The results at Sotheby’s various owner Photographies sale in Paris last week were largely underwhelming. The top lot Cindy Sherman film still failed to find a buyer, the overall Buy-In rate came in at roughly a third, and there were only a handful of positive surprises, so the Total Sale Proceeds fell below the low end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 106 |
| Aggregate Pre Sale Low Estimate | €1875000 |
| Aggregate Pre Sale High Estimate | €2776000 |
| Total Lots Sold | 71 |
| Total Lots Bought In | 35 |
| Buy In % | 33.02% |
| Total Sale Proceeds | €1512125 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 30 |
| Total Low Lots Sold | 23 |
| Total Low Lots Bought In | 7 |
| Low Buy In % | 23.33% |
| Aggregate High Estimate of Low Lots | €182000 |
| Total Proceeds from Low Lots | €170250 |
| Mid Total Lots | 60 |
| Total Mid Lots Sold | 37 |
| Total Mid Lots Bought In | 23 |
| Mid Buy In % | 38.33% |
| Aggregate High Estimate of Mid Lots | €959000 |
| Total Proceeds from Mid Lots | €569375 |
| Total High Lots | 16 |
| Total High Lots Sold | 11 |
| Total High Lots Bought In | 5 |
| High Buy In % | 31.25% |
| Aggregate High Estimate of High Lots | €1635000 |
| Total Proceeds from High Lots | €772500 |
The top lot by High estimate was lot 57, Cindy Sherman, Untitled Film Still #16, 1978, estimated at €300000-500000; it did not sell. The top outcome of the sale was lot 65, Thomas Struth, 23 Works from Unbewusste Orte (Unconscious Places), 1989, estimated at €100000-150000, sold at €125000 (image above, via Sotheby’s).
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) (images above, via Sotheby’s):
Lot 1, Francesco Adriano De Bonis, Rome (19 Works), 1850-1870, estimated at €6000-8000, sold at €23750
Lot 3, Johan Wilhelm Bergström, Portrait of the Photographer’s Wife at the Spinning Wheel, 1844-1852, estimated at €8000-12000, sold at €32500
Lot 31, Martin Schoeller, Angelina Jolie with Bod, 2000, estimated at €10000-15000, sold at €31250
Lot 32, Martin Schoeller, Cindy Sherman, 2000, estimated at €4000-6000, sold at €13125
Lot 45, Liu Bolin, Construct Harmonious Society Together (Hiding in the City No. 50), 2008, estimated at €4000-6000, sold at €15625
Lot 85, Robert Mapplethorpe, Jack Walls, 1982, estimated at €5000-7000, sold at €14375
Complete lot by lot results can be found here.
