An overall Buy-In rate of higher than 40% is a tough obstacle for any auction to overcome, and Sotheby’s various owner Photographs sale in London failed to discover any solution to the problem of too many passed lots. With few positive surprises to bolster the foundations, the Total Sale Proceeds stumbled to noticeably less than the aggregate pre-sale estimate.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 99 |
| Aggregate Pre Sale Low Estimate | £1037500 |
| Aggregate Pre Sale High Estimate | £1527500 |
| Total Lots Sold | 58 |
| Total Lots Bought In | 41 |
| Buy In % | 41.41% |
| Total Sale Proceeds | £816000 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 15 |
| Total Low Lots Sold | 10 |
| Total Low Lots Bought In | 5 |
| Low Buy In % | 33.33% |
| Aggregate High Estimate of Low Lots | £69500 |
| Total Proceeds from Low Lots | £40375 |
| Mid Total Lots | 71 |
| Total Mid Lots Sold | 41 |
| Total Mid Lots Bought In | 30 |
| Mid Buy In % | 42.25% |
| Aggregate High Estimate of Mid Lots | £838000 |
| Total Proceeds from Mid Lots | £544375 |
| Total High Lots | 13 |
| Total High Lots Sold | 7 |
| Total High Lots Bought In | 6 |
| High Buy In % | 46.15% |
| Aggregate High Estimate of High Lots | £620000 |
| Total Proceeds from High Lots | £231250 |
The top photography lot by High estimate was lot 52, Peter Beard, Elui, son of Nzenge Mkambo from Voi, 1962/later, estimated at £70000-100000 (image in preview post). It did not sell. The top outcome of the sale was lot 51, David Yarrow, Mankind, 2014, estimated at £15000-20000, sold at £60000 (image above, via Sotheby’s).
While 100.00% of the lots that sold had proceeds in or above the estimate range, only 32% sold above their ranges and there were only a total of 3 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s):
Lot 9, George Hoyningen-Huene, The Divers, 1930/later, estimated at £5000-7000, sold at £18750
Lot 51, David Yarrow, Mankind, 2014, estimated at £15000-20000, sold at £60000
Lot 76, Nan Goldin, Nan and Brian in Bed, N.Y.C., 1983, estimated at £8000-12000, sold at £50000
The complete lot by lot results can be found here.
