The results from the single collector sale at Sotheby’s in Paris (online) earlier this week were surprisingly soft, particularly for the higher priced lots. Both big ticket top lots failed to sell, and with an overall Buy-In rate above 35% and only a couple of positive surprises, the numbers couldn’t possibly add up. In the end, the Total Sale Proceeds (of just over €1.3M) came in well underneath 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 | 63 |
| Aggregate Pre Sale Low Estimate | €2059200 |
| Aggregate Pre Sale High Estimate | €2995800 |
| Total Lots Sold | 40 |
| Total Lots Bought In | 23 |
| Buy In % | 36.51% |
| Total Sale Proceeds | €1321181 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 18 |
| Total Low Lots Sold | 12 |
| Total Low Lots Bought In | 6 |
| Low Buy In % | 33.33% |
| Aggregate High Estimate of Low Lots | €107800 |
| Total Proceeds from Low Lots | €66421 |
| Mid Total Lots | 30 |
| Total Mid Lots Sold | 20 |
| Total Mid Lots Bought In | 10 |
| Mid Buy In % | 33.33% |
| Aggregate High Estimate of Mid Lots | €588000 |
| Total Proceeds from Mid Lots | €391160 |
| Total High Lots | 15 |
| Total High Lots Sold | 8 |
| Total High Lots Bought In | 7 |
| High Buy In % | 46.67% |
| Aggregate High Estimate of High Lots | €2300000 |
| Total Proceeds from High Lots | €863300 |
The top lot by High estimate was tied between two lots, each estimated at €200000-300000: lot 35, August Sander, Antlitz der Zeit (60 prints), 1910-1929/1989, and lot 44, Nicholas Nixon, The Brown Sisters (48 prints), 1975-2022; neither set found a buyer. The top outcome of the sale was lot 10, William Eggleston, Untitled (Greenwood, Mississippi), 1973, estimated at €180000-220000, sold at €228600 (image above, via Sotheby’s).
95.00% of the lots that sold had proceeds in or above the estimate range and there were just 2 surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Sotheby’s):
Lot 11, Larry Clark, Billy Mann, 1963/1971, estimated at €3000-5000, sold at €10795
Lot 53, Thomas Ruff, nudes wr 30, 2000, estimated at €8000-12000, sold at €30480
Complete lot by lot results can be found here.
Quite remarkable that one Eggleston print sold for a similar amount that was estimated for a series of 60 Sander prints, which didn’t sell. As a huge Eggleston fan, if I had the choice, I’d take the Sander portfolio.