Auction Results: Photographies, November 10, 2017 @Sotheby’s Paris

The results from Sotheby’s recent various owner Photographies sale in Paris were largely underwhelming. While a 19th century portrait of Baudelaire by Étienne Carjat soared to more than 7X its high estimate, the rest of the sale stumbled along. With an overall Buy-In rate above 50%, the Total Sale Proceeds fell well below the pre-sale aggregate low estimate.

The summary statistics are below (all results include the buyer’s premium):

Summary Statistics
Total Lots 106
Aggregate Pre Sale Low Estimate €1721500
Aggregate Pre Sale High Estimate €2546000
Total Lots Sold 52
Total Lots Bought In 54
Buy In % 50.94%
Total Sale Proceeds €1376750

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

Detailed Breakdown
Low Total Lots 31
Total Low Lots Sold 18
Total Low Lots Bought In 13
Low Buy In % 41.94%
Aggregate High Estimate of Low Lots €154000
Total Proceeds from Low Lots €95500
Mid Total Lots 55
Total Mid Lots Sold 25
Total Mid Lots Bought In 30
Mid Buy In % 54.55%
Aggregate High Estimate of Mid Lots €902000
Total Proceeds from Mid Lots €615000
Total High Lots 20
Total High Lots Sold 9
Total High Lots Bought In 11
High Buy In % 55.00%
Aggregate High Estimate of High Lots €1490000
Total Proceeds from High Lots €666250

The top lot by High estimate was lot 107, Vincent Chevalier, Cathédrale Notre Dame de Paris, c1840, estimated at €100000-150000 (image in preview post); it did not sell. The top outcome of the sale was lot 185, Robert Mapplethorpe, Calla Lilly, 1986, estimated at €70000-100000, sold at €137500.

100.00% of the lots that sold had proceeds in or above the estimate range and there were a total of 6 surprises in the sale (defined as having proceeds of at least double the high estimate):

Lot 114, Étienne Carjat, Charles Baudelaire, Le Dernier Portrait, Paris, 1865, estimated at €10000-15000, sold at €112500 (image above via Sotheby’s)

Lot 117, Jean Painlevé, Two male seahorses, 1931, estimated at €2000-3000, sold at €6875

Lot 119, François Tuefferd, bottes sur un marche, Debreczin, Hongrie, 1936, estimated at €1000-1500, sold at €3500

Lot 160, Yoshiyuki Iwase, Modernist Nude, 1960, estimated at €1500-2000, sold at €4375

Lot 167, Bernd and Hilla Becher, Gasbehalter, 1965-1976, estimated at €15000-20000, sold at €50000 (image above via Sotheby’s)

Lot 205, Shirin Neshat, Rapture (Women), 1999, estimated at €12000-18000, sold at €42500

Complete lot by lot results can be found here.

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Read more about: Bernd and Hilla Becher, Étienne Carjat, Jean Painlevé, Robert Mapplethorpe, Shirin Neshat, Yoshiyuki Iwase, Sotheby's

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Larry Fink @Robert Mann

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