An overall Buy-In rate of nearly 50% dampened the results of the recent Photographs sale at Sotheby’s in London. The softness was felt similarly across the price tiers, with the highest price tier faring the worst and the top lot failing to sell. Prints from Wolfgang Tillmans fought against the prevailing tide and performed solidly. In the end, the Total Sale Proceeds (of roughly £1.0M) fell 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 | 149 |
| Aggregate Pre Sale Low Estimate | £1570900 |
| Aggregate Pre Sale High Estimate | £2289100 |
| Total Lots Sold | 77 |
| Total Lots Bought In | 72 |
| Buy In % | 48.32% |
| Total Sale Proceeds | £1077058 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 40 |
| Total Low Lots Sold | 21 |
| Total Low Lots Bought In | 19 |
| Low Buy In % | 47.50% |
| Aggregate High Estimate of Low Lots | £161100 |
| Total Proceeds from Low Lots | £93240 |
| Mid Total Lots | 86 |
| Total Mid Lots Sold | 46 |
| Total Mid Lots Bought In | 40 |
| Mid Buy In % | 46.51% |
| Aggregate High Estimate of Mid Lots | £941000 |
| Total Proceeds from Mid Lots | £568018 |
| Total High Lots | 23 |
| Total High Lots Sold | 10 |
| Total High Lots Bought In | 13 |
| High Buy In % | 56.52% |
| Aggregate High Estimate of High Lots | £1187000 |
| Total Proceeds from High Lots | £415800 |
The top photography lot by High estimate was lot 36, Peter Beard, Large Mugger Crocodile, Circa 15-16 Feet, Uganda, 1966, estimated at £100000-150000; it did not sell. The top outcome of the sale was lot 154, Mario Testino, Exposed, Kate Moss, 2008, estimated at £60000-80000, sold at £75600 (image above, via Sotheby’s.)
97.40% of the lots that sold had proceeds in or above the estimate range and there were a total of 4 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (image above via Sotheby’s):
Lot 21, Misan Harriman, Why is Ending Racism a Debate?, London, June 2020, 2020, estimated at £3000-5000, sold at £10080
Lot 43, Wolfgang Tillmans, Paper Drop, Star, 2006, estimated at £7000-10000, sold at £35280
Lot 46, Wolfgang Tillmans, Dan, 2008/2009, estimated at £5000-7000, sold at £15120
Lot 49, Wolfgang Tillmans, Window Caravaggio, 1997/1999, estimated at £8000-12000, sold at £27720
The complete lot by lot results can be found here.
