Auction Results: Photographs (online), October 6, 2022 @Christie’s

Christie’s ran its fall Photographs sale in New York last week as an online only affair,  and while the sale generally met expectations, the results were on the soft side. The top lot Alfred Stieglitz city scene found a buyer below its estimate range, and was then topped by a Man Ray print of Lee Miller, which more than doubled its high estimate. But the overall Buy-In rate came in above 35%, leading to Total Sale Proceeds (of roughly $3.1M) that came in just 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 143
Aggregate Pre Sale Low Estimate $3484000
Aggregate Pre Sale High Estimate $5134000
Total Lots Sold 91
Total Lots Bought In 52
Buy In % 36.36%
Total Sale Proceeds $3122028

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

Detailed Breakdown
Low Total Lots 41
Total Low Lots Sold 26
Total Low Lots Bought In 15
Low Buy In % 36.59%
Aggregate High Estimate of Low Lots $303000
Total Proceeds from Low Lots $170856
Mid Total Lots 77
Total Mid Lots Sold 46
Total Mid Lots Bought In 31
Mid Buy In % 40.26%
Aggregate High Estimate of Mid Lots $1816000
Total Proceeds from Mid Lots $907452
Total High Lots 25
Total High Lots Sold 19
Total High Lots Bought In 6
High Buy In % 24.00%
Aggregate High Estimate of High Lots $3015000
Total Proceeds from High Lots $2043720

The top lot by High estimate was lot 7, Alfred Stieglitz, From the Back Window – ‘291’, 1915, estimated at $300000-500000; it sold at $252000. The top outcome of the sale was lot 22, Man Ray, Lee Miller, c1930, estimated at $100000-150000, sold at $378000 (image above, via Christie’s.)

79.12% 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 Christie’s):

Lot 22, Man Ray, Lee Miller, c1930, estimated at $100000-150000, sold at $378000

Lot 90, Joel-Peter Witkin, The Fool, Budapest, 1993, estimated at $7000-9000, sold at $18900

The complete lot by lot results can be found here.

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