Auction Results: Visionaries: Photographs from the Emily and Jerry Spiegel Collection, October 10, 2017 @Christie’s

The results of the single collector Spiegel sale at Christie’s last week were solid evidence that it’s better to sell below the estimate than not to sell at all. The overall Buy-In rate for the sale was an admirably low 12%, but nearly 40% of the lots that sold did so below their estimate ranges. When the dust settled, even with just 3 positive surprises to add to the forward momentum, the Total Sale Proceeds fell easily into the middle of the aggregate pre-sale range.

The summary statistics are below (all results include the buyer’s premium):

Summary Statistics
Total Lots 40
Aggregate Pre Sale Low Estimate $1880000
Aggregate Pre Sale High Estimate $2759000
Total Lots Sold 35
Total Lots Bought In 5
Buy In % 12.50%
Total Sale Proceeds $2140625

Here is the breakdown (using the Low, Mid, and High definitions from the preview post):

Detailed Breakdown
Low Total Lots 5
Total Low Lots Sold 5
Total Low Lots Bought In 0
Low Buy In % 0.00%
Aggregate High Estimate of Low Lots $29000
Total Proceeds from Low Lots $36250
Mid Total Lots 25
Total Mid Lots Sold 23
Total Mid Lots Bought In 2
Mid Buy In % 8.00%
Aggregate High Estimate of Mid Lots $730000
Total Proceeds from Mid Lots $755625
Total High Lots 10
Total High Lots Sold 7
Total High Lots Bought In 3
High Buy In % 30.00%
Aggregate High Estimate of High Lots $2000000
Total Proceeds from High Lots $1348750

The top lot by High estimate was lot 11, Paul Strand, Rebecca, New York, 1923, estimated at $500000-700000 (image in preview post); it was also the top outcome of the sale at $492500.

Only 62.86% 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 Christie’s):

Lot 2, Lady Clementina Hawarden, Grace Maude and Clementina Maude No. 217, early 1860s, estimated at $20000-30000, sold at $81250

Lot 9, F. Holland Day, The Last Chord and Then No More, 1907, estimated at $30000-50000, sold at $125000

Lot 36, Clifford Ross, Hurricane II, 2000/2001, estimated at $5000-7000, sold at $18750

The complete lot by lot results can be found here.

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Read more about: Clementina Hawarden, Clifford Ross, F. Holland Day, Christie's

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