Auction Results: Photographs Signature Auction, April 4, 2023 @Heritage

The results from the Photographs Signature Auction earlier this week at Heritage were generally uneventful. The top lot Ansel Adams print found a buyer within its estimate range, and the overall Buy-In rate settled in at a respectable 22%. In the end, a few too many of the lots that did sell did so below their estimates, leading to Total Sale Proceeds (of roughly $875K) which came in meaningfully underneath 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 273
Aggregate Pre Sale Low Estimate $985500
Aggregate Pre Sale High Estimate $1492500
Total Lots Sold 213
Total Lots Bought In 60
Buy In % 21.98%
Total Sale Proceeds $875398

Here is the breakdown (using our typical Low, Mid, and High definitions):

Detailed Breakdown
Low Total Lots 245
Total Low Lots Sold 191
Total Low Lots Bought In 54
Low Buy In % 22.04%
Aggregate High Estimate of Low Lots $985500
Total Proceeds from Low Lots $543710
Mid Total Lots 28
Total Mid Lots Sold 22
Total Mid Lots Bought In 6
Mid Buy In % 21.43%
Aggregate High Estimate of Mid Lots $507000
Total Proceeds from Mid Lots $331688
Total High Lots 0
Total High Lots Sold NA
Total High Lots Bought In NA
High Buy In % NA
Aggregate High Estimate of High Lots $0
Total Proceeds from High Lots $0

The top lot by High estimate was lot 732022, Ansel Adams, Moonrise, Hernandez, New Mexico, 1941/1973-1977, estimated at $30000-50000; it was also the top outcome of the sale at $42500 (image above, via Heritage.)

Only 46.48% 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, Alfred Eisenstaedt, Melon Salesman and Fiddler, Scottsboro, Alabama, 1936/1994, estimated at $1500-2500, sold at $5125

Lot 73044, Leonard Freed, Fire Hydrant, Harlem, New York, 1963/later, estimated at $1500-2500, sold at $5000

Lot 73095, Mike Mitchell, The Beatles at the First US Concert Tour, 1964, estimated at $10000-15000, sold at $35000

Lot 73238, Richard Misrach, 12.23.97 5:09 p.m., 1997/2001, estimated at $2500-3500, sold at $12500

Lot 73242, Richard Misrach, 4.11.99 7:37 p.m., 1999/2005, estimated at $2500-3500, sold at $8125

The complete lot by lot results can be found here.

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Read more about: Alfred Eisenstaedt, Ansel Adams, Leonard Freed, Richard Misrach, Heritage Auctions

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