The results from the Fine Photographs sale at Swann last week in New York were largely underwhelming. The top lot Lewis Baltz portfolio failed to sell, and with an overall Buy-In rate above 32% and just a handful of positive surprises to help buoy the numbers, the Total Sale Proceeds (of just over $950K) came in 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 | 320 |
| Aggregate Pre Sale Low Estimate | $1306700 |
| Aggregate Pre Sale High Estimate | $1954650 |
| Total Lots Sold | 215 |
| Total Lots Bought In | 105 |
| Buy In % | 32.81% |
| Total Sale Proceeds | $954944 |
Here is the breakdown (using our typical Low, Mid, and High price range definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 294 |
| Total Low Lots Sold | 200 |
| Total Low Lots Bought In | 94 |
| Low Buy In % | 31.97% |
| Aggregate High Estimate of Low Lots | $1208650 |
| Total Proceeds from Low Lots | $704964 |
| Mid Total Lots | 24 |
| Total Mid Lots Sold | 14 |
| Total Mid Lots Bought In | 10 |
| Mid Buy In % | 41.67% |
| Aggregate High Estimate of Mid Lots | $506000 |
| Total Proceeds from Mid Lots | $187750 |
| Total High Lots | 2 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 1 |
| High Buy In % | 50.00% |
| Aggregate High Estimate of High Lots | $240000 |
| Total Proceeds from High Lots | $62500 |
The top lot by High estimate was lot 107, Lewis Baltz, Park City (portfolio), 1978-79, estimated at $100000-150000; it did not sell. The top outcome of the sale was lot 110, Alfred Steiglitz, Spring Showers — The Street-Cleaner, 1900-1901, estimated at $60000-90000, sold at $62500 (image above, via Swann).
61.86% of the lots that sold had proceeds in or above the estimate range and there were a total of 6 positive surprises in the sale (defined as having proceeds of at least double the high estimate)(images above via Swann):
Lot 51, Eadweard Muybridge, Panorama of San Francisco from California St. Hill (11 prints), 1877, estimated at $5000-7000, sold at $17500
Lot 62, Walker Evans, Boarded shopfront of The Plenge Chemical Company, Charleston, South Carolina, 1935, estimated at $2000-3000, sold at $11875
Lot 224, Ellen von Unwerth, Revenge, 2003, estimated at $1000-1500, sold at $3000
Lot 262, Francesca Woodman, Untitled, Providence, Rhode Island, 1975-78/1990s, estimated at $5000-7500, sold at $15000
Lot 286, Clarence John Laughlin, The House of the Past, 1948, estimated at $1200-1800, sold at $4000
Lot 309, Evelyn Hofer, Atelier Balthus with unfinished painting of “Cat with Mirror II”, 1989, estimated at $2000-3000, sold at $6250
The complete lot by lot results can be found here.
