Auction Results: Modern and Contemporary Photographs, May 29, 2019 @Grisebach

Two self portraits by Gertrud Arndt soared above their estimate ranges (one to more than 10X its high estimate) in the recent Modern and Contemporary Photographs sale at Grisebach in Berlin. Even with a umber of positive surprises, the overall Buy-In rater was too high (coming in over 45%), driving the Total Sale Proceeds (of roughly €450K) meaningfully 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 194
Pre Sale Low Total Estimate €683400
Pre Sale High Total Estimate €950600
Total Lots Sold 104
Total Lots Bought In 90
Buy In % 46.39%
Total Sale Proceeds €465061

Here is the breakdown (using our typical Low, Mid, and High definitions):

Detailed Breakdown
Low Total Lots 173
Low Sold 98
Low Bought In 75
Low Buy In % 43.35%
Total Low Estimate €396600
Total Low Sold €324436
Mid Total Lots 16
Mid Sold 5
Mid Bought In 11
Mid Buy In % 68.75%
Total Mid Estimate €284000
Total Mid Sold €90625
Total High Lots 5
High Sold 1
High Bought In 4
High Buy In % 80.00%
Total High Estimate €270000
Total High Sold €50000

The top lot by High estimate was lot 2015, Irving Penn, Young Berber Shepherdess, Morocco, 1971/1983, estimated at €50000-70000; it did not sell. The top outcome of the sale was lot 2115, Gertrud Arndt, Self Portrait Nr. 39A, Dessau, 1929/1930, estimated at €3000-5000, sold at €56250 (image above, via Grisebach).

89.42% of the lots that sold had proceeds in or above the estimate range and there were a total of 12 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Grisebach):

Lot 2016, Xiomara Bender, Mangyongdae School Children’s Palace, Pyongyang, 2016, estimated at €2000-3000, sold at €7500

Lot 2052, Albert Renger-Patzsch, Warburg Family Park in Hamburg Blankenese, 1928, estimated at €1500-2000, sold at €5625

Lot 2059, Andreas Feininger, Portrait Lyonel Feininger, Dessau, 1928, estimated at €5000-7000, sold at €18750

Lot 2060, Paul Wolff, Frankfurt am Main. Large market hall and office building, c1928, estimated at €1200-1800, sold at €3750

Lot 2075, Otto Steinert, Uberspaantes Paar, 1949, estimated at €2000-3000, sold at €6000

Lot 2086, Paul Wolff, Boarding the Tram, c1933, estimated at €1000-1500, sold at €3750

Lot 2092, Trude Fleischmann, Nude Study of the Dancer Claire Bauroff, 1925, estimated at €1500-2000, sold at €6000

Lot 2114, Gertrud Arndt, Self Portrait Nr. 11, Dessau, 1930, estimated at €3000-5000, sold at €20000

Lot 2115, Gertrud Arndt, Self Portrait Nr. 39A, Dessau, 1929/1930, estimated at €3000-5000, sold at €56250

Lot 2118, Nini and Carry Hess, Helene Mayer after her Olympic victory in Amsterdam, 1928, estimated at €800-1000, sold at €4125

Lot 2130, Alberto Korda, Che Guevara, Guerrillero Heroico, Cuba, 1960/2000, estimated at €800-1200, sold at €2500

Lot 2152, Werner Rhode, Stork Scheme 1950s, estimated at €4000-5000, sold at €10625

Complete lot by lot results can be found here.

Albert Renger-Patzsch, Alberto Korda, Andreas Feininger, Gertrud Arndt, Otto Steinert, Paul Wolff, Trude Fleischmann, Werner Rhode, Xiomara Bender, Villa Grisebach Auktionen

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