It was a generally forgettable outing at the Photographs sale at Bonhams in New York last week. Softness is the upper price ranges and an overall Buy-In rate over 40% reduced the overall tally, and with just one positive surprise to balance the passes, the Total Sale Proceeds (of roughly $690K) 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 | 158 |
| Aggregate Pre Sale Low Estimate | $937700 |
| Aggregate Pre Sale High Estimate | $1379800 |
| Total Lots Sold | 92 |
| Total Lots Bought In | 66 |
| Buy In % | 41.77% |
| Total Sale Proceeds | $689468 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 125 |
| Total Low Lots Sold | 77 |
| Total Low Lots Bought In | 48 |
| Low Buy In % | 38.40% |
| Aggregate High Estimate of Low Lots | $594800 |
| Total Proceeds from Low Lots | $297585 |
| Mid Total Lots | 30 |
| Total Mid Lots Sold | 13 |
| Total Mid Lots Bought In | 17 |
| Mid Buy In % | 56.67% |
| Aggregate High Estimate of Mid Lots | $585000 |
| Total Proceeds from Mid Lots | $275213 |
| Total High Lots | 3 |
| Total High Lots Sold | 2 |
| Total High Lots Bought In | 1 |
| High Buy In % | 33.33% |
| Aggregate High Estimate of High Lots | $200000 |
| Total Proceeds from High Lots | $116670 |
The top lot by High estimate was tied between two lots, each estimated at $50000-70000: lot 30, Irving Penn, Lorry Washers, London, 1950/1967, and lot 154, Robert Frank, Shirts, for Aspesi, Milan, 1988. The Penn print sold at $63375, while the Frank work did not sell. The top outcome of the sale was lot 102, Ansel Adams, Winter Sunrise, Sierra Nevada from Lone Pine, California, 1941/late 1950s, estimated at $30000-50000, sold at $75975 (image above, via Bonhams.)
82.61% of the lots that sold had proceeds in or above the estimate range and there was just 1 positive surprise in the sale (defined as having proceeds of at least double the high estimate) (image above, via Bonhams):
Lot 103, Ansel Adams, Golden Gate Before the Bridge, 1932/1932-1940, estimated at $8000-12000, sold at $28050
The complete lot by lot results can be found here.
