The results from the recent Photographs sale at Sotheby’s solidly met expectations. Helped by high priced outcomes for prints by David Wojnarowicz and Jeff Wall, as well as a handful of other positive surprises, even with an overall Buy-In rate over 28% and some softness in the no reserve lots, the Total Sale Proceeds (of roughly $3.58M) fell smack in the middle of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 199 |
| Aggregate Pre Sale Low Estimate | $2913000 |
| Aggregate Pre Sale High Estimate | $4397000 |
| Total Lots Sold | 143 |
| Total Lots Bought In | 56 |
| Buy In % | 28.14% |
| Total Sale Proceeds | $3580130 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 77 |
| Total Low Lots Sold | 60 |
| Total Low Lots Bought In | 17 |
| Low Buy In % | 22.08% |
| Aggregate High Estimate of Low Lots | $595000 |
| Total Proceeds from Low Lots | $337820 |
| Mid Total Lots | 109 |
| Total Mid Lots Sold | 75 |
| Total Mid Lots Bought In | 34 |
| Mid Buy In % | 31.19% |
| Aggregate High Estimate of Mid Lots | $2562000 |
| Total Proceeds from Mid Lots | $2020570 |
| Total High Lots | 13 |
| Total High Lots Sold | 8 |
| Total High Lots Bought In | 5 |
| High Buy In % | 38.46% |
| Aggregate High Estimate of High Lots | $1240000 |
| Total Proceeds from High Lots | $1221740 |
The top lot by High estimate was lot 133, Irving Penn, Woman in Moroccan Palace (Lisa Fonssagrives-Penn), Marrakech, 1951/1983, estimated at $150000-250000; it sold at $152400, but it was not the top outcome of the sale. That honor was tied between two lots, both selling at $381000: lot 2, David Wojnarowicz, Untitled (Face in Dirt), 1991/1992-1993 (posthumous), estimated at $30000-50000, at lot 38, Jeff Wall, A Woman and Her Doctor, 1980-1981, estimated at $70000-90000 (images above via Sotheby’s).
72.03% of the lots that sold had proceeds in or above the estimate range, and there were a total of 9 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s):
Lot 1, Roman Signer, Nicht Loslassen, 1983, estimated at $3000-5000, sold at $16510
Lot 2, David Wojnarowicz, Untitled (Face in Dirt), 1991/1992-1993 (posthumous), estimated at $30000-50000, sold at $381000
Lot 33, Giuseppe Penone, Svolgere la Propria Pelle (To Unravel One’s Own Skin), 1970-1971, estimated at $10000-15000, sold at $40640
Lot 38, Jeff Wall, A Woman and Her Doctor, 1980-1981, estimated at $70000-90000, sold at $381000
Lot 45, William Eggleston, Untitled, 1972/1996, estimated at $25000-35000, sold at $76200
Lot 60, Ansel Adams, The Golden Gate (Before the Bridge), 1932/1965, estimated at $100000-150000, sold at $355600
Lot 114, Gordon Matta-Clark, Conical Intersect, 1975/1977, estimated at $15000-25000, sold at $57150
Lot 118, Vera Lutter, Pepsi II, Pepsi Cola, Long Island City, May 25, 1998, 1998, estimated at $8000-12000, sold at $27940
Lot 131, Richard Avedon,‘Renée, The New Look of Dior, Place de la Concorde, Paris’, August 1947, 1947/1978, estimated at $12000-18000, sold at $38100
The complete lot by lot results can be found here.
