The results from the recent Photographs sale at Bonhams in New York last week were largely unremarkable. The top lot Vik Muniz print found a buyer above its estimate range, but an overall Buy-In rate over 40% dampened the rest of the action. A few positive surprises tried to help the numbers, but when the dust settled, the Total Sale Proceeds (of roughly $435K) fell well below the low end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 212 |
| Aggregate Pre Sale Low Estimate | $546500 |
| Aggregate Pre Sale High Estimate | $799300 |
| Total Lots Sold | 126 |
| Total Lots Bought In | 86 |
| Buy In % | 40.57% |
| Total Sale Proceeds | $434351 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 206 |
| Total Low Lots Sold | 124 |
| Total Low Lots Bought In | 82 |
| Low Buy In % | 39.81% |
| Aggregate High Estimate of Low Lots | $658300 |
| Total Proceeds from Low Lots | $348691 |
| Mid Total Lots | 5 |
| Total Mid Lots Sold | 1 |
| Total Mid Lots Bought In | 4 |
| Mid Buy In % | 80.00% |
| Aggregate High Estimate of Mid Lots | $71000 |
| Total Proceeds from Mid Lots | $8960 |
| Total High Lots | 1 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | $70000 |
| Total Proceeds from High Lots | $76700 |
The top lot by High estimate was lot 110, Vik Muniz, LACMA (La Gerbe, after Matisse), Repro, 2015, estimated at $50000-70000; it was also the top outcome of the sale at $76700 (image above, via Bonhams.)
68.25% of the lots that sold had proceeds in or above the estimate range and there were a total of 5 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (image above, via Bonhams):
Lot 83, Tina Modotti, Maria Marin de Orozco (Head Bowed to Left), c1925, estimated at $1500-2500, sold at $5120
Lot 102, Robert Rauschenberg, Untitled (Alligator, Fort Myers), 1979/1991, estimated at $1000-1500, sold at $4480
Lot 118, Horst P. Horst, Papier-mâché Iris, New York, 1967, estimated at $2500-3500, sold at $8960
Lot 197, George Platt Lynes, Almost Abstract Nudes I (‘Tex Smutney + Buddy Stanley, or perhaps Bradbury Ball’), c1943/later, estimated at $1000-1500, sold at $3840
Lot 198, Tom Bianchi, Untitled (Sailing), 1991, estimated at $1000-1500, sold at $3840
The complete lot by lot results can be found here.
