, sold at $277200 (image above via Sotheby’s.)
78.46% of the lots that sold had proceeds in or above the estimate range and there were just 2 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s):
Lot 13, Horace Bristol, Pby Blister Gunner, Rescue at Rabaul, 1944/later, estimated at $8000-12000, sold at $27720
Lot 82, Dorothea Lange, Maynard Dixon, 1929, estimated at $6000-9000, sold at $22680
The complete lot by lot results can be found here.
