Auction Results: Photographs Signature Auction, April 12, 2021 @Heritage

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.

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Read more about: Ansel Adams, Greg Gorman, Terry O'Neill, Will McBride, Heritage Auctions

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