Auction Results: Photographs, March 23, 2013 @Heritage Beverly Hills

The results of the various owner Photographs sale at Heritage last week were generally weak. While the overall Buy-In rate was under 20%, 57% of the lots that sold found buyers at prices below the low estimate, likely the result of both lesser known material and a thin bidding base. With that as a backdrop, it shouldn’t be a surprise that the Total Sale Proceeds fell under the range.

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

Summary Statistics
Total Lots 121
Aggregate Pre Sale Low Estimate $497300
Aggregate Pre Sale High Estimate $777500
Total Lots Sold 100
Total Lots Bought In 21
Buy In % 17.36%
Total Sale Proceeds $375457

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

Detailed Breakdown
Low Total Lots 106
Total Low Lots Sold 89
Total Low Lots Bought In 17
Low Buy In % 16.04%
Aggregate High Estimate of Low Lots $394500
Total Proceeds from Low Lots $218894
Mid Total Lots 14
Total Mid Lots Sold 11
Total Mid Lots Bought In 3
Mid Buy In % 21.43%
Aggregate High Estimate of Mid Lots $303000
Total Proceeds from Mid Lots $156563
Total High Lots 1
Total High Lots Sold 0
Total High Lots Bought In 1
High Buy In % 100.00%
Aggregate High Estimate of High Lots $80000
Total Proceeds from High Lots $0

The top lot by High estimate is lot 74032, Irving Penn, Picasso, Cannes, 1957/before 1965, estimated at $60000-80000; it did not sell. The top photography outcome of the sale was lot 74084, Ansel Adams, Portfolio V, 1936-1960/1979, estimated at $30000-50000, sold at $43750.

Only 43.00% of the lots that sold had proceeds in or above the estimate range. There were a total of three surprises in the sale (defined as having proceeds of at least double the high estimate):

Lot 74103, Cindy Sherman, Untitled (Lucille Ball), 1975/2001, estimated at $4000-6000, sold at $23750 (image at right, top, via Heritage)

Lot 74111, Robert Mapplethorpe, Lady, Lisa Lyon, 1982, estimated at $600-800, sold at $1625 (image at right, bottom, via Heritage)

Lot 74115, Steven Meisel, Madonna Hitching, 1992/later, estimated at $3000-5000, sold at $10625 (image at right, middle, via Heritage)

Complete lot by lot results can be found here.

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Read more about: Cindy Sherman, Robert Mapplethorpe, Steven Meisel, Heritage Auctions

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