The results from Bonhams’ Photographs sale earlier this week settled into an underwhelming zone. With the overall Buy-In rate coming in over 58%, and only 1 positive surprise to keep things lively, there wasn’t enough consistent buyer interest to create much momentum. As such, the Total Sale Proceeds shuffled along to just under $450K, well below the low end of the aggregate pre-sale estimate.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 111 |
| Aggregate Pre Sale Low Estimate | $676500 |
| Aggregate Pre Sale High Estimate | $991500 |
| Total Lots Sold | 46 |
| Total Lots Bought In | 65 |
| Buy In % | 58.56% |
| Total Sale Proceeds | $449625 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 92 |
| Total Low Lots Sold | 36 |
| Total Low Lots Bought In | 56 |
| Low Buy In % | 60.87% |
| Aggregate High Estimate of Low Lots | $449500 |
| Total Proceeds from Low Lots | $155875 |
| Mid Total Lots | 16 |
| Total Mid Lots Sold | 7 |
| Total Mid Lots Bought In | 9 |
| Mid Buy In % | 56.25% |
| Aggregate High Estimate of Mid Lots | $367000 |
| Total Proceeds from Mid Lots | $153750 |
| Total High Lots | 3 |
| Total High Lots Sold | 3 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | $175000 |
| Total Proceeds from High Lots | $140000 |
The top lot by High estimate was tied between two lots: lot 8, Eadweard Muybridge, Panorama of San Francisco from California St. Hill, 1877, and lot 108, Massimo Vitali, Tropea Shadow (#4874), Calabria, Italy, 2015, both estimated at $40000-60000 (images in preview post). The Muybridge sold for $50000 and the Vitali sold for $37500, but the top outcome of the sale was lot 29, Ansel Adams, The Grand Tetons and the Snake River, Grand Teton National Park, Wyoming, 1942/1973-1977, estimated at $25000-35000, sold at $60000.
76.09% of the lots that sold had proceeds in or above the estimate range and there was only 1 positive surprise in the sale (defined as having proceeds of at least double the high estimate) (image above via Bonhams):
Lot 64, W. Eugene Smith, Railroad Tracks, Pittsburgh, 1955-56/1970s, estimated at $3000-5000, sold at $10000
The complete lot by lot results can be found here.
