A hefty Buy-In rate (over 45%) was the likely culprit in the less than stellar outcome at the recent Photographie sale at Kunsthaus Lempertz in Cologne. With too many lots failing to find buyers and not enough positive surprises to make up the difference, the Total Sale Proceeds fell well below the pre-sale estimate.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 190 |
| Aggregate Pre Sale Low Estimate | NA |
| Aggregate Pre Sale High Estimate | €544000 |
| Total Lots Sold | 103 |
| Total Lots Bought In | 87 |
| Buy In % | 45.79% |
| Total Sale Proceeds | €297167 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 177 |
| Total Low Lots Sold | 97 |
| Total Low Lots Bought In | 80 |
| Low Buy In % | 45.20% |
| Aggregate High Estimate of Low Lots | €343000 |
| Total Proceeds from Low Lots | €220845 |
| Mid Total Lots | 12 |
| Total Mid Lots Sold | 6 |
| Total Mid Lots Bought In | 6 |
| Mid Buy In % | 50.00% |
| Aggregate High Estimate of Mid Lots | €121000 |
| Total Proceeds from Mid Lots | €76322 |
| Total High Lots | 1 |
| Total High Lots Sold | 0 |
| Total High Lots Bought In | 1 |
| High Buy In % | 100.00% |
| Aggregate High Estimate of High Lots | €80000 |
| Total Proceeds from High Lots | €0 |
The top lot by High estimate was lot 547, Andreas Gursky, Niagara Falls, 1989, estimated at €60000-80000; it did not sell. The top outcome of the sale was lot 116, Robert Frank, Sick of Goodby’s, 1978, estimated at €8000-10000, sold at €28520 (image above, left, via Lempertz)
84.47% of the lots that sold had proceeds in or above the estimate range and there were a total of 4 surprises in the sale (defined as having proceeds of at least double the high estimate):
Lot 4, Anonymous, Ansichten von Turkestan, 1890s, estimated at €1500, sold at €3968 (image above, right, via Lempertz)
Lot 73, Chargesheimer, Ohne Titel, 1949, estimated at €1500, sold at €3968 (shown in preview post)
Lot 81, Peter Keetman, (Augen-) Blick, 1961, estimated at €1900, sold at €4712 (image above, middle, via Lempertz)
Lot 116, Robert Frank, Sick of Goodby’s, 1978, estimated at €8000-10000, sold at €28520 (image above, left, via Lempertz)
Complete lot by lot results can be found here.
