An overly large Buy-In rate (over 55%) and no positive surprises combined to dampen the results at the Photographs sale at Bonhams in New York last week. The Total Sale Proceeds tallied up at just over $750K, coming in meaningfully below the low end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
|Aggregate Pre Sale Low Estimate||$1225800|
|Aggregate Pre Sale High Estimate||$1804700|
|Total Lots Sold||73|
|Total Lots Bought In||91|
|Buy In %||55.49%|
|Total Sale Proceeds||$769379|
Here is the breakdown (using our typical Low, Mid, and High definitions):
|Low Total Lots||122|
|Total Low Lots Sold||51|
|Total Low Lots Bought In||71|
|Low Buy In %||58.20%|
|Aggregate High Estimate of Low Lots||$600700|
|Total Proceeds from Low Lots||$224604|
|Mid Total Lots||38|
|Total Mid Lots Sold||20|
|Total Mid Lots Bought In||18|
|Mid Buy In %||47.37%|
|Aggregate High Estimate of Mid Lots||$934000|
|Total Proceeds from Mid Lots||$413375|
|Total High Lots||4|
|Total High Lots Sold||2|
|Total High Lots Bought In||2|
|High Buy In %||50.00%|
|Aggregate High Estimate of High Lots||$270000|
|Total Proceeds from High Lots||$131400|
The top lot by High estimate was tied between three lots, each estimated at $50000-70000: lot 38, Ansel Adams, Maroon Bells, Near Aspen, Colorado, 1951/1974; lot 64, Ansel Adams, Portfolio One: Twelve Photographic Prints by Ansel Adams, 1938-1948/1948; and lot 128, Ansel Adams, Portfolio IV: What Majestic Word, in Memory of Russell Varian, 1963. The Maroon Bells print was the top outcome of the sale at $75075 (image above, via Bonhams), while Portfolio I did not sell and Portfolio IV sold at $56325.
86.30% of the lots that sold had proceeds in or above the estimate range and there were no positive surprises in the sale (defined as having proceeds of at least double the high estimate).
The complete lot by lot results can be found here.