Following three auctions at Phillips in 2024, this sale continued the dispersal of the massive Martin Z. Margulies collection, with two sessions at Lempertz in Cologne last week. The overall results were unmemorable, with the top lot honors going to an Olafur Eliasson multi-image work. The overall Buy-In rate edged up over 38%, with the softness seen more at the higher price ranges, so even with a dozen generally low priced surprises, the Total Sale Proceeds for photography (of roughly €575K) fell below the aggregate pre-sale low estimate.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 239 |
| Aggregate Pre Sale Low Estimate | €681000 |
| Aggregate Pre Sale High Estimate | €889100 |
| Total Lots Sold | 147 |
| Total Lots Bought In | 92 |
| Buy In % | 38.49% |
| Total Sale Proceeds | €576190 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 227 |
| Total Low Lots Sold | 142 |
| Total Low Lots Bought In | 85 |
| Low Buy In % | 37.44% |
| Aggregate High Estimate of Low Lots | €629100 |
| Total Proceeds from Low Lots | €464940 |
| Mid Total Lots | 12 |
| Total Mid Lots Sold | 5 |
| Total Mid Lots Bought In | 7 |
| Mid Buy In % | 58.33% |
| Aggregate High Estimate of Mid Lots | €260000 |
| Total Proceeds from Mid Lots | €111250 |
| 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 tied between three lots, each estimated at €30000-40000: lot 684, NASA, Man on the Moon (album of 5 prints), 1969, lot 704, Bernd and Hilla Becher, Water Towers (4 prints), 1963-1978, and lot 722, Olafur Eliasson, The Hut Series (56 prints), 2012; the Eliasson work was the top outcome of the sale at €46620 (image above, via Lempertz), while the NASA lot failed to sell and the Becher work sold at €29980.
80.95% of the lots that sold had proceeds in or above the estimate range, and there were 12 positive surprises in the sales (defined as having proceeds of at least double the high estimate) (images above, via Lempertz):
Lot 525, Walter Gropius, Closett/Waschraum, Faguswerke, Alfeld/Leine, c1923, estimated at €800-1000, sold at €6930
Lot 526, Vera Gabrielová, Untitled (plates and saucers), 1935-1936, estimated at €900-1200, sold at €2772
Lot 527, T. Lux Feininger, Oskar Schlemmer’s ‘Figurales Kabinett’, Bauhaus Bühne, Dessau, 1927, estimated at €800-1000, sold at €2772
Lot 530, Hans Finsler, Untitled (advertising photographs for MOST chocolate – 12 prints), 1927-1928, estimated at €5000-6000, sold at €21420
Lot 571, Helen Levitt, Boys playing with large branch, New York, c1940, estimated at €1200-1500, sold at €3780
Lot 572, Helen Levitt, Untitled, 1930s, estimated at €2000-2500, sold at €5040
Lot 573, Helen Levitt, Untitled, 1930s, estimated at €1200-1500, sold at €4788
Lot 602, Ara Güler, Galata Bridge, Istanbul, 1955/later, estimated at €1500-2000, sold at €4788
Lot 617, Gisèle Freund, Frida Kahlo and the doctor Juan Farill at her home in Coyoacán, Mexico City, 1951, estimated at €800-1000, sold at €2142
Lot 671, Francesca Woodman, House #3 (from the series Abandoned House), c1975-1976/posthumous, estimated at €6000-8000, sold at €25200
Lot 718, Alec Soth, Untitled 17, Bogotá, 2003/2007, estimated at €1500-2000, sold at €4284
Lot 725, Steve McCurry, Afghan Girl, 1984/2001, estimated at €2500-3000, sold at €6048
The complete lot by lot results can be found here (Part I) and here (Part II).
