The results from Sotheby’s recent Photographs sale in London were generally uninspiring. With an overall Buy-In rate over 40% and only 1 positive surprise, there wasn’t much to get excited about. Not surprisingly, the Total Sale Proceeds missed the low end of the aggregate pre-sale range by a decent margin.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 134 |
| Aggregate Pre Sale Low Estimate | £1733000 |
| Aggregate Pre Sale High Estimate | £2469000 |
| Total Lots Sold | 80 |
| Total Lots Bought In | 54 |
| Buy In % | 40.30% |
| Total Sale Proceeds | £1422375 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 14 |
| Total Low Lots Sold | 12 |
| Total Low Lots Bought In | 2 |
| Low Buy In % | 14.29% |
| Aggregate High Estimate of Low Lots | £68000 |
| Total Proceeds from Low Lots | £55000 |
| Mid Total Lots | 101 |
| Total Mid Lots Sold | 58 |
| Total Mid Lots Bought In | 43 |
| Mid Buy In % | 42.57% |
| Aggregate High Estimate of Mid Lots | £1186000 |
| Total Proceeds from Mid Lots | £692625 |
| Total High Lots | 19 |
| Total High Lots Sold | 10 |
| Total High Lots Bought In | 9 |
| High Buy In % | 47.37% |
| Aggregate High Estimate of High Lots | £1215000 |
| Total Proceeds from High Lots | £674750 |
The top lot by High estimate was lot 78, Irving Penn, Mouth (for L’Oreal), New York, 1986/1992, estimated at £180000-230000 (image in preview post). It was also the top outcome of the sale at £221000.
98.75% of the lots that sold had proceeds in or above the estimate range and there was only 1 positive surprise in the sale (defined as having proceeds of at least double the high estimate) (image above via Sotheby’s):
Lot 108, Elliott Erwitt, California Kiss, 1955, estimated at £6000-8000, sold at £18750
The complete lot by lot results can be found here.
