Auction Results: Photographies, May 29, 2013 @Sotheby's Paris

The results from Sotheby's recent Photographies sale in Paris were generally weaker than expected. At one point during the early part of the sale, in a run of 36 lots, only 2 lots found buyers. With an overall Buy-In rate over 50%, it isn't hugely surprising that the Total Sale Proceeds missed the low end of the estimate range by a meaningful margin.

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

Total Lots: 221
Pre Sale Low Total Estimate: €1725400
Pre Sale High Total Estimate: €2399800
Total Lots Sold: 105
Total Lots Bought In: 116
Buy In %: 52.49%
Total Sale Proceeds: €1478550

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

Low Total Lots: 103
Low Sold: 43
Low Bought In: 60
Buy In %: 58.25%
Total Low Estimate: €541800
Total Low Sold: €330775

Mid Total Lots: 111
Mid Sold: 59
Mid Bought In: 52
Buy In %: 46.85%
Total Mid Estimate: €1488000
Total Mid Sold: €960875

High Total Lots: 7
High Sold: 3
High Bought In: 4
Buy In %: 57.14%
Total High Estimate: €370000
Total High Sold: €186900

The top lot by High estimate was lot 172, Helmut Newton, Naomi, Cap D'Antibes, 1998, estimated at €80000-120000; it did not sell. The top outcome of the sale was lot 143, Robert Mapplethorpe, Ken, Lydia & Tyler, 1985, estimated at €30000-40000, sold at €73500.

95.24% of the lots that sold had proceeds in or above the estimate range. There were thirteen surprises in this sale (defined as having proceeds of at least double the high estimate):

Lot 2, Anonyme, Marin Grec, 1844, estimated at €6000-8000, sold at €25000
Lot 4, Anonyme, Les Remparts D'Alger, 1844, estimated at €7000-9000, sold at €30000
Lot 6, Anonyme, Vue du Port D'Alger, 18444, estimated at €5000-7000, sold at €39900
Lot 7, Anonyme, Le Port D'Alger, 1844, estimated at €8000-12000, sold at €37500
Lot 8, Anonyme, Mosquee de Coleah, 1844, estimated at €6000-8000, sold at €18750
Lot 50, Etienne Leopold Trouvelot, Etincelle electrique directe, 1885, estimated at €4000-5000, sold at €11250 (image at right, top, via Sotheby's)
Lot 74, Constantin Brancusi, Sans Titre, 1920, estimated at 6000-8000, sold at $37500 (image at right, bottom, via Sotheby's)
Lot 75, Constantin Brancusi, Isac, 1920, estimated at €4000-6000, sold at €12500
Lot 79, Laure Albin-Guillot, Orchidees, 1927, estimated at €4000-6000, sold at €32500 (image at right, middle, via Sotheby's)
Lot 118, Philippe Halsman, Woody Allen, 1969, estimated at €1500-2000, sold at €4250
Lot 147, Herb Ritts, Versace Dress, Back View, El Mirage, 1990, estimated at €10000-15000, sold at €32500
Lot 151, Manuel Alvarez Bravo, Frida Kahlo, 1933/later, estimated at €4000-6000, sold at €23750
Lot 200, Andres Serrano, The Morgue (Child Abuse), 1992, estimated at €8000-12000, sold at €28750

Complete lot by lot results can be found here.

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