The results of Bonhams’ Photographs sale yesterday in New York were generally lackluster. The overall Buy-In rate was more than 35% and the Total Sale Proceeds missed the low end of the estimate range by more than a whisker.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 135 |
| Aggregate Pre Sale Low Estimate | $843000 |
| Aggregate Pre Sale High Estimate | $1204500 |
| Total Lots Sold | 86 |
| Total Lots Bought In | 49 |
| Buy In % | 36.30% |
| Total Sale Proceeds | $674750 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 113 |
| Total Low Lots Sold | 74 |
| Total Low Lots Bought In | 39 |
| Low Buy In % | 34.51% |
| Aggregate High Estimate of Low Lots | $633500 |
| Total Proceeds from Low Lots | $393000 |
| Mid Total Lots | 20 |
| Total Mid Lots Sold | 11 |
| Total Mid Lots Bought In | 9 |
| Mid Buy In % | 45.00% |
| Aggregate High Estimate of Mid Lots | $396000 |
| Total Proceeds from Mid Lots | $201250 |
| Total High Lots | 2 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 1 |
| High Buy In % | 50.00% |
| Aggregate High Estimate of High Lots | $175000 |
| Total Proceeds from High Lots | $80500 |
The top lot by High estimate was lot 27, Edward Weston, Fiftieth Anniversary Portfolio, 1902-1952, c1952, estimated at $60000-90000; it was also the top outcome of the sale at $80500.
70.93% of the lots that sold had proceeds in or above the estimate range. There were a total of 4 surprises in this sale (defined as having proceeds of at least double the high estimate):
Lot 38, Manuel Alvarez Bravo, La buena fama, durmiendo, 1938-1939/1970s, estimated at $5000-7000, sold at $21250 (image at right, bottom, via Bonhams)
Lot 81, Nicholas Nixon, Yazoo City, 1979, estimated at $2000-3000, sold at $6000 (image at right, middle, via Bonhams)
Lot 93, Sebastião Salgado, Man Lying in Oil, Kuwait, 1991, estimated at $3000-5000, sold at $15000 (image at right, top, via Bonhams)
Lot 94, Sebastião Salgado, Greater Buhrman Oil Field, Kuwait, 1991, estimated at $2000-3000, sold at $6875
Complete lot by lot results can be found here.
