The results from the third part of the Martin Margulies collection sale at Phillips earlier this week in New York were generally solid. Following up on Part I of the sale last spring (results here) and Part II in October (results here), Part III continued the downward progression in overall photographic value. The top lots both found buyers, and between a respectable overall Buy-In rate (under 23%) and a number of low priced positive surprises, the Total Sale Proceeds (of roughly $315K) fell squarely in the middle of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 90 |
| Aggregate Pre Sale Low Estimate | $260700 |
| Aggregate Pre Sale High Estimate | $402500 |
| Total Lots Sold | 70 |
| Total Lots Bought In | 20 |
| Buy In % | 22.22% |
| Total Sale Proceeds | $318136 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 88 |
| Total Low Lots Sold | 68 |
| Total Low Lots Bought In | 20 |
| Low Buy In % | 22.73% |
| Aggregate High Estimate of Low Lots | $372500 |
| Total Proceeds from Low Lots | $289561 |
| Mid Total Lots | 2 |
| Total Mid Lots Sold | 2 |
| Total Mid Lots Bought In | 0 |
| Mid Buy In % | 0.00% |
| Aggregate High Estimate of Mid Lots | $30000 |
| Total Proceeds from Mid Lots | $28575 |
| 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, each estimated at $10000-15000: lot 34, John Baldessari, Foot and Stocking (With Big Toe Exposed): Brienne, Fran, Io, Phil, Shelly, 2010, and lot 41, Jeff Brouws, Coaling Towers, 2013; then Baldessari lot was the top outcome of the sale at $16510 (image above via Phillips), while the Brouws lot found a buyer at $12065.
71.43% of the lots that sold had proceeds in or above the estimate range and there were 9 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Phillips):
Lot 2, Danny Lyon, IRT 2, NYC, 1979-1980/1991, estimated at $1500-2500, sold at $5080
Lot 4, Jamel Shabazz, The Righteous Brothers, NYC from Back in the Days, 1980/later, estimated at $700-900, sold at $8890
Lot 5, Jamel Shabazz, Flying High from Back in the Days, 1982/later, estimated at $700-900, sold at $6096
Lot 25, David Goldblatt, Zewenfontein Informal Settlement with Dainfern Golf Estate and Country Club, 2001, estimated at $2000-3000, sold at$6096
Lot 64, Yasuhiro Ishimoto, North Avenue Beach, Chicago, c1952/later, estimated at $800-1200, sold at $3302
Lot 65, Yasuhiro Ishimoto, North Avenue Beach, Chicago, c1952/later, estimated at $800-1200, sold at $5080
Lot 66, Frank Paulin, Grant’s Bar, New York City, 1956/later, estimated at $800-1200, sold at $3556
Lot 68, Frank Paulin, Times Square (man walking), 1956/later, estimated at $800-1200, sold at $3048
Lot 69, Weegee, Lovers at the Palace Theater, c1945/later, estimated at $2000-3000, sold at $6985
The complete lot by lot results can be found here.
