Auction Results: Photographs, June 21, 2022 @Doyle

Weakness in the middle and high price tiers scuttled the results of the recent Photographs sale at Doyle in New York. Not only did the top lot Andreas Gursky print fail to sell, only two of the next eight highest priced lots found buyers. While a number of positive surprises attempted to lift the numbers a bit, when the dust settled, the Total Sale Proceeds (of just $175K) fell well below 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 152
Aggregate Pre Sale Low Estimate $492200
Aggregate Pre Sale High Estimate $701500
Total Lots Sold 111
Total Lots Bought In 41
Buy In % 26.97%
Total Sale Proceeds $175952

Here is the breakdown (using our typical Low, Mid, and High price range definitions):

Detailed Breakdown
Low Total Lots 146
Total Low Lots Sold 110
Total Low Lots Bought In 36
Low Buy In % 24.66%
Aggregate High Estimate of Low Lots $284500
Total Proceeds from Low Lots $167132
Mid Total Lots 4
Total Mid Lots Sold 1
Total Mid Lots Bought In 3
Mid Buy In % 75.00%
Aggregate High Estimate of Mid Lots $77000
Total Proceeds from Mid Lots $8820
Total High Lots 2
Total High Lots Sold 0
Total High Lots Bought In 2
High Buy In % 100.00%
Aggregate High Estimate of High Lots $340000
Total Proceeds from High Lots $0

The top lot by High estimate was lot 71, Andreas Gursky, Hyatt Regency Hotel, Atlanta, 1996, estimated at $200000-250000; it did not sell. The top outcome of the sale was lot 97, Robert Mapplethorpe, Philip Glass and Robert Wilson, 1976, estimated at $10000-15000, sold at $8820 (image above, via Doyle).

Only 49.55% 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 Doyle):

Lot 3, Ansel Adams, Indian Property near Palm Springs, Cal., c1935/1939, estimated $2000-3000, sold at $8190

Lot 34, Preston Butler, Portrait of Lincoln, Springfield, Illinois, August 13, 1860, 1860/c1880, estimated at $600-900, sold at $5985

Lot 63, Gisele Freund, Frida Kahlo avec ses chiens, 1951/later, estimated at $1500-2500, sold at $5670

Lot 74, Cig Harvey, Devin and the Fireflies, Rockland, Maine, 2010, estimated at $500-800, sold at $2394

Lot 78, Graciela Iturbide, Señor de los pájaros/Lord of the birds, Nayarit, 1985, estimated at $500-800, sold at $2394

Lot 98, Vivian Maier, New York, NY, October 29, 1953, 1953/2014, estimated at $800-1200, sold at $3465

Lot 99, Vivian Maier, Self portrait, n.d./2017, estimated at $1000-1500, sold at $4095

Lot 100, Vivian Maier, Chicago, IL, 1954/2014, estimated at $800-1200, sold at $3465

Lot 105, Tina Modotti, Diego Rivera Mural for the Ministry of Education, Mexico City, detail, c1928, estimated at $400-600, sold at $1764

The complete lot by lot results can be found here.

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Read more about: Ansel Adams, Cig Harvey, Gisele Freund, Graciela Iturbide, Robert Mapplethorpe, Tina Modotti, Vivian Maier, Doyle

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