Auction Results: Photographie, May 30 and 31, 2014 @Lempertz

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
Pre Sale Low Total Estimate NA (not consistently provided)
Pre Sale High Total 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
Low Sold 133
Low Bought In 143
Low Buy In % 51.81%
Total Low Estimate €452010
Total Low Sold €268990
Mid Total Lots 14
Mid Sold 4
Mid Bought In 10
Mid Buy In % 71.43%
Total Mid Estimate €192000
Total Mid Sold €42700
Total High Lots 2
High Sold 1
High Bought In 1
High Buy In % 50.00%
Total High Estimate €150000
Total High Sold €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).

Josef Breitenbach, Luigi Ghirri, NASA, Kunsthaus Lempertz

One comment

  1. Pete /

    “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.

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