The results of the recent various owner Photographs sale at Phillips were largely uneventful. Weakness among the top lots was the culprit – with only 4 out of the top 10 lots finding buyers, there just wasn’t enough sustained momentum to give the sale punch. The overall Buy-In rate came in just underneath a third of the lots, driving the Total Sale Proceeds beneath 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 | 134 |
| Aggregate Pre Sale Low Estimate | $3053000 |
| Aggregate Pre Sale High Estimate | $4391000 |
| Total Lots Sold | 90 |
| Total Lots Bought In | 44 |
| Buy In % | 32.84% |
| Total Sale Proceeds | $2765000 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 36 |
| Total Low Lots Sold | 28 |
| Total Low Lots Bought In | 8 |
| Low Buy In % | 22.22% |
| Aggregate High Estimate of Low Lots | $253000 |
| Total Proceeds from Low Lots | $241250 |
| Mid Total Lots | 75 |
| Total Mid Lots Sold | 51 |
| Total Mid Lots Bought In | 24 |
| Mid Buy In % | 32.00% |
| Aggregate High Estimate of Mid Lots | $1713000 |
| Total Proceeds from Mid Lots | $1413750 |
| Total High Lots | 23 |
| Total High Lots Sold | 11 |
| Total High Lots Bought In | 12 |
| High Buy In % | 52.17% |
| Aggregate High Estimate of High Lots | $2425000 |
| Total Proceeds from High Lots | $1110000 |
The top lot by High estimate was lot 301, Man Ray, Rayograph, 1922, estimated at $250000-350000 (image in preview post); it was also the top outcome of the sale at $300000.
93.33% of the lots that sold had proceeds in or above the estimate range and there were a total of 7 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Phillips):
Lot 272, Robert Mapplethorpe, Thomas, 1987, estimated at $12000-18000, sold at $52500
Lot 275, Robert Mapplethorpe, NYC Contemporary Ballet, 1980, estimated at $6000-8000, sold at $20000
Lot 277, Eliot Porter, Intimate Landscapes (portfolio), 1979, estimated at $7000-9000, sold at $18750
Lot 287, Lewis Hine, Mechanic at Steam Pump in Electric Power House, 1921/c1930, estimated at $15000-20000, sold at $68750 (image in preview post)
Lot 292, Sally Mann, The New Mothers, 1989, estimated at $20000-30000, sold at $75000
Lot 299, Man Ray, Lise Deharme en ‘La Dame de Pique’, c1935, estimated at $8000-12000, sold at $27500
Lot 308, Daido Moriyama, Stray Dog, Misawa Aomori, 1971/later, estimated at $3000-5000, sold at $12500
The complete lot by lot results can be found here.
