Whether it was careful estimate setting or simply measured bidding, the results at the recent various owner Photographs sale at Phillips often fell in line with expectations. The top lot Cindy Sherman print found a buyer, and while there were only two positive surprises across the entire sale, with an overall Buy-In rate at roughly 30%, the Total Sale Proceeds stayed steady, finding the middle of the aggregate pre-sale estimate.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 215 |
| Aggregate Pre Sale Low Estimate | $3195500 |
| Aggregate Pre Sale High Estimate | $4649500 |
| Total Lots Sold | 150 |
| Total Lots Bought In | 65 |
| Buy In % | 30.23% |
| Total Sale Proceeds | $3508375 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 89 |
| Total Low Lots Sold | 58 |
| Total Low Lots Bought In | 31 |
| Low Buy In % | 34.83% |
| Aggregate High Estimate of Low Lots | $640500 |
| Total Proceeds from Low Lots | $438750 |
| Mid Total Lots | 107 |
| Total Mid Lots Sold | 77 |
| Total Mid Lots Bought In | 30 |
| Mid Buy In % | 28.04% |
| Aggregate High Estimate of Mid Lots | $2449000 |
| Total Proceeds from Mid Lots | $1722125 |
| Total High Lots | 19 |
| Total High Lots Sold | 15 |
| Total High Lots Bought In | 4 |
| High Buy In % | 21.05% |
| Aggregate High Estimate of High Lots | $1560000 |
| Total Proceeds from High Lots | $1347500 |
The top lot by High estimate was lot 258, Cindy Sherman, Untitled #296, 1994, estimated at $180000-220000; it was also the top outcome of the sale at $325000 (image above via Phillips).
91.33% of the lots that sold had proceeds in or above the estimate range and there were a total of 2 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Phillips):
Lot 191, Richard Misrach, Ocotillo #1, Arizona, 1976, estimated at $5000-7000, sold at $15000
Lot 228, Robert Mapplethorpe, Y Portfolio, 1978, estimated at $30000-50000, sold at $112500
The complete lot by lot results can be found here.
