The results from the recent Photographs sale at Bonhams in New York were generally underwhelming. The highest priced lots fared the worst, with both top lots failing to sell, but an overall Buy-In rate above 35% didn’t help matters either. With just a few positive surprises, the Total Sale Proceeds (of roughly $600K) 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 | 140 |
| Aggregate Pre Sale Low Estimate | $966300 |
| Aggregate Pre Sale High Estimate | $1421700 |
| Total Lots Sold | 89 |
| Total Lots Bought In | 51 |
| Buy In % | 36.43% |
| Total Sale Proceeds | $608896 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 110 |
| Total Low Lots Sold | 74 |
| Total Low Lots Bought In | 36 |
| Low Buy In % | 32.73% |
| Aggregate High Estimate of Low Lots | $637700 |
| Total Proceeds from Low Lots | $381696 |
| Mid Total Lots | 27 |
| Total Mid Lots Sold | 15 |
| Total Mid Lots Bought In | 12 |
| Mid Buy In % | 44.44% |
| Aggregate High Estimate of Mid Lots | $504000 |
| Total Proceeds from Mid Lots | $227200 |
| Total High Lots | 3 |
| Total High Lots Sold | 0 |
| Total High Lots Bought In | 3 |
| High Buy In % | 100.00% |
| Aggregate High Estimate of High Lots | $280000 |
| Total Proceeds from High Lots | $0 |
The top lot by High estimate was tied between two lots, estimated at $70000-100000 and $80000-100000 respectively: lot 13, Edward Steichen, White Lotus, 1939/1940, and lot 78, Diane Arbus, ‘Family On The Lawn One Sunday In Westchester, N.Y.’, 1968; neither print found a buyer. The top outcome of the sale fell to lot 8, Ansel Adams, Golden Gate Before The Bridge, 1932/1932-1935, estimated at $20000-30000, sold at $35840 (image above, via Bonhams.)
84.27% of the lots that sold had proceeds in or above the estimate range and there were 3 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Bonhams):
Lot 27, Sophie Calle, North Pole, 2018, estimated at $6000-8000, sold at $16640
Lot 34, Robert Mapplethorpe, Feet, 1982, estimated at $4000-6000, sold at $12160
Lot 110, Richard Misrach, ‘2.21.00, 4:38 p.m.’ (from ‘Golden Gate’), 2000, estimated at $3000-5000, sold at $10880
The complete lot by lot results can be found here.
