An overall Buy-In rate over 50% meaningfully dampened the results at the recent photography sale at Grisebach in Berlin last week. This was particularly true in the highest price tier, where the Buy-In rate came in at 80%. With so many top lots passing (and only a few positive surprises to balance them out), it will come as no surprise that the Total Sale Proceeds (of roughly €740K) came in 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 | 126 |
| Aggregate Pre Sale Low Estimate | €1332000 |
| Aggregate Pre Sale High Estimate | €1879000 |
| Total Lots Sold | 61 |
| Total Lots Bought In | 65 |
| Buy In % | 51.59% |
| Total Sale Proceeds | €741625 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 81 |
| Total Low Lots Sold | 38 |
| Total Low Lots Bought In | 43 |
| Low Buy In % | 53.09% |
| Aggregate High Estimate of Low Lots | €349000 |
| Total Proceeds from Low Lots | €129750 |
| Mid Total Lots | 35 |
| Total Mid Lots Sold | 21 |
| Total Mid Lots Bought In | 14 |
| Mid Buy In % | 40.00% |
| Aggregate High Estimate of Mid Lots | €560000 |
| Total Proceeds from Mid Lots | €299375 |
| Total High Lots | 10 |
| Total High Lots Sold | 2 |
| Total High Lots Bought In | 8 |
| High Buy In % | 80.00% |
| Aggregate High Estimate of High Lots | €970000 |
| Total Proceeds from High Lots | €312500 |
The top lot by High estimate was lot 2122, Helmut Newton, ‘Sie Kommen’ (Dressed) Paris / ‘Sie Kommen’ (Naked) Paris, 1981, estimated at €150000-200000; it was also the top outcome of the sale at €200000 (image above, via Grisebach).
80.33% 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 Grisebach):
Lot 2077, Théo Ballmer, Glasses, 1930, estimated at €700-900, sold at €3250
Lot 2079, ringl + pit, Comol [sic!], 1931/1984, estimated at €2000-2500, sold at €8750
Lot 2087, Inge Morath, Pablo Picasso unveiling mural for Unesco, Vallauris, France, 1958/c1970, estimated at €800-1000, sold at €2000
Complete lot by lot results can be found here.
