The results from the Photographs sale at Bonhams in New York earlier this week were generally lackluster. Particular weakness plagued the higher price tiers, and the overall Buy-In rate came in over 42%. With just one positive surprise to pick up the slack, the Total Sale Proceeds (of roughly $470K) fell well below the low end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 110 |
| Aggregate Pre Sale Low Estimate | $690700 |
| Aggregate Pre Sale High Estimate | $1020400 |
| Total Lots Sold | 63 |
| Total Lots Bought In | 47 |
| Buy In % | 42.73% |
| Total Sale Proceeds | $469616 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 84 |
| Total Low Lots Sold | 54 |
| Total Low Lots Bought In | 30 |
| Low Buy In % | 35.71% |
| Aggregate High Estimate of Low Lots | $385400 |
| Total Proceeds from Low Lots | $255244 |
| Mid Total Lots | 23 |
| Total Mid Lots Sold | 8 |
| Total Mid Lots Bought In | 15 |
| Mid Buy In % | 65.22% |
| Aggregate High Estimate of Mid Lots | $445000 |
| Total Proceeds from Mid Lots | $166560 |
| Total High Lots | 3 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 2 |
| High Buy In % | 66.67% |
| Aggregate High Estimate of High Lots | $190000 |
| Total Proceeds from High Lots | $47812 |
The top lot by High estimate was lot 34, Brian Duffy, David Bowie, “Aladdin Sane” (Eyes Open), 1973/2015, estimated at $50000-70000; it sold at $47812. The top outcome of the sale was lot 16 Ansel Adams, Winter Sunrise, Sierra Nevada from Lone Pine, California, 1944/1980, estimated at $30000-50000, sold at $50312 (image above, via Bonhams.)
80.85% of the lots that sold had proceeds in or above the estimate range and there was just 1 positive surprise in the sale (defined as having proceeds of at least double the high estimate) (image above, via Bonhams):
Lot 74, Andreas Feininger, Lunch Rush on Fifth Avenue, New York, 1950/later, estimated at $2500-3500, sold at $7006
The complete lot by lot results can be found here.
