The results from Sotheby’s various owner Photographs sale in New York this week were quietly uneven. With an overall Buy-In rate near a third, the auction needed both the sale of the top lot (a copy of William Henry Fox Talbot’s The Pencil of Nature) and a number of positive surprises to pick up the slack. When the dust settled, the Total Sale Proceeds fell at the lower end of the aggregate pre-sale range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 163 |
| Aggregate Pre Sale Low Estimate | $2887500 |
| Aggregate Pre Sale High Estimate | $4389500 |
| Total Lots Sold | 110 |
| Total Lots Bought In | 53 |
| Buy In % | 32.52% |
| Total Sale Proceeds | $3120500 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 50 |
| Total Low Lots Sold | 36 |
| Total Low Lots Bought In | 14 |
| Low Buy In % | 28.00% |
| Aggregate High Estimate of Low Lots | $372500 |
| Total Proceeds from Low Lots | $317125 |
| Mid Total Lots | 96 |
| Total Mid Lots Sold | 62 |
| Total Mid Lots Bought In | 34 |
| Mid Buy In % | 35.42% |
| Aggregate High Estimate of Mid Lots | $2147000 |
| Total Proceeds from Mid Lots | $1330875 |
| Total High Lots | 17 |
| Total High Lots Sold | 12 |
| Total High Lots Bought In | 5 |
| High Buy In % | 29.41% |
| Aggregate High Estimate of High Lots | $1870000 |
| Total Proceeds from High Lots | $1472500 |
The top lot by High estimate was lot 214, William Henry Fox Talbot, The Pencil of Nature, 1844-1846, estimated at $150000-250000; it was also the top outcome of the sale at $275000 (image above via Sotheby’s).
83.64% of the lots that sold had proceeds in or above the estimate range and there were a total of 8 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s):
Lot 101, David Wojnarowicz, Rimbaud in New York (in Diner), 1978/1990, estimated at $12000-18000, sold at $42500
Lot 110, Stephen Shore, Bay Theater, 2nd St., Ashland, Wisc., 1973, estimated at $7000-10000, sold at $32500
Lot 158, David Gamble, Andy Warhol’s Wig, Glasses, and Watch, 1987/later, estimated at $6000-9000, sold at $23750
Lot 159, David Gamble, Andy Warhol’s Medicine Cabinet, 1988/later, estimated at $6000-9000, sold at $25000
Lot 210, Alfred Stieglitz, Equivalent 227, 1927, estimated at $40000-60000, sold at $150000
Lot 240, Chris Smith, Float Like a Butterfly, Sting Like a Bee, 1971/later, estimated at $5000-7000, sold at $15000
Lot 246, Ormond Gigli, New York City (Girls in the Windows), 1960/later, estimated at $10000-15000, sold at $47500
Lot 257, David Yarrow, The Wolf on Main Street, 2015, estimated at $15000-25000, sold at $100000
The complete lot by lot results can be found here.
