Softness in the top price tier led to weaker overall results in the recent various owner photographs sale at Christie’s. While the overall Buy-In rate for the sale hovered near 32%, that same figure for the highest priced lots was near 48%. With only a handful of positive surprises to make up the difference, the Total Sale Proceeds just clipped 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 | 179 |
| Aggregate Pre Sale Low Estimate | $3700000 |
| Aggregate Pre Sale High Estimate | $5551000 |
| Total Lots Sold | 121 |
| Total Lots Bought In | 58 |
| Buy In % | 32.40% |
| Total Sale Proceeds | $3701750 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 57 |
| Total Low Lots Sold | 37 |
| Total Low Lots Bought In | 20 |
| Low Buy In % | 35.09% |
| Aggregate High Estimate of Low Lots | $420000 |
| Total Proceeds from Low Lots | $307125 |
| Mid Total Lots | 101 |
| Total Mid Lots Sold | 73 |
| Total Mid Lots Bought In | 28 |
| Mid Buy In % | 27.72% |
| Aggregate High Estimate of Mid Lots | $2341000 |
| Total Proceeds from Mid Lots | $1704375 |
| Total High Lots | 21 |
| Total High Lots Sold | 11 |
| Total High Lots Bought In | 10 |
| High Buy In % | 47.62% |
| Aggregate High Estimate of High Lots | $2790000 |
| Total Proceeds from High Lots | $1690250 |
The top lot by High estimate was lot 232, Ansel Adams, Moonrise, Hernandez, New Mexico, 1941/1950s-1960s, estimated at $400000-600000 (image in preview post). It did not sell. The top outcome of the sale was lot 235, Ansel Adams, Clearing Winter Storm, Yosemite National Park, California, 1938/1970-1975, estimated at $300000-500000, sold at $559500 (image above, via Christie’s).
97.52% of the lots that sold had proceeds in or above the estimate range and there were a total of 5 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Christie’s):
Lot 146, Josef Koudelka, Kadan, 1962/later, estimated at $7000-9000, sold at $22500
Lot 188, Antoine Verglas, Elle, Ibiza, 2004, estimated at $8000-12000, sold at $25000
Lot 196, Robert Mapplethorpe, Tulips, 1987, estimated at $25000-35000, sold at $87500
Lot 206, Henri Cartier-Bresson, Stud farm to the south of Budapest, Hungary, 1964/later, estimated at $6000-8000, sold at $22500
Lot 207, Henri Cartier-Bresson, Siphnos, Greece, 1961/later, estimated at $6000-8000, sold at $16250
The complete lot by lot results can be found here.
