Auction Results: Photographs, April 5, 2022 @Christie’s (online)

Photography NFTs continued their cross-over into the traditional auction world at Christie’s online Photographs sale last week. A set of 12 NFTs from Quantum Art’s Season One took the top lot honors (at roughly $160K), with work by Kris Graves, Julie Blackmon, Mona Kuhn and others. The rest of the sale generally performed to expectations, with softness across the board showing up in an overall Buy-In rate over 30%. A number of positive surprises helped to balance the load, but when the dust settled, the Total Sale Proceeds (of roughly $1.3M) came in just 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 87
Aggregate Pre Sale Low Estimate $1340000
Aggregate Pre Sale High Estimate $2026000
Total Lots Sold 58
Total Lots Bought In 29
Buy In % 33.33%
Total Sale Proceeds $1319346

Here is the breakdown (using our typical Low, Mid, and High definitions):

Detailed Breakdown
Low Total Lots 37
Total Low Lots Sold 25
Total Low Lots Bought In 12
Low Buy In % 32.43%
Aggregate High Estimate of Low Lots $246000
Total Proceeds from Low Lots $265356
Mid Total Lots 45
Total Mid Lots Sold 31
Total Mid Lots Bought In 14
Mid Buy In % 31.11%
Aggregate High Estimate of Mid Lots $1040000
Total Proceeds from Mid Lots $764190
Total High Lots 5
Total High Lots Sold 2
Total High Lots Bought In 3
High Buy In % 60.00%
Aggregate High Estimate of High Lots $740000
Total Proceeds from High Lots $289800

The top lot by High estimate was lot 28, Richard Avedon, Dovima with Elephants, Evening Dress by Dior, Cirque d’Hiver, Paris, 1955/1979, estimated at $150000-250000; it sold at $126000. The top outcome of the sale was lot 87, Various Artists, Quantum Art: Season One, 2021-2022, estimated at $150000-200000, sold at $163800 (image above, via Christie’s.)

96.55% of the lots that sold had proceeds in or above the estimate range and there were a total of 9 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Christie’s):

Lot 31, George Hoyningen-Huene, The Divers, 1930/later, estimated at $6000-8000, sold at $20160

Lot 34, Bert Stern, Marilyn in Black Dior Dress, 1962/later, estimated at $4000-6000, sold at $22680

Lot 36, Lillian Bassman, The V-Back Evenings, Suzy Parker, Dress by Trigère, New York, Harper’s Bazaar, 1955/later, estimated at $4000-6000, sold at $15120

Lot 37, Lillian Bassman, More Fashion Mileage Per Dress, Barbara Vaughn, Harper’s Bazaar, New York, 1956/later, estimated at $4000-6000, sold at $21420

Lot 41, Slim Aarons, Poolside Gossip, 1970/2005, estimated at $8000-10000, sold at $40320

Lot 43, Diane Arbus, A couple at a dance, N.Y.C., 1960/later, estimated at $6000-8000, sold at $20160

Lot 44, Henri Cartier-Bresson, Queen Charlotte’s Ball, London, England, 1959/later, estimated at $15000-20000, sold at $44100

Lot 55, Danny Lyon, Knoxville, 1967/2007, estimated at $3000-5000, sold at $12600

Lot 58, David Hockney, Self Portrait, Los Angeles, 1982, estimated at $10000-15000, sold at $94500

The complete lot by lot results can be found here.

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Read more about: Bert Stern, Danny Lyon, David Hockney, Diane Arbus, George Hoyningen-Huene, Henri Cartier-Bresson, Lillian Bassman, Slim Aarons, Christie's

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