Weakness in the top price tier softened the results of the Photographs sale at Christie’s last week. The top lot William Eggleston print failed to sell, as did other high priced lots from Eggleston, Edward Weston, and Peter Beard. But the overall Buy-In rate hovered near 28% and more than a handful of positive surprises helped out, so when the tally was complete, the Total Sale Proceeds (of roughly $2.78M) came in just above 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 | 164 |
| Aggregate Pre Sale Low Estimate | $2571000 |
| Aggregate Pre Sale High Estimate | $3781500 |
| Total Lots Sold | 119 |
| Total Lots Bought In | 45 |
| Buy In % | 27.44% |
| Total Sale Proceeds | $2774394 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 65 |
| Total Low Lots Sold | 46 |
| Total Low Lots Bought In | 19 |
| Low Buy In % | 29.23% |
| Aggregate High Estimate of Low Lots | $457000 |
| Total Proceeds from Low Lots | $335034 |
| Mid Total Lots | 84 |
| Total Mid Lots Sold | 65 |
| Total Mid Lots Bought In | 19 |
| Mid Buy In % | 22.32% |
| Aggregate High Estimate of Mid Lots | $1684500 |
| Total Proceeds from Mid Lots | $1378440 |
| Total High Lots | 15 |
| Total High Lots Sold | 8 |
| Total High Lots Bought In | 7 |
| High Buy In % | 46.67% |
| Aggregate High Estimate of High Lots | $1640000 |
| Total Proceeds from High Lots | $1060920 |
The top lot by High estimate was lot 79, William Eggleston, Memphis, 1971/1999, estimated at $250000-350000; it did not sell. The top outcome of the sale was lot 88, Irving Penn, The Hand of Miles Davis, New York, July 1, 1986, 1986, estimated at $100000-150000, sold at $302400 (image above, via Christie’s.)
89.08% 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 Christie’s):
Lot 12, Ansel Adams, Autumn, Yosemite, 1938/1938-1944, estimated at $7000-9000, sold at $18900
Lot 68, Josef Koudelka, Czechoslovakia, Prague, from Exiles, August 1968, 1968/later, estimated at $10000-15000, sold at $56700
Lot 69, Ralph Eugene Meatyard, Romance (N). Of Ambrose Bierce #3, 1962, estimated at $10000-15000, sold at $44100
Lot 86, Robert Mapplethorpe, Rose, 1982, estimated at $10000-15000, sold at $30240
Lot 88, Irving Penn, The Hand of Miles Davis, New York, July 1, 1986, 1986, estimated at $100000-150000, sold at $302400
Lot 91, Peter Hujar, Self-Portrait (with string around his neck), 1980, estimated at $50000-70000, sold at $252000
Lot 101, Ana Mendieta, Untitled (from Silueta series), 1978, estimated at $15000-25000, sold at $81900
Lot 124, Sebastião Salgado, Fireball, Greater Burhan Oil Field, Kuwait, 1991, estimated at $8000-12000, sold at $25200
The complete lot by lot results can be found here.
