The results from the recent Photographs sale at Hindman in Chicago were generally underwhelming. The two top lot Diane Arbus prints underperformed (one failing to sell, the other selling under its low estimate), and with an overall Buy-In rate of 40% and few positive surprises, the Total Sale Proceeds (of roughly $250K) 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 | 135 |
| Aggregate Pre Sale Low Estimate | $412600 |
| Aggregate Pre Sale High Estimate | $610300 |
| Total Lots Sold | 81 |
| Total Lots Bought In | 54 |
| Buy In % | 40.00% |
| Total Sale Proceeds | $249103 |
Here is the breakdown (using our typical Low, Mid, and High price range definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 128 |
| Total Low Lots Sold | 76 |
| Total Low Lots Bought In | 52 |
| Low Buy In % | 40.63% |
| Aggregate High Estimate of Low Lots | $470300 |
| Total Proceeds from Low Lots | $195353 |
| Mid Total Lots | 7 |
| Total Mid Lots Sold | 5 |
| Total Mid Lots Bought In | 2 |
| Mid Buy In % | 28.57% |
| Aggregate High Estimate of Mid Lots | $140000 |
| Total Proceeds from Mid Lots | $53750 |
| Total High Lots | 0 |
| Total High Lots Sold | NA |
| Total High Lots Bought In | NA |
| High Buy In % | NA |
| Aggregate High Estimate of High Lots | $0 |
| Total Proceeds from High Lots | $0 |
The top lot by High estimate was tied between two lots, both estimated at $20000-30000: lot 13, Diane Arbus, A Jewish giant at home with his parents in the Bronx, N.Y., 1970/1973, and lot 36, Diane Arbus, A young Brooklyn family going for a Sunday outing, N.Y.C., 1966/1973; the first print did not sell and the second found a buyer at $12500. The top outcome of the sale was lot 88, Ansel Adams, Half Dome, Merced River, Winter, Yosemite National Park, California, 1938/later, estimated at $10000-15000, sold at $18750 (image above, via Hindman).
53.09% 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 Hindman):
Lot 20, William Christenberry, Red Building in Forest, Hale County, Alabama, 1983/later, estimated at $2000-3000, sold at $6250
The complete lot by lot results can be found here.
