Christie’s various owner Photographs sale that took place earlier this week in New York earned the dubious distinction of being the first broad based photography auction in recent memory to go the entire sale without a positive surprise. No unexpected run ups, no duels between passionate bidders, no irrational fighting, no mispricing. Perhaps we can attribute this to a lack of bidders (or a lack of intense demand on their part), a lack of quality material, or better estimates and a more transparent market where there are no longer any secrets. Whatever the reason, it’s clear that a lack of positive surprises doesn’t do much for the bottom line. With some widespread weakness at the top end and an overall Buy-In rate over 32%, the Total Sale Proceeds missed the estimate range by a long way.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 126 |
| Aggregate Pre Sale Low Estimate | $3559000 |
| Aggregate Pre Sale High Estimate | $5444000 |
| Total Lots Sold | 85 |
| Total Lots Bought In | 41 |
| Buy In % | 32.54% |
| Total Sale Proceeds | $2740750 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 23 |
| Total Low Lots Sold | 19 |
| Total Low Lots Bought In | 4 |
| Low Buy In % | 17.39% |
| Aggregate High Estimate of Low Lots | $169000 |
| Total Proceeds from Low Lots | $142125 |
| Mid Total Lots | 78 |
| Total Mid Lots Sold | 55 |
| Total Mid Lots Bought In | 23 |
| Mid Buy In % | 29.49% |
| Aggregate High Estimate of Mid Lots | $1965000 |
| Total Proceeds from Mid Lots | $1158125 |
| Total High Lots | 25 |
| Total High Lots Sold | 11 |
| Total High Lots Bought In | 14 |
| High Buy In % | 56.00% |
| Aggregate High Estimate of High Lots | $3310000 |
| Total Proceeds from High Lots | $1440500 |
The top lot by High estimate was lot 126, Edward Weston, Nautilus Shell, 1927, estimated at $300000-500000; it was also the top outcome of the sale at $461000 (image featured in preview post).
89.41% of the lots that sold had proceeds in or above the estimate range, and there were no surprises in the sale (defined as having proceeds of at least double the high estimate). The closest thing to a surprise was lot 125, Irving Penn, Cigarette #37, New York, 1972/1975, estimated at $25000-35000, sold at $62500 (image above, left, via Christie’s).
Complete lot by lot results can be found here.
