The results from the Photographs Signature Auction at Heritage last week generally met expectations. The overall Buy-In rate was respectably under 20%, especially with so much low priced material on offer, and while there were only a few positive surprises, the Total Sale Proceeds (of roughly $1M) still covered 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 | 298 |
| Aggregate Pre Sale Low Estimate | $987000 |
| Aggregate Pre Sale High Estimate | $1497500 |
| Total Lots Sold | 241 |
| Total Lots Bought In | 47 |
| Buy In % | 19.13% |
| Total Sale Proceeds | $1031814 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 277 |
| Total Low Lots Sold | 225 |
| Total Low Lots Bought In | 52 |
| Low Buy In % | 18.77% |
| Aggregate High Estimate of Low Lots | $1029500 |
| Total Proceeds from Low Lots | $649001 |
| Mid Total Lots | 20 |
| Total Mid Lots Sold | 15 |
| Total Mid Lots Bought In | 5 |
| Mid Buy In % | 25.00% |
| Aggregate High Estimate of Mid Lots | $408000 |
| Total Proceeds from Mid Lots | $357813 |
| Total High Lots | 1 |
| Total High Lots Sold | 1 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | $60000 |
| Total Proceeds from High Lots | $25000 |
The top lot by High estimate was lot 73034, Bernd and Hilla Becher, Blast Furnaces, Pittsburgh PA and Cleveland OH, (6 works), c1980, estimated at $40000-60000; it sold at $25000. The top outcome of the sale was lot 73014, Ansel Adams, Moonrise, Hernandez, New Mexico, 1941/c1963, estimated at $30000-50000, sold at $68750 (image above, via Heritage.)
Only 61.83% of the lots that sold had proceeds in or above the estimate range and there were a total of 3 positive surprise in the sale (defined as having proceeds of at least double the high estimate) (images above, via Heritage):
Lot 73118, Will McBride, Mike in the “Shower,” Schule Schloss Salem, Germany, 1962/later, estimated at $1500-2500, sold at $5000
Lot 73227, Greg Gorman, Iman, 1988, estimated at $1500-2500, sold at $5000
Lot 73274, Terry O’Neill, Sean Connery, Bond on the Moon, 1971/later, estimated at $6000-8000, sold at $16250
The complete lot by lot results can be found here.
