While the top lot Man Ray Calla Lilies did sell inside its estimate range, the broader results from the recent Classic Photographs sale at Sotheby’s were more uneven. Softness in the upper price ranges was a problem, as was an overall Buy-In rate just a bit too high (just under 35%). While more than a handful of positive surprises helped to buoy the numbers in the right direction, the Total Sale Proceeds (of roughly $2.4M) fell meaningfully 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 | 151 |
| Aggregate Pre Sale Low Estimate | $2972000 |
| Aggregate Pre Sale High Estimate | $4532000 |
| Total Lots Sold | 99 |
| Total Lots Bought In | 52 |
| Buy In % | 34.44% |
| Total Sale Proceeds | $2381778 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 53 |
| Total Low Lots Sold | 38 |
| Total Low Lots Bought In | 15 |
| Low Buy In % | 28.30% |
| Aggregate High Estimate of Low Lots | $407000 |
| Total Proceeds from Low Lots | $308448 |
| Mid Total Lots | 84 |
| Total Mid Lots Sold | 55 |
| Total Mid Lots Bought In | 29 |
| Mid Buy In % | 34.52% |
| Aggregate High Estimate of Mid Lots | $1925000 |
| Total Proceeds from Mid Lots | $1173690 |
| Total High Lots | 14 |
| Total High Lots Sold | 6 |
| Total High Lots Bought In | 8 |
| High Buy In % | 57.14% |
| Aggregate High Estimate of High Lots | $2200000 |
| Total Proceeds from High Lots | $899640 |
The top lot by High estimate was lot 16, Man Ray, Calla Lilies, 1931, estimated at $300000-500000; it was also the top outcome of the sale at $352800 (image above via Sotheby’s).
71.72% of the lots that sold had proceeds in or above the estimate range and there were a total of 8 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s):
Lot 12, Irving Penn, Young Orangutan and Coconut (New York, Oct 12, 2004), 2004, estimated at $8000-12000, sold at $52920
Lot 15, Man Ray, Wallis Simpson, 1935, estimated at $10000-15000, sold at $37800
Lot 17, Jacques-Henri Lartigue, Automobile Delage, Grand Prix de l’Automobile-Club de France, Le Tréport, 26 juin 1912, 1913/c1960, estimated at $10000-15000, sold at $63000
Lot 52, Sebastião Salgado, ‘South Sandwich Islands’ (Chinstrap Penguins on an iceberg located between Zavodovski and Visokoi Islands), 2009/2019, estimated at $7000-10000, sold at $23940
Lot 100, Marion Post Wolcott, Vegetable pickers, migrants, waiting after work to be paid, near Homestead, Florida, Feb 1939, 1939, estimated at $6000-9000, sold at $21420
Lot 101, Paul Strand, The Mexican Portfolio, 1932-33/1967, estimated at $2000-3000, sold at $6300
Lot 104, Ruth Orkin, The Card Players (6 prints), 1947/later, estimated at $5000-7000, sold at $16380
Lot 125, W. Eugene Smith, Tomoko in her bath, Minamata, 1972, estimated at $7000-10000, sold at $52920
The complete lot by lot results can be found here.
