The results from Sotheby’s recent Photographies sale in Paris were generally weaker than expected. At one point during the early part of the sale, in a run of 36 lots, only 2 lots found buyers. With an overall Buy-In rate over 50%, it isn’t hugely surprising that the Total Sale Proceeds missed the low end of the estimate range by a meaningful margin.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 221 |
| Aggregate Pre Sale Low Estimate | €1725400 |
| Aggregate Pre Sale High Estimate | €2399800 |
| Total Lots Sold | 105 |
| Total Lots Bought In | 116 |
| Buy In % | 52.49% |
| Total Sale Proceeds | €1478550 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 103 |
| Total Low Lots Sold | 43 |
| Total Low Lots Bought In | 60 |
| Low Buy In % | 58.25% |
| Aggregate High Estimate of Low Lots | €541800 |
| Total Proceeds from Low Lots | €330775 |
| Mid Total Lots | 111 |
| Total Mid Lots Sold | 59 |
| Total Mid Lots Bought In | 52 |
| Mid Buy In % | 46.85% |
| Aggregate High Estimate of Mid Lots | €1488000 |
| Total Proceeds from Mid Lots | €960875 |
| Total High Lots | 7 |
| Total High Lots Sold | 3 |
| Total High Lots Bought In | 4 |
| High Buy In % | 57.14% |
| Aggregate High Estimate of High Lots | €370000 |
| Total Proceeds from High Lots | €186900 |
The top lot by High estimate was lot 172, Helmut Newton, Naomi, Cap D’Antibes, 1998, estimated at €80000-120000; it did not sell. The top outcome of the sale was lot 143, Robert Mapplethorpe, Ken, Lydia & Tyler, 1985, estimated at €30000-40000, sold at €73500.
95.24% of the lots that sold had proceeds in or above the estimate range. There were thirteen surprises in this sale (defined as having proceeds of at least double the high estimate):
Lot 2, Anonyme, Marin Grec, 1844, estimated at €6000-8000, sold at €25000
Lot 4, Anonyme, Les Remparts D’Alger, 1844, estimated at €7000-9000, sold at €30000
Lot 6, Anonyme, Vue du Port D’Alger, 18444, estimated at €5000-7000, sold at €39900
Lot 7, Anonyme, Le Port D’Alger, 1844, estimated at €8000-12000, sold at €37500
Lot 8, Anonyme, Mosquee de Coleah, 1844, estimated at €6000-8000, sold at €18750
Lot 50, Etienne Leopold Trouvelot, Etincelle electrique directe, 1885, estimated at €4000-5000, sold at €11250 (image at right, top, via Sotheby’s)
Lot 74, Constantin Brancusi, Sans Titre, 1920, estimated at 6000-8000, sold at $37500 (image at right, bottom, via Sotheby’s)
Lot 75, Constantin Brancusi, Isac, 1920, estimated at €4000-6000, sold at €12500
Lot 79, Laure Albin-Guillot, Orchidees, 1927, estimated at €4000-6000, sold at €32500 (image at right, middle, via Sotheby’s)
Lot 118, Philippe Halsman, Woody Allen, 1969, estimated at €1500-2000, sold at €4250
Lot 147, Herb Ritts, Versace Dress, Back View, El Mirage, 1990, estimated at €10000-15000, sold at €32500
Lot 151, Manuel Alvarez Bravo, Frida Kahlo, 1933/later, estimated at €4000-6000, sold at €23750
Lot 200, Andres Serrano, The Morgue (Child Abuse), 1992, estimated at €8000-12000, sold at €28750
Complete lot by lot results can be found here.
