The highest priced lots in the recent Photographs sale at Bonhams in New York fared poorly, and coupled with an overall Buy-In rate over 45%, it was inevitable that the final tally would be disappointing. While a handful of positive surprises did help a bit, the Total Sale Proceeds fell well below the low end of the aggregate pre-sale estimate.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 138 |
| Aggregate Pre Sale Low Estimate | $1087000 |
| Aggregate Pre Sale High Estimate | $1604000 |
| Total Lots Sold | 75 |
| Total Lots Bought In | 63 |
| Buy In % | 45.65% |
| Total Sale Proceeds | $646250 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 101 |
| Total Low Lots Sold | 60 |
| Total Low Lots Bought In | 41 |
| Low Buy In % | 40.59% |
| Aggregate High Estimate of Low Lots | $593000 |
| Total Proceeds from Low Lots | $375000 |
| Mid Total Lots | 32 |
| Total Mid Lots Sold | 14 |
| Total Mid Lots Bought In | 18 |
| Mid Buy In % | 56.25% |
| Aggregate High Estimate of Mid Lots | $651000 |
| Total Proceeds from Mid Lots | $227500 |
| Total High Lots | 5 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 4 |
| High Buy In % | 80.00% |
| Aggregate High Estimate of High Lots | $360000 |
| Total Proceeds from High Lots | $43750 |
The top lot by High estimate was lot 32, Richard Avedon, Charlie Chaplin, Leaving America, September 13, 1952, 1952, estimated at $80000-120000; it did not sell. The top outcome of the sale was lot 81, Ansel Adams, The Tetons and the Snake River, Grand Teton National Park, Wyoming, 1942/later, estimated at $30000-50000, sold at $60000.
90.67% 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 18, Griffith J. Davis, Untitled, 1940s, estimated at $2000-3000, sold at $6875
Lot 65, Herb Ritts, Madonna, True Blue, Hollywood, 1985, estimated at $5000-7000, sold at $15000
Lot 72, Dain Tasker, Tulips; Lily; and Strelitzia (Bird of Paradise), c1930, together estimated at $5000-7000, sold at $30000
Lot 102, Man Ray, George Cukor’s House and Garden, 1940-1949, estimated at $2500-3500, sold at $8125
Lot 114, Martine Franck, 12 year old Tulka Khentrul Lodro Rabsel with his tutor, Lhagyel, Shechen Monastery, Bodnath, Nepal, 1996/later, estimated at $2000-3000, sold at $6000
The complete lot by lot results can be found here.
