The results from Phillips’ recent Photographs sale in New York earlier this week were altogether solid. The top lot Ansel Adams mural sold within its range, the overall Buy-In rate was less that 20%, and there were enough positive surprises to keep things interesting. When the dust settled, the Total Sale Proceeds (of roughly $4.1M) fell in the middle of the aggregate pre-sale estimate range. Given the virus-related uncertainties of the moment, it was an admirable outing.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 228 |
| Aggregate Pre Sale Low Estimate | $3734000 |
| Aggregate Pre Sale High Estimate | $5514000 |
| Total Lots Sold | 185 |
| Total Lots Bought In | 43 |
| Buy In % | 18.86% |
| Total Sale Proceeds | $4156250 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 102 |
| Total Low Lots Sold | 87 |
| Total Low Lots Bought In | 15 |
| Low Buy In % | 14.71% |
| Aggregate High Estimate of Low Lots | $725000 |
| Total Proceeds from Low Lots | $695625 |
| Mid Total Lots | 105 |
| Total Mid Lots Sold | 83 |
| Total Mid Lots Bought In | 22 |
| Mid Buy In % | 20.95% |
| Aggregate High Estimate of Mid Lots | $2414000 |
| Total Proceeds from Mid Lots | $1925625 |
| Total High Lots | 21 |
| Total High Lots Sold | 15 |
| Total High Lots Bought In | 6 |
| High Buy In % | 28.57% |
| Aggregate High Estimate of High Lots | $2375000 |
| Total Proceeds from High Lots | $1535000 |
The top lot by High estimate was lot 35, Ansel Adams, Winter Sunrise, Sierra Nevada from Lone Pine California, 1944/1967, estimated at $300000-50000; it was also the top outcome of the sale at $412500 (image above via Phillips).
94.59% of the lots that sold had proceeds in or above the estimate range and there were a total of 9 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Phillips):
Lot 5, Mario Giacomelli, Scanno, 1959/later, estimated at $3000-5000, sold at $10625
Lot 12, Henri Cartier-Bresson, Behind the Gare Saint-Lazare, Paris, 1932/later, estimated at $10000-15000, sold at $30000
Lot 18, Bernd and Hilla Becher, Cooling tower, steelworks, Haspe district, Hagen, Germany, 1969/later, estimated at $5000-7000, sold at $21250
Lot 42, Hiroshi Sugimoto, Time Exposed, 1991, estimated at $12000-18000, sold at $38750
Lot 73, Sally Mann, Holding Virginia, 1988, estimated at $10000-15000, sold at $40000
Lot 140, Francesca Woodman, It must be time for lunch now, New York, 1979/later, estimated at $5000-7000, sold at $16875
Lot 161, Nan Goldin, Anthony by the sea, Brighton, England, 1979/later, estimated at $10000-15000, sold at $30000
Lot 192, Abelardo Morell, Camera Obscura Image of Boston’s Old Custom House in Hotel Room, 1999, estimated at $3000-5000, sold at $10625
Lot 196, Peter Beard, Ruhuti Valley (Aberdare Forest, Kenya), record-class rhino [circa 47″] for The End of the Game, 1972/later, estimated at $60000-80000, sold at $162500
The complete lot by lot results can be found here.
