Auction Results: Photographie, November 28 and 29, 2014 @Lempertz

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
Pre Sale Low Total Estimate NA
Pre Sale High Total 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
Low Sold 97
Low Bought In 80
Low Buy In % 45.20%
Total Low Estimate €343000
Total Low Sold €220845
Mid Total Lots 12
Mid Sold 6
Mid Bought In 6
Mid Buy In % 50.00%
Total Mid Estimate €121000
Total Mid Sold €76322
Total High Lots 1
High Sold 0
High Bought In 1
High Buy In % 100.00%
Total High Estimate €80000
Total High Sold €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.

Peter Keetman, Robert Frank, Kunsthaus Lempertz

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