Auction Results: Photographie, June 9, 2021 @Grisebach

A Buy-In rate over 40% softened the results at the recent Photographie sale at Grisebach in Berlin earlier this week. While works by David Hockney, Otto Steinert, and others performed unexpectedly well, the Total Sale Proceeds (of roughly €400K) came in 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 114
Aggregate Pre Sale Low Estimate €445500
Aggregate Pre Sale High Estimate €617000
Total Lots Sold 68
Total Lots Bought In 46
Buy In % 40.35%
Total Sale Proceeds €404375

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

Detailed Breakdown
Low Total Lots 93
Total Low Lots Sold 57
Total Low Lots Bought In 36
Low Buy In % 38.71%
Aggregate High Estimate of Low Lots €293000
Total Proceeds from Low Lots €256250
Mid Total Lots 19
Total Mid Lots Sold 11
Total Mid Lots Bought In 8
Mid Buy In % 42.11%
Aggregate High Estimate of Mid Lots €224000
Total Proceeds from Mid Lots €148125
Total High Lots 2
Total High Lots Sold 0
Total High Lots Bought In 2
High Buy In % 100.00%
Aggregate High Estimate of High Lots €100000
Total Proceeds from High Lots €0

The top lot by High estimate was lot 2093, E.J. Bellocq, Storyville Portraits (11 prints), 1911-1913/1970s (by Lee Friedlander), estimated at €40000-60000; it did not sell. The top outcome of the sale was lot 2056, Thomas Struth, West 44th Street New York, 1978, estimated at €20000-25000, sold at €30000 (image above, via Grisebach).

97.06% 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 2004, David Hockney, Henry Avoiding the Sun, August, 1975/1976, estimated at €1200-1600, sold at €3250

Lot 2005, David Hockney, Yves Marie Asleep, May, 1974/1976, estimated at €1200-1600, sold at €11875

Lot 2006, David Hockney, John St. Clair Swimming, April, 1972/1976, estimated at €1200-1600, sold at €14375

Lot 2018, Otto Steinert, Luminogramm II (Lights on the Place de la Concorde, Paris), 1952, estimated at €5000-7000, sold at €21250

Lot 2023, Otto Steinert, Playful Dot, 1948, estimated at €5000-7000, sold at €22500

Lot 2025, Otto Steinert, Untitled (Photogram with balls and circles), 1948, estimated at €7000-9000, sold at €22500

Lot 2026, David Hockney, Two Lemons and Four Limes, Santa Monica, 1971/1976, estimated at €1200-1600, sold at €10625

Lot 2041, John Hilliard, Off Screen (5), 1999/2001, estimated at €1200-1400, sold at €3000

Lot 2059, Peter Downsbrough, NYC 7-26, 1979, estimated at €800-1000, sold at €3750

Lot 2074, Stefan Moses, Meret Oppenheim, Malerin, Bern, from the series ”deutschlands emigranten”, 1982/later, estimated at €1500-2000, sold at €6250

Lot 2077, Man Ray, Gertrude Stein and Alice B. Toklas, Salon Rue de Fleurus no. 27, Paris, 1922/later, estimated at €800-1000, sold at €2000

Lot 2096, Russ Meyer, Lori Williams, Haji, Tura Satana, 1965/2000, estimated at €500-700, sold at €3250

Complete lot by lot results can be found here.

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