When the overall Buy-In rate for a sale crosses the 50% threshold, no one can be particularly surprised when the Total Sale Proceeds miss the mark by a meaningful margin. This was the story at the recent Photography sale at Kunsthuas Lempertz in Köln. Even with a Luigi Ghirri print soaring far beyond its estimate, with so many passes, especially at the upper price points, the results were significantly dampened.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 292 |
| Aggregate Pre Sale Low Estimate | NA (not consistently provided) |
| Aggregate Pre Sale High Estimate | €794010 |
| Total Lots Sold | 138 |
| Total Lots Bought In | 154 |
| Buy In % | 52.74% |
| Total Sale Proceeds | €390990 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 276 |
| Total Low Lots Sold | 133 |
| Total Low Lots Bought In | 143 |
| Low Buy In % | 51.81% |
| Aggregate High Estimate of Low Lots | €452010 |
| Total Proceeds from Low Lots | €268990 |
| Mid Total Lots | 14 |
| Total Mid Lots Sold | 4 |
| Total Mid Lots Bought In | 10 |
| Mid Buy In % | 71.43% |
| Aggregate High Estimate of Mid Lots | €192000 |
| Total Proceeds from Mid Lots | €42700 |
| Total High Lots | 2 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 1 |
| High Buy In % | 50.00% |
| Aggregate High Estimate of High Lots | €150000 |
| Total Proceeds from High Lots | €79300 |
The top lot by High estimate was lot 635, Thomas Demand, Flügel (Grand Piano), 2005, estimated at €60000-80000; it was also the top photography outcome of the sales at €79300.
67.39% of the lots that sold had proceeds in or above the estimate range and there were a total of 11 surprises in the sales (defined as having proceeds of at least double the high estimate):
Lot 8, NASA, Edward H. White floats in the zero gravity of space outside the spacecraft, Gemini IV, 1965, estimated at €800, sold at €1950 (image above, right, via Lempertz)
Lot 14, NASA, Transportation and docking, Apollo 15, 1971, estimated at €600, sold at €1220
Lot 19, NASA, Earth view, Apollo 8, 1968, estimated at €600, sold at €1460
Lot 23, NASA, Earthrise, Apollo 8, 1968, estimated at €2000, sold at €5000
Lot 35, NASA, Astronaut David R. Scott saluting beside U.S. flag, Apollo 15, 1971, estimated at €800, sold at €1950
Lot 41, Wilhelm Schneider, Schwane auf einem teich, 1860, estimated at €1200, sold at €3660
Lot 95, Josef Breitenbach, Terrasse Monte Bre, 1930s, estimated at €1200, sold at €3540 (image above, middle, via Lempertz)
Lot 142, Alberto Korda, El Quijote de la Farola, 1959/1990s, estimated at €1200, sold at €3170
Lot 201, Garry Winogrand, The Museum of Modern Art, 1960s/1981, estimated at €1200, sold at €2560
Lot 206, Luigi Ghirri, Tellaro, Italy, 1980, estimated at €1800 sold at €41480 (image above, left, via Lempertz)
Lot 864, Wolfgang Tillmans, Kate with Tree, 1996, estimated at €3000, sold at €6590
Complete lot by lot results can be found linked from here (PDF only).
“Lot 206, Luigi Ghirri, Tellaro, Italy, 1980, estimated at €1800 sold at €41480 (image above, left)”
24.8 x 37.3 cm. (9.8 x 14.7 in.) Edition of 30. Terrific image, I wonder how good the print looks in real life.
As for that estimate, someone at Lempertz was either very cautious, or on the day two bidders went head to head to get hold of it.