The results from the Photographs sale at Finarte in Milan last week were generally unremarkable. A Wolfgang Tillmans paper drop took the top lot honors, but with an overall Buy-In rate over 38% and just a few positive surprises, the Total Sale Proceeds (of roughly €350K) 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 | 240 |
| Aggregate Pre Sale Low Estimate | €450950 |
| Aggregate Pre Sale High Estimate | €646250 |
| Total Lots Sold | 147 |
| Total Lots Bought In | 93 |
| Buy In % | 38.75% |
| Total Sale Proceeds | €353190 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 232 |
| Total Low Lots Sold | 142 |
| Total Low Lots Bought In | 90 |
| Low Buy In % | 38.79% |
| Aggregate High Estimate of Low Lots | €478250 |
| Total Proceeds from Low Lots | €271270 |
| Mid Total Lots | 8 |
| Total Mid Lots Sold | 5 |
| Total Mid Lots Bought In | 3 |
| Mid Buy In % | 37.50% |
| Aggregate High Estimate of Mid Lots | €168000 |
| Total Proceeds from Mid Lots | €81920 |
| Total High Lots | 0 |
| Total High Lots Sold | NA |
| Total High Lots Bought In | NA |
| High Buy In % | NA |
| Aggregate High Estimate of High Lots | €0 |
| Total Proceeds from High Lots | €0 |
The top lot by High estimate was lot 84, Gregory Crewdson, Untitled, 2005, estimated at €25000-35000; it did not sell. The top outcome of the sale was lot 122, Wolfgang Tillmans, Paper drop (shine), 2006, estimated at €12000-18000, sold at €25600 (image above, via Finarte).
80.20% of the lots that sold had proceeds in or above the estimate range and there were 3 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Finarte):
Lot 49, Giovanni Chiaramonte, Trapani, 1999, estimated at €800-1200, sold at €2432
Lot 142, Tatsuo Kawaguchi, COSMOS-Cassiopeia, 1974, estimated at €1000-1500, sold at €3328
Lot 162, Guido Guidi, Cesena, 1970s/1980s, estimated at €1000-1500, sold at €4480
Complete lot by lot results can be found here.
