A vintage Tina Modotti still life led the way at the various owner Photographs sale last week at Phillips in New York, jumping to more than 4X its high estimate. Paired with a small single artist sale of works by Sebastião Salgado held the previous day, the two-step auction generally performed well. Together, the overall Buy-In rate came in under 24%, and there were a dozen positive surprises to amplify the numbers, leading to Total Sale Proceeds (of roughly $5.1M) that tallied up squarely in the middle of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 286 |
| Aggregate Pre Sale Low Estimate | $4161900 |
| Aggregate Pre Sale High Estimate | $6229100 |
| Total Lots Sold | 218 |
| Total Lots Bought In | 68 |
| Buy In % | 23.78% |
| Total Sale Proceeds | $5119266 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 136 |
| Total Low Lots Sold | 101 |
| Total Low Lots Bought In | 35 |
| Low Buy In % | 25.74% |
| Aggregate High Estimate of Low Lots | $907100 |
| Total Proceeds from Low Lots | $779706 |
| Mid Total Lots | 131 |
| Total Mid Lots Sold | 105 |
| Total Mid Lots Bought In | 26 |
| Mid Buy In % | 19.85% |
| Aggregate High Estimate of Mid Lots | $3092000 |
| Total Proceeds from Mid Lots | $2436810 |
| Total High Lots | 19 |
| Total High Lots Sold | 12 |
| Total High Lots Bought In | 7 |
| High Buy In % | 36.84% |
| Aggregate High Estimate of High Lots | $2230000 |
| Total Proceeds from High Lots | $1902750 |
The top lot by High estimate was tied between two lots, each estimated at $150000-250000: lot 80, Wolfgang Tillmans, Freischwimmer 123, 2004, and lot 179, Richard Avedon, The Family (A Work In Progress) (31 prints), 1976; the Avedon portfolio did not sell, while the Tillmans print found a buyer at $309600. The top outcome of the sales was lot 16, Tina Modotti, Bandolier, Corn, Sickle, 1927, estimated at $100000-150000, sold at $645000 (image above via Phillips).
94.95% of the lots that sold had proceeds in or above the estimate range and there were a total of 12 positive surprises in the sale (defined as having proceeds of at least double the high estimate) (images above via Phillips):
Lot 16, Tina Modotti, Bandolier, Corn, Sickle, 1927, estimated at $100000-150000, sold at $645000
Lot 79, Wolfgang Tillmans, Lightning I, 2002, estimated at $6000-8000, sold at $18060
Lot 103, Robert Polidori, La Statue Équestre de Louis XIV par le Bernin, L’Orangerie, Chateau de Versailles, 1988, estimated at $7000-9000, sold at $21930
Lot 116, Annie Leibovitz, Niagara Falls, Ontario, Canada, 2009/2011, estimated at $5000-7000, sold at $14190
Lot 126, Jeff Koons, Untitled (girl with dolphin and monkey), 2006, estimated at $5000-7000, sold at $16770
Lot 134, Tim Burton, Spider, 1994, estimated at $800-1200, sold at $2580
Lot 140, Sebastião Salgado, Elephant (against light), Kafue National Park, Zambia, 2010, estimated at $8000-12000, sold at $25800
Lot 156, Abelardo Morell, Le Antichita Romane by Piranesi #2, 1994, estimated at $1200-1800, sold at $4515
Lot 176, Irving Penn, Three Squatting Sisters, Nepal, 1967, estimated at $10000-15000, sold at $30960
Lot 185, Peter Hujar, Robert Bending, 1977, estimated at $10000-15000, sold at $58050
Lot 247, Emil Otto Hoppé, 5th Avenue, New York City, 1921, estimated at $2500-3500, sold at $24510
Lot 248, Emil Otto Hoppé, Steel Bridge, Pittsburgh, Pennsylvania, 1926, estimated at $2500-3500, sold at $20640
The complete lot by lot results can be found here (Salgado) and here (Photographs).
