Heritage’s higher volume strategy was on display in its Photographs Signature Auction last week. With more than 500 lots on offer, the overall Buy-In rate came in just above 20% but more than 60% of the lots that sold found buyers below their estimate ranges – so the lots were largely getting sold, but at somewhat softer prices. The top lot honors went to an Irving Penn print, but with just a few additional positive surprises, the Total Sale Proceeds (of roughly $1.4M) fell well 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 | 511 |
| Aggregate Pre Sale Low Estimate | $1882000 |
| Aggregate Pre Sale High Estimate | $2879000 |
| Total Lots Sold | 407 |
| Total Lots Bought In | 104 |
| Buy In % | 20.35% |
| Total Sale Proceeds | $1389219 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 471 |
| Total Low Lots Sold | 375 |
| Total Low Lots Bought In | 96 |
| Low Buy In % | 20.38% |
| Aggregate High Estimate of Low Lots | $1662000 |
| Total Proceeds from Low Lots | $859281 |
| Mid Total Lots | 35 |
| Total Mid Lots Sold | 28 |
| Total Mid Lots Bought In | 7 |
| Mid Buy In % | 20.00% |
| Aggregate High Estimate of Mid Lots | $727000 |
| Total Proceeds from Mid Lots | $379938 |
| Total High Lots | 5 |
| Total High Lots Sold | 4 |
| Total High Lots Bought In | 1 |
| High Buy In % | 20.00% |
| Aggregate High Estimate of High Lots | $490000 |
| Total Proceeds from High Lots | $150000 |
The top lot by High estimate was tied between two lots, each estimated at $100000-150000: lot 73127, Robert Frank, Charleston, South Carolina, 1956/1970s, and lot 73210, Irving Penn, The Hand of Miles Davis, New York, 1986; the Frank print did not sell, while the Penn print was the top outcome of the sale at $62500 (image above, via Heritage.)
Only 39.56% of the lots that sold had proceeds in or above the estimate range and there were a total of 3 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above, via Heritage):
Lot 73244, Joel-Peter Witkin, Humor and Fear, New Mexico, 1999-2000, estimated at $8000-12000, sold at $35000
Lot 73342, Brassaï, Fille de Joie (de Dos), Quartier Italie, 1932/later, estimated at $1500-2000, sold at $4000
Lot 73404, Lucien Clergue, Two Zebra Nudes, New York, 2005/2006, estimated at $1500-2500, sold at $5250
The complete lot by lot results can be found here.
