Auction Results: Photographs, September 30 and October 1, 2013 @Phillips

Phillips finished in the top slot in the Fall Photographs action last week, bringing in the largest proceeds of any of the major houses during the recent flurry of sales. With a Buy-In rate just under 30% and enough positive surprises to fill in the gaps, the Total Sale Proceeds cleared $6 million and fell neatly into the middle of the pre-sale range.

The summary statistics are below (all results include the buyer’s premium):

Summary Statistics
Total Lots 264
Aggregate Pre Sale Low Estimate $5174500
Aggregate Pre Sale High Estimate $7489500
Total Lots Sold 185
Total Lots Bought In 79
Buy In % 29.92%
Total Sale Proceeds $6089250

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

Detailed Breakdown
Low Total Lots 90
Total Low Lots Sold 59
Total Low Lots Bought In 31
Low Buy In % 34.44%
Aggregate High Estimate of Low Lots $623500
Total Proceeds from Low Lots $500750
Mid Total Lots 139
Total Mid Lots Sold 98
Total Mid Lots Bought In 41
Mid Buy In % 29.50%
Aggregate High Estimate of Mid Lots $3176000
Total Proceeds from Mid Lots $2350000
Total High Lots 35
Total High Lots Sold 28
Total High Lots Bought In 7
High Buy In % 20.00%
Aggregate High Estimate of High Lots $3690000
Total Proceeds from High Lots $3238500

The top lot by High estimate was lot 8, Richard Avedon, The Family (portfolio), 1976, estimated at $200000-300000; it was also the top outcome of the sale at $341000.

99.46% of the lots that sold had proceeds in or above the estimate range, and there were a total of 9 surprises in the sale (defined as having proceeds of at least double the high estimate):

Lot 10, Diane Arbus, King and Queen of a Senior Citizens’ Dance, NYC, 1970, estimated at $60000-80000, sold at $161000 (image above, left, via Phillips)

Lot 41, Peter Beard, Maureen Gallagher and a Late Night Feeder, Hog Ranch, 1987/Later, estimated at $20000-30000, sold at $61250

Lot 99, Ruud van Empel, World #27, 2008, estimated at $15000-20000, sold at $52500 (image above, middle, via Phillips)

Lot 109, William Eggleston, Untitled from Los Alamos ‘Cousins’, 1965-1974/2002, estimated at $7000-9000, sold at $25000

Lot 140, August Sander, Konditor (Pastry Chef), Cologne, 1928/Later, estimated at $5000-7000, sold at $16250

Lot 171, Robert Adams, New Housing, Boulder Country, Colorado, 1980/2003, estimated at $7000-9000, sold at $18750 (image above, right, via Phillips)

Lot 178, Lucien Clergue, Denise and Shadows, Chicago, 1977, estimated at $3000-5000, sold at $13750

Lot 203, Cecil Beaton, Untitled, n.d., estimated at $1500-2500, sold at $6250

Lot 233, Harry Callahan, Ludwig Mies van der Rohe, 1952/Later, estimated at $3000-5000, sold at $12500

Complete lot by lot results can be found here.

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