The results from the Photographs sale at Bonhams in New York last week were largely uneventful. More than a handful of positive surprises were balanced by a too large Buy-In rate (of over 38%), leading to Total Sale Proceeds (of just over $1M) that fell 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 | 195 |
| Aggregate Pre Sale Low Estimate | $1276200 |
| Aggregate Pre Sale High Estimate | $1859300 |
| Total Lots Sold | 121 |
| Total Lots Bought In | 74 |
| Buy In % | 38.27% |
| Total Sale Proceeds | $1043548 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 155 |
| Total Low Lots Sold | 103 |
| Total Low Lots Bought In | 52 |
| Low Buy In % | 33.55% |
| Aggregate High Estimate of Low Lots | $756300 |
| Total Proceeds from Low Lots | $545618 |
| Mid Total Lots | 36 |
| Total Mid Lots Sold | 16 |
| Total Mid Lots Bought In | 20 |
| Mid Buy In % | 55.56% |
| Aggregate High Estimate of Mid Lots | $833000 |
| Total Proceeds from Mid Lots | $366056 |
| Total High Lots | 4 |
| Total High Lots Sold | 2 |
| Total High Lots Bought In | 2 |
| High Buy In % | 50.00% |
| Aggregate High Estimate of High Lots | $270000 |
| Total Proceeds from High Lots | $131874 |
The top lot by High estimate was tied between three lots, each estimated at $50000-70000: lot 38, Irving Penn, Four Guedras (Morocco), 1971/1985, lot 151, Ansel Adams, Moonrise, Hernandez, New Mexico, c1941/c1970, and lot 154, Ansel Adams, Portfolio IV: What Majestic Word, In Memory of Russell Varian, 1963. The Adams Moonrise print was the top outcome of the sale at $69062 (image above, via Bonhams), while the Adams portfolio sold at $62812 and the Penn print did not sell.
88.43% of the lots that sold had proceeds in or above the estimate range and there were 7 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Bonhams):
Lot 28, Lucien Clergue, Nu de Paris, 1980s/later, estimated at $1200-1800, sold at $3825
Lot 39, Michel Ghatan, Gentle Giant, Tawi, Kenya, 2020, estimated at $5000-7000, sold at $24062
Lot 59, Jane and Louise Wilson, Stasi City (Interview Corridor, Hohenschönhausen Prison), 1997, estimated at $1200-1800, sold at $5355
Lot 66, Mimmo Jodice, Atleti dalla Villa dei Papiri, 1986, estimated at $1500-2000, sold at $21562
Lot 86, Bernd and Hilla Becher, Framework Houses 6, 1959-1976/1993, estimated at $5000-7000, sold at $14025
Lot 148, Edward Curtis, Before the Storm, Apache, 1904, estimated at $4000-6000, sold at $15300
Lot 152, Ansel Adams, Oak Tree, Snowstorm, Yosemite National Park, 1964/later, estimated at $2500-3500, sold at $7650
The complete lot by lot results can be found here.
