The results from the Photographs Signature Auction earlier this week at Heritage were generally soft. The top lot Ansel Adams print found a buyer within its estimate range, and although the overall Buy-In rate was a respectable 22%, far too many of the lots that did sell sold below their estimates. In the end, this dragged the Total Sale Proceeds (of roughly $655K) down 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 | 240 |
| Aggregate Pre Sale Low Estimate | $804000 |
| Aggregate Pre Sale High Estimate | $1233500 |
| Total Lots Sold | 186 |
| Total Lots Bought In | 54 |
| Buy In % | 22.50% |
| Total Sale Proceeds | $658128 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 222 |
| Total Low Lots Sold | 173 |
| Total Low Lots Bought In | 49 |
| Low Buy In % | 22.07% |
| Aggregate High Estimate of Low Lots | $840500 |
| Total Proceeds from Low Lots | $464128 |
| Mid Total Lots | 17 |
| Total Mid Lots Sold | 12 |
| Total Mid Lots Bought In | 5 |
| Mid Buy In % | 29.41% |
| Aggregate High Estimate of Mid Lots | $333000 |
| Total Proceeds from Mid Lots | $151500 |
| 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 | $42500 |
The top lot by High estimate was lot 73004, Ansel Adams, Oak Tree, Snowstorm, 1948/1973-1977, estimated at $40000-60000; it was also the top outcome of the sale at $42500 (image above, via Heritage.)
Only 38.71% of the lots that sold had proceeds in or above the estimate range and there were a total of 5 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Heritage):
Lot 73037, Julia Margaret Cameron, Prospero and Miranda (Henry Taylor and Mary Ryan), 1865, estimated at $1500-2500, sold at $9375
Lot 73042, Edward Sheriff Curtis, Kotsuis And Hohhuq – Nakoaktok (Plate 336 from The North American Indian), 1914, estimated at $1500-2500, sold at $5750
Lot 73047, Soichi Sunami, Martha Graham (5 works), c1928, estimated at $1500-2500, sold at $5000
Lot 73091, Bert Stern, Marilyn Monroe, Crucifix II (from the Last Sitting), 1962/2011, estimated at $1500-2500, sold at $5750
Lot 73096, Louise Dahl-Wolfe, Hollywood Nude, 1934/later, estimated at $1500-2500, sold at $5250
The complete lot by lot results can be found here.
