An overall Buy-In rate for photography near 50% muted the numbers from the Photography and Contemporary Art sales at Lempertz in Cologne earlier this week. While the top photo lot Albert Renger-Patzsch image did sell, as did an In Sook Kim work that topped it, there weren’t enough positive surprises to make up for the overall softness in the sales. When the dust settled on the two auctions, the Total Sale Proceeds for photography came in at roughly €430K, meaningfully below the aggregate pre-sale low estimate.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 201 |
| Aggregate Pre Sale Low Estimate | €538900 |
| Aggregate Pre Sale High Estimate | €694200 |
| Total Lots Sold | 105 |
| Total Lots Bought In | 96 |
| Buy In % | 47.76% |
| Total Sale Proceeds | €431298 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 186 |
| Total Low Lots Sold | 97 |
| Total Low Lots Bought In | 89 |
| Low Buy In % | 47.85% |
| Aggregate High Estimate of Low Lots | €409200 |
| Total Proceeds from Low Lots | €258048 |
| Mid Total Lots | 14 |
| Total Mid Lots Sold | 7 |
| Total Mid Lots Bought In | 7 |
| Mid Buy In % | 50.00% |
| Aggregate High Estimate of Mid Lots | €235000 |
| Total Proceeds from Mid Lots | €125370 |
| 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 | €50000 |
| Total Proceeds from High Lots | €47880 |
The top lot by High estimate was lot 507, Albert Renger-Patzsch, Das Bäumchen, 1929/1933, estimated at €40000-50000; it found a buyer at €47880, but it was not the top outcome of the sales. That honor went to lot 426, Kim In Sook, Saturday Night, 2010, estimated at €25000-30000, sold at €55400 (image above, via Lempertz.)
85.71% of the lots that sold had proceeds in or above the estimate range, and there were 5 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above, via Lempertz):
Lot 504, August Sander, Middle-class Children, 1925/1972, estimated at €2000-3000, sold at €7560
Lot 505, Alfred Ehrhardt, Sandformen, Kurische Nehrung, 1934/1936, estimated at €2500-3000, sold at €6930
Lot 514, Lotte Gerson-Collein, Arbeitspause im Vorkurs, Bauhaus Dessau, c1928/later, estimated at €600-800, sold at €3024
Lot 520, T. Lux Feininger, Clemens Röseler auf der Brüstung vor der Bauhauskantineu, 1928/1929, estimated at €2000-2500, sold at €6174
Lot 521, Lucia Moholy, Teekugeln von Josef Knau, Bauhaus Weimar, 1924, estimated at €1800-2000, sold at €6552
The complete lot by lot results can be found here (Photography), and here (Contemporary Art Day).
