Weakness in the middle and high price tiers softened the results at the recent online sale of Photographs at Bonhams last week. Both top lots failed to sell, and with an overall Buy-In rate over 33% and only a handful of positive surprises, the Total Sale Proceeds (of roughly $631K) fell well 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 | 169 |
| Aggregate Pre Sale Low Estimate | $901100 |
| Aggregate Pre Sale High Estimate | $1334300 |
| Total Lots Sold | 113 |
| Total Lots Bought In | 56 |
| Buy In % | 33.14% |
| Total Sale Proceeds | $630809 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 142 |
| Total Low Lots Sold | 101 |
| Total Low Lots Bought In | 41 |
| Low Buy In % | 28.87% |
| Aggregate High Estimate of Low Lots | $651300 |
| Total Proceeds from Low Lots | $417689 |
| Mid Total Lots | 23 |
| Total Mid Lots Sold | 11 |
| Total Mid Lots Bought In | 12 |
| Mid Buy In % | 52.17% |
| Aggregate High Estimate of Mid Lots | $353000 |
| Total Proceeds from Mid Lots | $174720 |
| Total High Lots | 4 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 3 |
| High Buy In % | 75.00% |
| Aggregate High Estimate of High Lots | $330000 |
| Total Proceeds from High Lots | $38400 |
The top lot by High estimate was tied between two lots, each estimated at $70000-100000: lot 12, Edward Weston, Bertha Wardell, Glendale (Legs of a Dancer), 1927, and lot 72, László Moholy-Nagy, Untitled (Photogram), 1939; neither found a buyer. As a result, the top outcome of the sale fell to lot 3, Ansel Adams, Tetons and Snake River (Grand Teton National Park, Wyoming), 1942/early 1960s, estimated at $20000-30000, sold at $46080 (image above, via Bonhams.)
80.53% of the lots that sold had proceeds in or above the estimate range and there were 5 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Bonhams):
Lot 14, Edward Weston, Charis Wilson, Santa Monica (Nude), 1936/posthumous, estimated at $2000-3000, sold at $8960
Lot 47, Hiroshi Hamaya, Lagoon Fishing: Hachirogata, Akita, Japan, 1955, estimated at $1000-1500, sold at $4608
Lot 52, Shomei Tomatsu, Olympic Capriccio I, Toyko, 1962, estimated at $2000-3000, sold at $8960
Lot 92, W. Eugene Smith, Walk to Paradise Garden, 1946/before 1978, estimated at $6000-9000, sold at $19200
Lot 152, Eliot Porter, Redbud Tree in Bottom Land, Red River Gorge, Kentucky, 1968/later, estimated at $2000-3000, sold at $6144
The complete lot by lot results can be found here.
I really like the Shomei Tomatsu. It’s difficult to work out quite how it was made, let alone why.