Softness in the highest price tier dimmed the results at Christie’s recent various owner Photographs sale in New York. While the top lot Diane Arbus print found a buyer and an Alexander Rodchenko print went even higher, 50% of the lots in the top tier didn’t sell. The overall Buy-In rate for the sale came in at just under 35%, and with only a handful of positive surprises, 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 | 141 |
| Aggregate Pre Sale Low Estimate | $3681000 |
| Aggregate Pre Sale High Estimate | $5432000 |
| Total Lots Sold | 92 |
| Total Lots Bought In | 49 |
| Buy In % | 34.75% |
| Total Sale Proceeds | $3511750 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 33 |
| Total Low Lots Sold | 23 |
| Total Low Lots Bought In | 10 |
| Low Buy In % | 30.30% |
| Aggregate High Estimate of Low Lots | $235000 |
| Total Proceeds from Low Lots | $131125 |
| Mid Total Lots | 84 |
| Total Mid Lots Sold | 57 |
| Total Mid Lots Bought In | 27 |
| Mid Buy In % | 32.14% |
| Aggregate High Estimate of Mid Lots | $2117000 |
| Total Proceeds from Mid Lots | $1440625 |
| Total High Lots | 24 |
| Total High Lots Sold | 12 |
| Total High Lots Bought In | 12 |
| High Buy In % | 50.00% |
| Aggregate High Estimate of High Lots | $3080000 |
| Total Proceeds from High Lots | $1940000 |
The top lot by High estimate was lot 359, Diane Arbus, A family on their lawn one Sunday in Westchester, N.Y., 1968/1970-1971, estimated at $250000-350000; it sold at $275000. The top outcome of the sale was lot 372, Alexander Rodchenko, Lestnitsa (Steps), 1929/1935, estimated at $150000-250000, sold at $281250 (image above via Christie’s).
81.52% of the lots that sold had proceeds in or above the estimate range and there were a total of 5 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Christie’s):
Lot 314, Robert Mapplethorpe, Lisa Lyon, 1982, estimated at $6000-8000, sold at $16250
Lot 323, Richard Avedon, Lew Alcindor, Basketball Player, 61st Street and Amsterdam Avenue, New York City, May 2, 19863/1990, estimated at $30000-50000, sold at $106250
Lot 393, Richard Misrach, Mono Lake #2, California, 1999, estimated at $10000-15000, sold at $40000
Lot 400, Hiroshi Sugimoto, North Pacific Ocean, Iwate, 1986, estimated at $20000-30000, sold at $100000
Lot 408, Sally Mann, Untitled (Deep South #1, Scarred Tree), 1998, estimated at $10000-15000, sold at $37500
The complete lot by lot results can be found here.
