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.
