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
Aggregate Pre Sale Low Estimate $3938000
Aggregate Pre Sale High 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
Total Low Lots Sold 28
Total Low Lots Bought In 11
Low Buy In % 28.21%
Aggregate High Estimate of Low Lots $284000
Total Proceeds from Low Lots $119313
Mid Total Lots 124
Total Mid Lots Sold 82
Total Mid Lots Bought In 42
Mid Buy In % 33.87%
Aggregate High Estimate of Mid Lots $2691000
Total Proceeds from Mid Lots $1389500
Total High Lots 17
Total High Lots Sold 10
Total High Lots Bought In 7
High Buy In % 41.18%
Aggregate High Estimate of High Lots $3020000
Total Proceeds from High Lots $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.

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Read more about: Daido Moriyama, Diane Arbus, Irving Penn, Christie's

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