Auction Results: Photographs from the Collection of the Art Institute of Chicago, October 1, 2014 @Phillips

Phillips’ single owner sale of prints from the collection of the Art Institute of Chicago earlier this week in New York was a resounding success. Led by strength in the mid and high priced lots (the more rare vintage material by and large) and punctuated by plenty of positive surprises, the Total Sale Proceeds exceeded the highpoint of the pre-sale estimate. While good material can of course stand on its own, there’s nothing like a quality museum provenance to open up collectors’ wallets.

The summary statistics are below (all results include the buyer’s premium):

Summary Statistics
Total Lots 117
Aggregate Pre Sale Low Estimate $1482000
Aggregate Pre Sale High Estimate $1659800
Total Lots Sold 86
Total Lots Bought In 31
Buy In % 26.50%
Total Sale Proceeds $1713625

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

Detailed Breakdown
Low Total Lots 82
Total Low Lots Sold 55
Total Low Lots Bought In 27
Low Buy In % 32.93%
Aggregate High Estimate of Low Lots $483800
Total Proceeds from Low Lots $401750
Mid Total Lots 29
Total Mid Lots Sold 25
Total Mid Lots Bought In 4
Mid Buy In % 13.79%
Aggregate High Estimate of Mid Lots $616000
Total Proceeds from Mid Lots $734625
Total High Lots 6
Total High Lots Sold 6
Total High Lots Bought In 0
High Buy In % 0.00%
Aggregate High Estimate of High Lots $560000
Total Proceeds from High Lots $577250

The top lot by High estimate was tied between two lots: lot 36, Henri Cartier-Bresson, Cordoba, Spain, 1933, and lot 79, Irving Penn, Mermaid Dress (Rochas), Lisa Fonssagrives-Penn, 1950/1979, both estimated at $80000-120000; the Cartier-Bresson was the top outcome of the sale at $161000, while the Penn sold for $93750.

An impressive 97.67% of the lots that sold had proceeds in or above the estimate range, and there were a total of 10 surprises in the sale (defined as having proceeds of at least double the high estimate):

Lot 3, Arnold Newman, Marc Chagall, 1942/1956, estimated at $2000-3000, sold at $6875

Lot 21, James Van Der Zee, Portrait of a Harlem Preacher, “Daddy Grace” and Congregation, and Untitled (Young black woman with studio background), 1938, 1931, estimated at $2000-3000, sold at $11250

Lot 22, Walker Evans, Untitled (Subway Portrait), New York, 1938-1941, estimated at $10000-15000, sold at $40000 (image above, left, via Phillips)

Lot 23, Walker Evans, Untitled (Subway Portrait), New York, 1938-1941, estimated at $4000-6000, sold at $13750

Lot 46, Walker Evans, Tin Building, Moundville, Alabama, Summer, 1936, estimated at $4000-6000, sold at $20000

Lot 77, W. Eugene Smith, Untitled from As From My Window I Sometimes Glance, 1957-1958, estimated at $3000-5000, sold at $10000

Lt86, Yasuhiro Ishimoto, Chicago, 1951, estimated at $3000-5000, sold at $11250

Lot 89, Harry Callahan, Photographs, 1964, estimated at $1200-1800, sold at $5250

Lot 95, Garry Winogrand, Apollo II Moon Shot, Cape Kennedy, Florida, 1969/Later, estimated at $5000-7000, sold at $25000 (image above, right, via Phillips)

Lot 114, Robert Heinecken, Cliché Vary/Lesbianism, 1974, estimated at $30000-50000, sold at $149000 (image above, middle, via Phillips)

Complete lot by lot results can be found here.

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