Led by a new world record price for Man Ray (at $1203750), the proceeds from Christie’s single owner Carlos Cruz sale last week easily covered the aggregate High estimate. While the Buy-In rate was likely a bit higher than expected given the quality and rarity of the material on offer, it would be hard not to be satisfied with such a robust overall outcome.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 71 |
| Aggregate Pre Sale Low Estimate | $5069000 |
| Aggregate Pre Sale High Estimate | $7564000 |
| Total Lots Sold | 54 |
| Total Lots Bought In | 17 |
| Buy In % | 23.94% |
| Total Sale Proceeds | $7654125 |
Here is the breakdown (using the Low, Mid, and High definitions from the preview post):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 2 |
| Total Low Lots Sold | 2 |
| Total Low Lots Bought In | 0 |
| Low Buy In % | 0.00% |
| Aggregate High Estimate of Low Lots | $16000 |
| Total Proceeds from Low Lots | $18750 |
| Mid Total Lots | 32 |
| Total Mid Lots Sold | 22 |
| Total Mid Lots Bought In | 10 |
| Mid Buy In % | 31.25% |
| Aggregate High Estimate of Mid Lots | $868000 |
| Total Proceeds from Mid Lots | $723125 |
| Total High Lots | 37 |
| Total High Lots Sold | 30 |
| Total High Lots Bought In | 7 |
| High Buy In % | 18.92% |
| Aggregate High Estimate of High Lots | $6680000 |
| Total Proceeds from High Lots | $6912250 |
The top lot by High estimate was lot 7, Edward Weston, Nude, 1925, estimated at $400000-600000; it sold for $483750. The top outcome of the sale was lot 17, Man Ray, Untitled Rayograph, 1922, estimated at $250000-350000, sold at $1203750 (image at right, top, via Christie’s).
88.89% of the lots that sold had proceeds in or above the estimate range. There were a total of 6 surprises in the sale (defined as having proceeds of at least double the high estimate):
Lot 17, Man Ray, Untitled Rayograph, 1922, estimated at $250000-350000, sold at $1203750
Lot 35, Man Ray, Untitled, Cannes, 1924, estimated at $80000-120000, sold at $387750 (image at right, bottom, via Christie’s)
Lot 36, Fortunato Depero, Message with Self Portraits, 1915, estimated at $50000-70000, sold at $159750
Lot 52, Georg Muche, Reflections in a Sphere, 1924, estimated at $15000-25000, sold at $75000
Lot 54, Paul Strand, Akeley Motion Picture Camera, New York, 1922, estimated at $250000-350000, sold at $783750 (image at right, middle, via Christie’s)
Lot 58, Ludwig Hirschfeld-Mack, Reflected Light Composition, 1923, estimated at $10000-15000, sold at $46250
Complete lot by lot results can be found here.
