The day sale portion of the recent Pier 24 Photography sale at Sotheby’s continued the positive momentum that began the night before (results here). Once again, the overall Buy-In rate was tiny (just 3%, plus 4 withdrawals) and there were even more positive surprises (16 during the day) to keep the mood high. The top lot Richard Avedon print found a buyer above its estimate range, and other prints by Avedon did similarly well. In the end, the Total Sale Proceeds (of roughly $3.5M) cleared the top end of the aggregate pre-sale estimate range with room to spare.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 128 |
| Aggregate Pre Sale Low Estimate | $1874000 |
| Aggregate Pre Sale High Estimate | $2899000 |
| Total Lots Sold | 124 |
| Total Lots Bought In | 4 |
| Buy In % | 3.13% |
| Total Sale Proceeds | $3513074 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 49 |
| Total Low Lots Sold | 46 |
| Total Low Lots Bought In | 3 |
| Low Buy In % | 6.12% |
| Aggregate High Estimate of Low Lots | $370000 |
| Total Proceeds from Low Lots | $515239 |
| Mid Total Lots | 74 |
| Total Mid Lots Sold | 73 |
| Total Mid Lots Bought In | 1 |
| Mid Buy In % | 1.35% |
| Aggregate High Estimate of Mid Lots | $1759000 |
| Total Proceeds from Mid Lots | $1920875 |
| Total High Lots | 5 |
| Total High Lots Sold | 5 |
| Total High Lots Bought In | 0 |
| High Buy In % | 0.00% |
| Aggregate High Estimate of High Lots | $770000 |
| Total Proceeds from High Lots | $1076960 |
The top lot by High estimate was lot 102, Richard Avedon, Clarence Lippard, Drifter, Interstate 80, Sparks, Nevada, 29 August 1983, 1983/1985, estimated at $200000-300000; it was also the top outcome of the sale at $444500 (image above via Sotheby’s).
73.39% of the lots that sold had proceeds in or above the estimate range and there were a total of 16 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Sotheby’s):
Lot 100, Richard Avedon, Bob Dylan, Singer, New York, New York, February 10, 1965, 1965, estimated at $30000-50000, sold at $165100
Lot 103, Katy Grannan, Anonymous, Los Angeles, 2009/2010, estimated at $7000-10000, sold at $20320
Lot 130, Stephen Shore, Yosemite National Park, CA (Merced River), 1979, estimated at $7000-10000, sold at $30480
Lot 131, Stephen Shore, U.S. Route 10, Post Falls, Idaho, 1974, estimated at $15000-25000, sold at $53340
Lot 135, Stephen Shore, Ginger Shore, Causeway Inn, Tampa, Florida, 1977/later, estimated at $6000-9000, sold at $30480
Lot 137, Lee Friedlander, Newark, 1962, estimated at $15000-25000, sold at $57150
Lot 142, Bruce Davidson, Untitled (from Brooklyn Gang), 1959, estimated at $7000-10000, sold at $30480
Lot 148, Edward Burtynsky, AMARC #5, Davis Monthan AFB, Tucson Arizona, 2006, estimated at $10000-15000, sold at $33020
Lot 162, Philip-Lorca diCorcia, William Charles Everlove, 26 years old, Stockholm via Arizona, $40, 1992, estimated at $5000-7000, sold at $24500
Lot 188, LaToya Ruby Frazier, Home on Sixth Street & Washington Avenue, 2009, estimated at $7000-10000, sold at $21590
Lot 203, Bernd and Hilla Becher, Water Tower, Essen-Byfang, D, 1980, estimated at $10000-15000, sold at $35560
Lot 216, Lisette Model, Fashion Show, NYC, Hotel Pierre, 1940-1946, estimated at $10000-15000, sold at $30480
Lot 219, Richard Avedon, Francis Bacon, Painter, Paris, France, April 11, 1979, 1979, estimated at $30000-50000, sold at $152400
Lot 221, Masahisa Fukase, Seikan Ferry Boat, 1976, estimated at $6000-9000, sold at $27940
Lot 224, Nobuyoshi Araki, Selected Images, 1973, estimated at $5000-7000, sold at $24500
Lot 231, Richard Avedon, Joe Louis, Prize Fighter, New York City, October 3, 1963, 1963/1964, estimated at $10000-15000, sold at $82550
The complete lot by lot results can be found here.
