The results from Bonhams’ recent Photographs sale were entirely forgettable. With an overall Buy-In rate near 40%, many lots selling below their estimate ranges, and no positive surprises, the action was muted, and the Total Sale Proceeds missed the low end of the aggregate pre-sale range by a significant margin.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 108 |
| Aggregate Pre Sale Low Estimate | $638500 |
| Aggregate Pre Sale High Estimate | $953500 |
| Total Lots Sold | 65 |
| Total Lots Bought In | 43 |
| Buy In % | 39.81% |
| Total Sale Proceeds | $421937 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 89 |
| Total Low Lots Sold | 55 |
| Total Low Lots Bought In | 34 |
| Low Buy In % | 38.20% |
| Aggregate High Estimate of Low Lots | $538500 |
| Total Proceeds from Low Lots | $261312 |
| Mid Total Lots | 19 |
| Total Mid Lots Sold | 10 |
| Total Mid Lots Bought In | 9 |
| Mid Buy In % | 47.37% |
| Aggregate High Estimate of Mid Lots | $415000 |
| Total Proceeds from Mid Lots | $160625 |
| Total High Lots | 0 |
| Total High Lots Sold | NA |
| Total High Lots Bought In | NA |
| High Buy In % | NA |
| Aggregate High Estimate of High Lots | $0 |
| Total Proceeds from High Lots | $0 |
The top lot by High estimate was tied between two lots: lot 13, Ansel Adams, Winter Sunrise, Sierra Nevada from Lone Pine, California, 1944/1962, and lot 14, Ansel Adams, The Grand Tetons and the Snake River, Grand Teton National Park, Wyoming, 1942/1978, both estimated at $30000-50000 (images in preview post). Lot 14 was the top outcome of the sale at $31250, while Lot 13 did not sell.
Only 55.38% of the lots that sold had proceeds in or above the estimate range and there were no positive surprises in the sale (defined as having proceeds of at least double the high estimate). The closest thing to a positive surprise was lot 36, Henri Cartier-Bresson, Ile de la Cité, Paris, 1952/1990s, estimated at $10000-15000, sold at $25000 (image above via Bonhams).
The complete lot by lot results can be found here.
