Monday, April 18, 2011

Auction Results: Photographs, April 13, 2011 @Bonhams Dubai

Bonhams' recent Photographs sale in Dubai didn't generate much notable momentum. The overall Buy-In rate was up over 33% (more than a third of the lots failing to find a buyer) and the Total Sale Proceeds missed the low end of the estimate range by a significant margin on both a dollar basis and as a percentage. With no positive surprises, there were no individual outcomes really worth highlighting, and thus no accompanying images for this results roundup.
The summary statistics are below (all results include the buyer’s premium):

Total Lots: 85
Pre Sale Low Total Estimate: $570000
Pre Sale High Total Estimate: $757900
Total Lots Sold: 56
Total Lots Bought In: 29
Buy In %: 34.12%
Total Sale Proceeds: $394920
Here is the breakdown (using the Low, Mid, and High definitions from the preview post, here):

Low Total Lots: 72
Low Sold: 49
Low Bought In: 23
Buy In %: 31.94%
Total Low Estimate: $430900
Total Low Sold: $253920
Mid Total Lots: 13
Mid Sold: 7
Mid Bought In: 6
Buy In %: 46.15%
Total Mid Estimate: $327000
Total Mid Sold: $141000
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 was tied between two lots: lot 33, Shirin Neshat, Mystified, 1997, and lot 70, Halim Al-Karim, Goddess of the Desert, 2010, both at $35000-45000. The Al-Karim didn't sell. The Neshat sold for $36000, and was tied with lot 41, Camille Zakharia, Cultivate Your Garden, 1998, also at $36000, for top outcome of the sale.
91.07% of the lots that sold had proceeds in or above the estimate range. There were no surprises in this sale (defined as having proceeds of at least double the high estimate).
Complete lot by lot results can be found here.
Royal Mirage Hotel

Villa No. 23
Beach Road
Jumeirah 1
Dubai, UAE

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