The Classic Photographs sale at Sotheby’s (online) last week stumbled through a lackluster outing. While the top lot Ansel Adams print did find a buyer just above its estimate range, the middle tier of offerings had a particularly tough run, and with an overall Buy-In rate approaching 50% and just one positive surprise to balance out the many passes, the Total Sale Proceeds (of roughly $1.4M) 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 | 105 |
| Aggregate Pre Sale Low Estimate | $2007500 |
| Aggregate Pre Sale High Estimate | $3081500 |
| Total Lots Sold | 55 |
| Total Lots Bought In | 50 |
| Buy In % | 47.62% |
| Total Sale Proceeds | $1397718 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 45 |
| Total Low Lots Sold | 30 |
| Total Low Lots Bought In | 15 |
| Low Buy In % | 33.33% |
| Aggregate High Estimate of Low Lots | $340500 |
| Total Proceeds from Low Lots | $180558 |
| Mid Total Lots | 47 |
| Total Mid Lots Sold | 18 |
| Total Mid Lots Bought In | 29 |
| Mid Buy In % | 61.70% |
| Aggregate High Estimate of Mid Lots | $1121000 |
| Total Proceeds from Mid Lots | $379260 |
| Total High Lots | 13 |
| Total High Lots Sold | 7 |
| Total High Lots Bought In | 6 |
| High Buy In % | 46.15% |
| Aggregate High Estimate of High Lots | $1620000 |
| Total Proceeds from High Lots | $837900 |
The top lot by High estimate was tied between two lots, both estimated at $150000-250000: lot 45, Ansel Adams, Moonrise, Hernandez, New Mexico, c1941/1973-1977, and lot 46, Ansel Adams, The Tetons and The Snake River, Grand Teton National Park, Wyoming, 1942/1973-1977. The Moonrise print sold at $189000, while the Grand Teton print was the top outcome of the sale at $252000 (image above via Sotheby’s).
76.36% of the lots that sold had proceeds in or above the estimate range and there was just 1 positive surprise in the sale (defined as having proceeds of at least double the high estimate) (image above via Sotheby’s):
Lot 5, Berenice Abbott, The George Washington Bridge Under Construction, c1930, estimated at $6000-9000, sold at $21420
The complete lot by lot results can be found here.
