Auction Results: Modernism: Photographs from a Distinguished Private Collection, November 9, 2018 @Sotheby’s Paris

When the top lot André Kertész print was withdrawn, the questions about the single owner collection sale about to take place at Sotheby’s in Paris must have started to percolate around. And as the small sale unfolded, and the passed lots piled up, things quickly got ugly. With an overall Buy-In rate at a whopping 72%, the sale results were grim, with only three lots finding buyers and the Total Sale Proceeds falling far below the aggregate pre-sale estimate range.

The summary statistics are below (all results include the buyer’s premium):

Summary Statistics
Total Lots 11
Aggregate Pre Sale Low Estimate €630000
Aggregate Pre Sale High Estimate €940000
Total Lots Sold 3
Total Lots Bought In 8
Buy In % 72.73%
Total Sale Proceeds €237500

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

Detailed Breakdown
Low Total Lots 0
Total Low Lots Sold NA
Total Low Lots Bought In NA
Low Buy In % NA
Aggregate High Estimate of Low Lots €0
Total Proceeds from Low Lots €0
Mid Total Lots 2
Total Mid Lots Sold 0
Total Mid Lots Bought In 2
Mid Buy In % 100.00%
Aggregate High Estimate of Mid Lots €40000
Total Proceeds from Mid Lots €0
Total High Lots 9
Total High Lots Sold 3
Total High Lots Bought In 6
High Buy In % 66.67%
Aggregate High Estimate of High Lots €900000
Total Proceeds from High Lots €237500

The top lot by High estimate was lot 6, Paul Strand, Fern, Early Morning Dew, Georgetown, Maine, 1927/1928, estimated at €200000-300000; it did not sell. The top outcome of the sale was lot 5, Man Ray, Alberto Giacometti, 1934, estimated at €80000-120000, sold at €100000 (image above, via Sotheby’s).

100.00% of the lots that sold had proceeds in or above the estimate range and there were no surprises in the sale (defined as having proceeds of at least double the high estimate).

Complete lot by lot results can be found here.

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