Auction Results: Photographs, Including Works from the Collection of Ernesto Esposito, November 16, 2022 @Sotheby’s Paris (online)

The results from the recent Photographs sale at Sotheby’s in Paris (online) last week were altogether soft. The top two price tiers had buy-in rates over 60% and the the lower price tier was plagued by no reserve lots that sold well under their estimate ranges. With the top lot Peter Beard work failing to find a buyer and just a handful of positive surprises to balance the load, the Total Sale Proceeds (of just under €700K) came in at less than half of the bottom end of the aggregate pre-sale estimate range.

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

Summary Statistics
Total Lots 172
Aggregate Pre Sale Low Estimate €1509100
Aggregate Pre Sale High Estimate €2225400
Total Lots Sold 115
Total Lots Bought In 57
Buy In % 33.14%
Total Sale Proceeds €697536

Here is the breakdown (using our typical Low, Mid, and High definitions). Given recent currency fluctuations, we have once again re-adapted our local currency thresholds to match roughly $10000 and $50000 break points between categories.

Detailed Breakdown
Low Total Lots 121
Total Low Lots Sold 97
Total Low Lots Bought In 24
Low Buy In % 19.83%
Aggregate High Estimate of Low Lots €539400
Total Proceeds from Low Lots €325206
Mid Total Lots 44
Total Mid Lots Sold 17
Total Mid Lots Bought In 27
Mid Buy In % 61.36%
Aggregate High Estimate of Mid Lots €966000
Total Proceeds from Mid Lots €309330
Total High Lots 7
Total High Lots Sold 1
Total High Lots Bought In 6
High Buy In % 85.71%
Aggregate High Estimate of High Lots €720000
Total Proceeds from High Lots €63000

The top lot by High estimate was lot 144, Peter Beard, Kids and Croc (15’ 9″ Crocodyle), 1968/1997, estimated at €200000-300000; it did not sell. The top outcome of the sale was lot 153, Shirin Neshat, ‘Untitled’ (from ‘Women of Allah’), 1996, estimated at €50000-70000, sold at €63000 (image above, via Sotheby’s).

65.22% of the lots that sold had proceeds in or above the estimate range and there were a total of 5 surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Sotheby’s):

Lot 17, Andres Serrano, ‘Rodeo Queen, Jennifer Ridgley’ (from America), 2002, estimated at €2000-3000, sold at €6930

Lot 27, Bruce Bellas, Selected Images, 1950s, estimated at €100-200, sold at €1764

Lot 66, Harry Peccinotti, ‘Tear London’, 1969, estimated at €600-800, sold at €1890

Lot 91, Barbara Probst, Exposure #32: N.Y.C., 249 W. 34th Street, 01.02.05, 5:04 p.m., 2005, estimated at €6000-8000, sold at €16380

Lot 147, Nick Brandt, Lion Couple, Serengeti, 2010, estimated at €8000-12000, sold at €31500

Complete lot by lot results can be found here.

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Read more about: Andres Serrano, Barbara Probst, Bruce Bellas, Harry Peccinotti, Nick Brandt, Shirin Neshat, Sotheby's

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