With a Buy-In rate over 40% and few positive surprises, it isn’t entirely surprising that the Total Sale Proceeds for Swann’s photography sale last week fell well below the estimate range. While the Alexander Gardner series of images of the hanging of the Lincoln conspirators jumped to a record price (thank you Met Civil War show), it wasn’t enough to buoy the entire sale.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 242 |
| Aggregate Pre Sale Low Estimate | $1472200 |
| Aggregate Pre Sale High Estimate | $2147300 |
| Total Lots Sold | 144 |
| Total Lots Bought In | 108 |
| Buy In % | 42.86% |
| Total Sale Proceeds | $1082689 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 200 |
| Total Low Lots Sold | 119 |
| Total Low Lots Bought In | 81 |
| Low Buy In % | 40.50% |
| Aggregate High Estimate of Low Lots | $1176300 |
| Total Proceeds from Low Lots | $617369 |
| Mid Total Lots | 52 |
| Total Mid Lots Sold | 25 |
| Total Mid Lots Bought In | 27 |
| Mid Buy In % | 51.92% |
| Aggregate High Estimate of Mid Lots | $971000 |
| Total Proceeds from Mid Lots | $465320 |
| Total High Lots | 0 |
| Total High Lots Sold | NA |
| Total High Lots Bought In | NA |
| High Buy In % | NA |
| Aggregate High Estimate of High Lots | $0 |
| Total Proceeds from High Lots | NA |
The top lot by High estimate was tied between two lots: lot 20, Robert Turnbull Macpherson, Roma album, 1860, estimated at $30000-45000 and lot 153, Irving Penn, Cuzco Children, Cuzco, 1948/1949, estimated at $35000-45000; the Macpherson sold at $30000, while the Penn sold at $40000. The top outcome of the sale was lot 18, Alexander Gardner, 4 photographs depicting the hanging of the Lincoln conspirators, 1865, estimated at $20000-30000, sold at $100000.
84.03% of the lots that sold had proceeds in or above the estimate range, and there were a total of 6 surprises in the sale (defined as having proceeds of at least double the high estimate):
Lot 6, (China), Group of 28 miscellaneous photographs, 1860s-1870s, estimated at $3000-4500, sold at $20000 (image above, middle, via Swann)
Lot 9, (Japan), Group of 11 photographs, 1890s, estimated at $2000-3000, sold at $6000 (image above, right, via Swann)
Lot 18, Alexander Gardner, 4 photographs depicting the hanging of the Lincoln conspirators, 1865, estimated at $20000-30000, sold at $100000
Lot 39, Alfred Stieglitz, The Hand of Man, 1902/1911, estimated at $3000-4500, sold at $9375
Lot 59, (Crime), Wooden Bertillon drawer with 46 catalogues mugshots on cards, 1936-1947, estimated at $1500-2500, sold at $5500
Lot 106, Bill Brandt, A Snicket in Halifax, 1937/1970s, estimated at $10000-15000, sold at $325000 (image above, left, via Swann)
Complete lot by lot results can be found here.
