Sotheby’s got the Spring photography auction season in London started last week with its various owner Photographs sale. Led by a Richard Avedon portfolio (which found a buyer), the sale generally met expectations. The overall Buy-In rate hovered above 27%, but with a handful of largely lower-end surprises to pick up some of the slack, the Total Sale Proceeds fell squarely in the middle of the aggregate pre-sale range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 72 |
| Aggregate Pre Sale Low Estimate | £1118000 |
| Aggregate Pre Sale High Estimate | £1630000 |
| Total Lots Sold | 52 |
| Total Lots Bought In | 20 |
| Buy In % | 27.78% |
| Total Sale Proceeds | £1307250 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 12 |
| Total Low Lots Sold | 9 |
| Total Low Lots Bought In | 3 |
| Low Buy In % | 25.00 |
| Aggregate High Estimate of Low Lots | £52000 |
| Total Proceeds from Low Lots | £67375 |
| Mid Total Lots | 42 |
| Total Mid Lots Sold | 31 |
| Total Mid Lots Bought In | 11 |
| Mid Buy In % | 26.19% |
| Aggregate High Estimate of Mid Lots | £573000 |
| Total Proceeds from Mid Lots | £476625 |
| Total High Lots | 18 |
| Total High Lots Sold | 12 |
| Total High Lots Bought In | 6 |
| High Buy In % | 33.33% |
| Aggregate High Estimate of High Lots | £1005000 |
| Total Proceeds from High Lots | £763250 |
The top photography lot by High estimate was lot 24, Richard Avedon, Avedon/Paris portfolio, 1978, estimated at £150000-200000. It was also the top outcome of the sale at £237000 (image above, via Sotheby’s).
100.00% of the lots that sold had proceeds in or above the estimate range and there were a total of 7 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s):
Lot 8, Elliott Erwitt, Felix, Gladys, and Rover, 1974/later, estimated at £3000-5000, sold at £10000
Lot 9, Jeanloup Sieff, Chapeau du maitre Akio Hirata, 1992, estimated at £2000-3000, sold at £6000
Lot 10, Robert Doisneau, La Dame Idignee, The Romi Gallery, Paris, 1947, estimated at £2000-3000, sold at £10000
Lot 16, Helmut Newton, Woman With Horse, Burbank, 1987, estimated at £10000-15000, sold at £30000
Lot 19, Andy Warhol, Self-Portrait, 1977, estimated at £2000-3000, sold at £10000
Lot 22, Sally Mann, Venus After School, 1992, estimated at £3000-5000, sold at £11250
Lot 72, David Yarrow, 78 Degrees North, Svalvbard, Norway, 2017, estimated at £18000-25000, sold at £81250
The complete lot by lot results can be found here.
