Auction Results: Photographs Including Property Sold to Benefit the Elton John AIDS Foundation, April 6, 2017 @Christie’s

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.

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Read more about: Ansel Adams, Antoine Verglas, Henri Cartier-Bresson, Josef Koudelka, Robert Mapplethorpe, Christie's

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