The big news at the recent Photographs Signature Auction at Heritage in New York last week was the discovery during the preview that the handful of Walker Evans prints on offer were not later prints (as identified in the catalog) but actually vintage prints. As a result, all four lots soared to prices many times (more than 10X in one case) their estimates.
Otherwise, the sale performed more in line with expectations. While the overall Buy-In rate of roughly 25% and the more than a dozen positive surprises would normally be solid indicators of momentum, the fact that less than half the lots that sold did so at or above their estimates muted that energy, keeping the Total Sale Proceeds at roughly 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 | 423 |
| Aggregate Pre Sale Low Estimate | $1312000 |
| Aggregate Pre Sale High Estimate | $2048300 |
| Total Lots Sold | 320 |
| Total Lots Bought In | 103 |
| Buy In % | 24.35% |
| Total Sale Proceeds | $1356038 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 389 |
| Total Low Lots Sold | 292 |
| Total Low Lots Bought In | 97 |
| Low Buy In % | 24.94% |
| Aggregate High Estimate of Low Lots | $1192300 |
| Total Proceeds from Low Lots | $775288 |
| Mid Total Lots | 32 |
| Total Mid Lots Sold | 26 |
| Total Mid Lots Bought In | 6 |
| Mid Buy In % | 18.75% |
| Aggregate High Estimate of Mid Lots | $636000 |
| Total Proceeds from Mid Lots | $447000 |
| Total High Lots | 2 |
| Total High Lots Sold | 2 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | $220000 |
| Total Proceeds from High Lots | $133750 |
The top lot by High estimate was lot 73058, Irving Penn, Cuzco Children, Peru, December, 1948, 1948/1978, estimated at $100000-150000; it was also the top outcome of the sale at $93750.
Only 45.94% of the lots that sold had proceeds in or above the estimate range and there were a total of 13 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Heritage):
Lot 73017, O. Winston Link, Hot Shot East Bound at Laeger, West Virginia, 1954/later, estimated at $3000-5000, sold at $15000
Lot 73032, Sid Avery, Humphrey Bogart at the Helm of His 55 Foot Yacht ‘Santana’, 1952/later, estimated at $100-200, sold at $425
Lot 73040, Paul Caponigro, Woods #20, Redding Connecticut, 1968/later, estimated at $600-800, sold at $1875
Lot 73053, Max Yavno, Self Service, 1978, estimated at $1000-1500, sold at $3750
Lot 73087, Ansel Adams, Rails and Jet Trails, Roseville, California, 1953, estimated at $4000-6000, sold at $13750
Lot 73119, Frederick Evans, A Sea of Steps, Wells Cathedral, Steps to Chapter House, 1903/1998, estimated at $1000-2000, sold at $5750
Lot 73129, Walker Evans, West Virginia Living Room, 1935, estimated at $1000-1500, sold at $11250
Lot 73133, Walker Evans, Barber Shop, New Orleans, 1936, estimated at $2500-3500, sold at $45000
Lot 73134, Walker Evans, Interior of Coal Miner’s Home with Rocking Chair and Advertisements on Wall, West Virginia, 19358, estimated at $2000-3000, sold at $20000
Lot 73135, Walker Evans, Fish Market Near Birmingham, Alabama, 1936, estimated at $1500-2500, sold at $18750
Lot 73212, Andy Warhol, Wayne Gretzky, c1983-1984, estimated at $2000-3000, sold at $6875
Lot 73242, John Dugdale, Self Portrait in Rondout Creek, Rosendale, NY, 1993, estimated at $1000-1500, sold at $3500
Lot 73272, Dorothea Lange, Migrant Mother (contact sheet), 1936/1960s, estimated at $10000-20000, sold at $40000
The complete lot by lot results can be found here.
