Auction Results: Important Photographs from the Collection of Donald and Alice Lappé, October 10, 2017 @Christie’s

Just a little bit of softness in the mid and upper price tiers muted the results of the single collector Lappé sale at Christie’s last week. The overall Buy-In rate came in at roughly a third of the lots, and with only one positive surprise to generate upward force (an Edward Weston industrial scene), the Total Sale Proceeds settled in just 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 67
Aggregate Pre Sale Low Estimate $3721000
Aggregate Pre Sale High Estimate $5710000
Total Lots Sold 45
Total Lots Bought In 22
Buy In % 32.84%
Total Sale Proceeds $3603125

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

Detailed Breakdown
Low Total Lots 5
Total Low Lots Sold 5
Total Low Lots Bought In 0
Low Buy In % 0.00%
Aggregate High Estimate of Low Lots $33000
Total Proceeds from Low Lots $28125
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 $857000
Total Proceeds from Mid Lots $413750
Total High Lots 32
Total High Lots Sold 20
Total High Lots Bought In 12
High Buy In % 37.50%
Aggregate High Estimate of High Lots $4820000
Total Proceeds from High Lots $3161250

The top lot by High estimate was lot 323, Edward Weston, Betty in her Attic, 1920, estimated at $600000-900000 (image in preview post): it was also the top outcome of the sale at $732500.

77.78% of the lots that sold had proceeds in or above the estimate range and there was only 1 positive surprise in the sale (defined as having proceeds of at least double the high estimate) (images above via Christie’s):

Lot 339, Edward Weston, Armco Steel, Middletown, Ohio, 1922/1940s, estimated at $70000-100000, sold at $212500

The complete lot by lot results can be found here.

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