Following the trend of lackluster results during this season’s photography auctions, the Photographs sale at Bonhams failed to generate much heat. The highest priced lots were the softest, but the overall Buy-In rate above 45% wasn’t a welcome metric. With just a few positive surprises to help the numbers a bit, the Total Sale Proceeds (of roughly $795K) fell far 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 | 191 |
| Aggregate Pre Sale Low Estimate | $1520700 |
| Aggregate Pre Sale High Estimate | $2320300 |
| Total Lots Sold | 105 |
| Total Lots Bought In | 86 |
| Buy In % | 45.03% |
| Total Sale Proceeds | $795432 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 154 |
| Total Low Lots Sold | 86 |
| Total Low Lots Bought In | 68 |
| Low Buy In % | 44.16% |
| Aggregate High Estimate of Low Lots | $795300 |
| Total Proceeds from Low Lots | $339712 |
| Mid Total Lots | 32 |
| Total Mid Lots Sold | 18 |
| Total Mid Lots Bought In | 14 |
| Mid Buy In % | 43.75% |
| Aggregate High Estimate of Mid Lots | $745000 |
| Total Proceeds from Mid Lots | $315520 |
| Total High Lots | 5 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 4 |
| High Buy In % | 80.00% |
| Aggregate High Estimate of High Lots | $780000 |
| Total Proceeds from High Lots | $140200 |
The top lot by High estimate was tied between two lots, both estimated at $150000-250000: lot 34, Richard Avedon, Francis Bacon, artist, Paris 4-11-79, 1979, and lot 48, Irving Penn, Poppy: Glowing Embers, 1968/1989; the Avedon print did not sell, while the Penn print was the top outcome of the sale at $140200 (image above, via Bonhams.)
Just 59.30% of the lots that sold had proceeds in or above the estimate range and there were 3 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Bonhams):
Lot 32, Alfred Eisenstaedt, Andrew Wyeth’s Bedroom, Cushing, Maine, 1965, estimated at $1500-2500, sold at $7040
Lot 43, John Dugdale, Palazzo Doria (Hall of Antiquities), Rome, 1997, estimated at $1000-2000, sold at $4480
Lot 189, Barbara Probst, Exposure #103: N.Y.C., 401 Broadway, 12.05.12, 4:26 p.m., 2012, estimated at $5000-7000, sold at $15360
The complete lot by lot results can be found here.
