The results from the recent Photographs (online) sale at Christie’s were decidedly soft. Aside from a Richard Avedon portrait from his series In the American West, which soared to $350K, the demand was choppy at best. With an overall Buy-In rate near 50% and no positive surprises aside from the Avedon print, the Total Sale Proceeds slumped to just $1.3M, 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 | 120 |
| Aggregate Pre Sale Low Estimate | $1890350 |
| Aggregate Pre Sale High Estimate | $2729600 |
| Total Lots Sold | 61 |
| Total Lots Bought In | 59 |
| Buy In % | 49.17% |
| Total Sale Proceeds | $1301500 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 47 |
| Total Low Lots Sold | 25 |
| Total Low Lots Bought In | 22 |
| Low Buy In % | 46.81% |
| Aggregate High Estimate of Low Lots | $334600 |
| Total Proceeds from Low Lots | $140875 |
| Mid Total Lots | 62 |
| Total Mid Lots Sold | 32 |
| Total Mid Lots Bought In | 30 |
| Mid Buy In % | 48.39% |
| Aggregate High Estimate of Mid Lots | $1305000 |
| Total Proceeds from Mid Lots | $510625 |
| Total High Lots | 11 |
| Total High Lots Sold | 4 |
| Total High Lots Bought In | 7 |
| High Buy In % | 63.64% |
| Aggregate High Estimate of High Lots | $1090000 |
| Total Proceeds from High Lots | $650000 |
The top lot by High estimate was lot 72, Peter Beard, Maureen Gallagher and a night feeder at Hog Ranch, February, 1987, 1987, estimated at $120000-180000; it sold at $150000. The top outcome of the sale was lot 80, Richard Avedon, Tom Stroud, oil field worker, Velma, Oklahoma, June 12, 1980, 1980/1985, estimated at $80000-120000, sold at $350000 (image above, via Christie’s.)
Only 66.10% 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 Christie’s):
Lot 80, Richard Avedon, Tom Stroud, oil field worker, Velma, Oklahoma, June 12, 1980, 1980/1985, estimated at $80000-120000, sold at $350000
The complete lot by lot results can be found here.
