Auction Results: Photographs, May 19, 2016 @Sotheby’s London

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.

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