Weakness at the highest price points manifested itself in two ways at the various owner Photographs sale at Phillips last week. The Buy-In rate for lots with high estimates above $50000 came in at a whopping 55%, and an additional 7 lots were withdrawn pre-sale, from the likes of Mapplethorpe, Sugimoto, and Ruff. With those withdrawls pulled out of the tally, even with a decent number of positive surprises, the Total Sale Proceeds (of roughly $3.9M) came in 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 | 288 |
| Aggregate Pre Sale Low Estimate | $4070800 |
| Aggregate Pre Sale High Estimate | $6022200 |
| Total Lots Sold | 220 |
| Total Lots Bought In | 68 |
| Buy In % | 23.61% |
| Total Sale Proceeds | $3933365 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 148 |
| Total Low Lots Sold | 115 |
| Total Low Lots Bought In | 33 |
| Low Buy In % | 22.30% |
| Aggregate High Estimate of Low Lots | $957200 |
| Total Proceeds from Low Lots | $889245 |
| Mid Total Lots | 120 |
| Total Mid Lots Sold | 96 |
| Total Mid Lots Bought In | 24 |
| Mid Buy In % | 20.00% |
| Aggregate High Estimate of Mid Lots | $2885000 |
| Total Proceeds from Mid Lots | $2416640 |
| Total High Lots | 20 |
| Total High Lots Sold | 9 |
| Total High Lots Bought In | 11 |
| High Buy In % | 55.00% |
| Aggregate High Estimate of High Lots | $2180000 |
| Total Proceeds from High Lots | $627480 |
The top lot by High estimate was lot 92, Cindy Sherman, Untitled #580, 2016, estimated at $250000-350000; it did not sell. The top outcome of the sale was lot 203, Vik Muniz, Marilyn Monroe, actress, NY City, May 6, 1957, after Avedon from Gordian Puzzles, 2007, estimated at $60000-80000, sold at $119700 (image above via Phillips).
97.27% of the lots that sold had proceeds in or above the estimate range and there were a total of 18 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Phillips):
Lot 21, Peter Hujar, Great Dane (Sphinx), 1981, estimated at $12000-18000, sold at $69300
Lot 44, Marcia Resnick, Landscape/Loftscape #14 (self-portrait), 1976, estimated at $2000-3000, sold at $11970
Lot 50, Francesca Woodman, Untitled, from Eel Series, 1977-1978/later, estimated at $5000-7000, sold at $21420
Lot 71, Lucien Clergue, Zebra Nude, New York, 1997/2010, estimated at $3000-5000, sold at $11340
Lot 77, Robert Mapplethorpe, Ken Moody, 1983, estimated at $6000-8000, sold at $18900
Lot 79, Annie Leibovitz, Julie Worden, Dancer, Mark Morris Dance Group, Clifton Point, Rhinebeck New York, 1999, estimated at $3000-5000, sold at $13860
Lot 90, Robert Longo, Untitled Pl. 13 from Men in the Cities, 2005, estimated at $8000-12000, sold at $32760
Lot 96, Shirin Neshat, Untitled from Soliloquy, 1999, estimated at $10000-15000, sold at $32760
Lot 106, Gillian Wearing, People, 2011, estimated at $10000-15000, sold at $32760
Lot 127, Gregory Crewdson, Untitled, 2001, estimated at $25000-35000, sold at $81900
Lot 166, Helen Levitt, New York City (phone booth), 1988/1993, estimated at $5000-7000, sold at $20160
Lot 209, Melvin Sokolsky, Sidekick, Paris, 1965/1998, estimated at $4000-6000, sold at $13860
Lot 219, William Klein, Club Allegro Fortissimo, Paris, 1990, estimated at $5000-7000, sold at $18900
Lot 260, Sebastião Salgado, Serra Pelada, Gold Mine, Brazil (Cast of Thousands), 1986/later, estimated at $10000-15000, sold at $30240
Lot 265, Jerry Uelsmann, Untitled (floating trees), 1969, estimated at $2000-3000, sold at $17640
Lot 277, Nan Goldin, The Hug, 1980, estimated at $5000-7000, sold at $18900
Lot 289, Joe Shere, Jayne Mansfield and Sophia Loren at Romanoff’s in Beverly Hills, c1958/later, estimated at $3000-5000, sold at $10080
Lot 291, Ellen von Unwerth, Original Sin, New Orleans, 1998/2010, estimated at $2500-3500, sold at $8190
The complete lot by lot results can be found here.
