By pretty much any measure, Bonhams had a tough Photographs sale earlier this week in New York. The overall Buy-In rate topped 50%, roughly 35% of the lots that did sell found buyers below the estimate range, and there were no positive surprises. While it might have been a bargain hunters paradise, with the Total Sale Proceeds well under the aggregate low estimate, there can’t have been too many smiles in the room.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 106 |
| Aggregate Pre Sale Low Estimate | $646000 |
| Aggregate Pre Sale High Estimate | $930000 |
| Total Lots Sold | 52 |
| Total Lots Bought In | 54 |
| Buy In % | 50.94% |
| Total Sale Proceeds | $331250 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 85 |
| Total Low Lots Sold | 44 |
| Total Low Lots Bought In | 41 |
| Low Buy In % | 48.24% |
| Aggregate High Estimate of Low Lots | $521000 |
| Total Proceeds from Low Lots | $196250 |
| Mid Total Lots | 21 |
| Total Mid Lots Sold | 9 |
| Total Mid Lots Bought In | 12 |
| Mid Buy In % | 57.14% |
| Aggregate High Estimate of Mid Lots | $409000 |
| Total Proceeds from Mid Lots | $135000 |
| 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 81, Irving Penn, Cigarette #48, 1972/1975, estimated at $30000-50000; it did not sell. The top outcome of the sale was lot 46, Edward Weston, Taos Pueblo, New Mexico, 1933/1935, estimated at $20000-30000, sold at $50000 (image above, via Bonhams).
Only 65.38% 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.
