Auction Results: Photographs, October 5, 2018 @Christie’s

The results from Christie’s recent various owner Photographs sale in New York were largely underwhelming. A Diane Arbus print led the way and found a buyer, but with only 2 positive surprises matched against a 33% Buy-In rate overall, the Total Sale Proceeds came in meaningfully under 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 180
Pre Sale Low Total Estimate $3938000
Pre Sale High Total Estimate $5995000
Total Lots Sold 120
Total Lots Bought In 60
Buy In % 33.33%
Total Sale Proceeds $3297563

Here is the breakdown (using our typical Low, Mid, and High definitions):

Detailed Breakdown
Low Total Lots 39
Low Sold 28
Low Bought In 11
Low Buy In % 28.21%
Total Low Estimate $284000
Total Low Sold $119313
Mid Total Lots 124
Mid Sold 82
Mid Bought In 42
Mid Buy In % 33.87%
Total Mid Estimate $2691000
Total Mid Sold $1389500
Total High Lots 17
High Sold 10
High Bought In 7
High Buy In % 41.18%
Total High Estimate $3020000
Total High Sold $1788750

The top lot by High estimate was lot 242, Diane Arbus, Identical Twins, Roselle, NJ, 1966/1966-1969, estimated at $500000-700000; it was also the top outcome of the sale at $732500 (image above via Christie’s).

Only 63.33% of the lots that sold had proceeds in or above the estimate range and there were just 2 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Christie’s):

Lot 247, Daido Moriyama, National Highway 1 at Dawn, 1968, estimated at $6000-8000, sold at $16250

Lot 290, Irving Penn, Marchande de Ballons, Paris, 1950/1976, estimated at $10000-15000, sold at $57500

The complete lot by lot results can be found here.

Daido Moriyama, Diane Arbus, Irving Penn, Christie's

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