Auction Results: Signature Vintage & Contemporary Photography Auction, December 3, 2010 @Heritage New York

While Heritage was able to draw more consignment dollars to its recent photography sale than ever before, the auction house continues to suffer from poor outcomes. With more than 60% of the lots that sold selling below their estimate ranges and a Buy-In rate over 30%, it is no wonder the Total Sale Proceeds missed the estimate range by a wide margin.

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

Total Lots: 196
Pre Sale Low Total Estimate: $616650
Pre Sale High Total Estimate: $916800
Total Lots Sold: 132
Total Lots Bought In: 64
Buy In %: 32.65%
Total Sale Proceeds: $411281

Here is the breakdown (using the Low, Mid, and High definitions from the preview post, here):
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Low Total Lots: 187
Low Sold: 124
Low Bought In: 63
Buy In %: 33.69%
Total Low Estimate: $714300
Total Low Sold: $288494
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Mid Total Lots: 9
Mid Sold: 8
Mid Bought In: 1
Buy In %: 11.11%
Total Mid Estimate: $202500
Total Mid Sold: $122786

High Total Lots: 0
High Sold: NA
High Bought In: NA
Buy In %: NA
Total High Estimate: $0
Total High Sold: NA

The top lot by High estimate is lot 74040, Ansel Adams, Moonrise, Hernandez, New Mexico, 1941/1978, at $30000-50000; it was also the top outcome of the sale at $35850.

A troubling 62.88% of the lots that sold had proceeds below their estimate. There were a total of three surprises in this sale (defined as having proceeds of at least double the high estimate):

Lot 74068, Garry Winogrand, JFK, Democratic National Convention, Los Angeles, 1960/1983, at $2629 (image at right, bottom via Heritage)
Lot 74133 Michael Kenna, Gondolas I, Venice, Italy, 1980/1981, at $4780 (image at right, middle, via Heritage)
Lot 74138, Ray Metzker, 86 GB-6, Colorado, from Earthly Delights, 1986, at $3346 (image at right, top, via Heritage)
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Complete lot by lot results can be found here.

Heritage Auctions
The Fletcher-Sinclair Mansion
2 East 79th Street
New York, NY 10075