The results from Sotheby’s various owner Photographs sale in New York last week were a case study in the power of positive surprises. While the top lot Strand portrait failed to sell, the selection of Friedlander little screens jumped to $850000, more than making up for the missing proceeds. More than a dozen other lots soared above their high estimates, pushing the Total Sale Proceeds to the very top of the pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 188 |
| Aggregate Pre Sale Low Estimate | $3582000 |
| Aggregate Pre Sale High Estimate | $5414000 |
| Total Lots Sold | 144 |
| Total Lots Bought In | 44 |
| Buy In % | 23.40% |
| Total Sale Proceeds | $5166875 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 78 |
| Total Low Lots Sold | 55 |
| Total Low Lots Bought In | 23 |
| Low Buy In % | 29.49% |
| Aggregate High Estimate of Low Lots | $658000 |
| Total Proceeds from Low Lots | $576625 |
| Mid Total Lots | 92 |
| Total Mid Lots Sold | 76 |
| Total Mid Lots Bought In | 16 |
| Mid Buy In % | 17.39% |
| Aggregate High Estimate of Mid Lots | $2186000 |
| Total Proceeds from Mid Lots | $2123750 |
| Total High Lots | 18 |
| Total High Lots Sold | 13 |
| Total High Lots Bought In | 5 |
| High Buy In % | 27.78% |
| Aggregate High Estimate of High Lots | $2570000 |
| Total Proceeds from High Lots | $2466500 |
The top lot by High estimate was lot 38, Paul Strand, Rebecca, 1921, estimated at $300000-500000; it did not sell. The top outcome of the sale was lot 145, Lee Friedlander, The Little Screens (38 prints), 1961-1970/later, estimated at $200000-300000, sold at $850000 (image in preview post).
89.58% of the lots that sold had proceeds in or above the estimate range and there were a total of 18 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Sotheby’s, except where noted):
Lot 7, Ansel Adams, Forest, Castle Rock State Park, California, 1962/1976, estimated at $7000-10000, sold at $27500
Lot 15, Ansel Adams, Road After Rain, Northern California, 1960/1973-1977, estimated at $8000-12000, sold at $27500
Lot 17, Robert Adams, Boulder County, Colorado, 1973/1983, estimated at $8000-12000, sold at $37500
Lot 19, Edward Weston, Selected Images, 1941, estimated at $7000-10000, sold at $22500
Lot 26, Dorothea Lange, Taos, 1922, estimated at $20000-30000, sold at $75000 (image in preview post)
Lot 32, Eadweard Muybridge, Selected Motion Studies, 1887, estimated at $25000-35000, sold at $75000
Lot 72, Yousuf Karsh, Georgia O’Keeffe, 1956/later, estimated at $5000-7000, sold at $27500
Lot 73, Edward Weston, Church, Motherlode (Church Door, Hornitos), 1940, estimated at $30000-50000, sold at $125000
Lot 93, Robert Frank, Daytona Beach, 1958, estimated at $15000-25000, sold at $52500
Lot 97, Arnold Newman, Igor Stravinsky, 1946/later, estimated at $5000-7000, sold at $17500
Lot 108, Walker Evans, License Photo Studios, New York, 1934/1940s-1950s, estimated at $10000-15000, sold at $30000
Lot 116, Larry Sultan, Practicing Golf Swing, 1986, estimated at $5000-7000, sold at $25000
Lot 117, Larry Sultan, My Mother Posing For Me, 1984/later, estimated at $8000-12000, sold at $27500
Lot 121, Irving Penn, Jasper Johns (A), 2006, estimated at $5000-7000, sold at $16250
Lot 124, Duane Michals, Portrait of Andy Warhol, 1973, estimated at $8000-12000, sold at $35000
Lot 143, Lewis Baltz, Industrial Structure During Painting, Irvine, 1974, estimated at $10000-15000, sold at $32500
Lot 145, Lee Friedlander, The Little Screens (38 prints), 1961-1970/later, estimated at $200000-300000, sold at $850000 (image in preview post)
Lot 148, Thomas Struth, North Garland Court, Chicago, 1990, estimated at $7000-10000, sold at $20000
Complete lot by lot results can be found here.
