2015 Fall Auction Summary

2015 Fall Auction Results:

This Fall, five photography sales were held at New York’s three major auction houses, with some sales more successful than others.  Christie’s, Sotheby’s, and Phillips brought in a combined total of $10,231,500 from the sale of 427 lots out of 687 offered, resulting in an overall 62% sales rate.

Christie’s led off the week of sales, with both Evening and Day auctions.  The overall results were lackluster, with major lots failing to sell, including Ansel Adams’ Clearing Winter Storm, Yosemite National Park, c. 1940, printed in 1960s (lot 33) and Irving Penn’s Ginko Leaves, New York, 1990 (lot 34), both with estimates of $300,000 to $500,000.  The top selling lot at Christie’s, was Karl Struss’ Man’s Construction, 1912 (lot 29), which sold for $161,000 with an estimate of $90,000 to $120,000.  This lot was also the only lot estimated above $100,000 that realized a price above its high estimate.  Three lots worth noting that also exceeded their estimates include John Chiara’s Seven Chimneys-Carter-Highway 1, 2013 (lot 21), which sold for $16,250 with an estimate of $5,000 to $7,000; Candy Darling on her Deathbed, 1973 by Peter Hujar (lot 31), estimated at $20,000 to $25,000, which realized $50,000; and Iceberg #23, Disko Bay, Greenland, 2000 by Lynn Davis (lot 105), which sold for $25,000 with an estimate of $6,000 to $8,000.  The two auctions were unfortunately resulted in the lowest recorded total for a primary Christie’s, New York photography auction since the height of the recession.  The combined sales sold 122 lots of 217 offered and realized $2,722,375, with a buy-in rate of approximately 44%.  One possible reason for these uninspiring sales is the overhaul of the photographs department at Christie’s, with the notable loss of specialists Deborah Bell, Stuart Alexander, and Elizabeth Eichholz, who have since moved on.

Sotheby’s sale followed, with some noteworthy lots garnering major interest.  The most highly anticipated lot of the season was Robert Mapplethorpe’s Man In Polyester Suit, 1980 offered with an estimate of $250,000 to $350,000, which realized in impressive $478,000.  Another lot of particular interest was a vintage Diane Arbus print, National Junior Interstate Dance Champions of 1963, Yonkers, which failed to sell with an estimate between $250,000 and $350,000.  Examples of lots that successfully sold with prices exceeding the high estimate included Ruth Orkin’s An American Girl in Florence, 1951, printed later (lot 96), estimated at $10,000 to $15,000, sold for $32,500; Andreas Feininger’s 42nd Street, as viewed from Weehawken, 1942, printed in 1990s (lot 98), estimated at $5,000 and $7,000, realized $27,500 ; and  Neil Leifer’s Muhammad Ali vs. Sonny Liston, St. Dominick’s Arena, Lewiston, Maine, 1965, printed later (lot 210), sold for $15,000 with an estimate of $5,000 to $7,000.  Although Sotheby’s sold more of their highly priced lots than their competitors, their buy-in rate was lower than Christie’s at approximately 40%, and this fall season also proved to be their lowest total since 2009, with 130 lots sold out of 223 offered, realizing $3,280,375 overall.

Wrapping up the week of sales was Phillips, which held two consistently strong sessions, realizing $4,228,750, the highest overall results of the season.  Of the 247 lots offered 172 found buyers, resulting in the lowest buy-in rate of the season of approximately 30%.  The top two lots sold included a vintage Diane Arbus print, A Family on their Lawn one Sunday in Westchester, NY, 1968 (lot 17) and William Eggleston’s vintage Memphis, 1969-1970 (lot 21), both with estimates of $250,000 to $350,000.  The Arbus, which went unsold during the auction but sold after the sale completed sold just after the sale closed for $305,000, while the Eggleston was the top lot of the sale, realizing $365,000.  Other highly anticipated lots included Richard Avedon’s The Beatles, August 11, 1967, printed 1988 (lot 69), which failed to sell with an estimate of $300,000 to $500,000, and Robert Frank’s Trolley, New Orleans, 1955, printed 1980s (lot 209), which realized $149,000 with an estimate of $120,000 to $180,000.  Other noteworthy lots included, Harry Callahan’s Ireland, 1979 (lot 11), which was estimated at $5,000 and $7,000 and sold for $16,250; Frank Gohlke’s Ten Minutes in North Texas #1, Clay County, 1995, printed 2011 (lot 13), which was estimated at $1,500 to $2,500 and sold for $5,250; and Larry Sultan’s Sharon Wild from The Valley, 2001 (lot 44), which realized $33,750 on an estimate of $8,000 to $12,000.  Although Phillips came out on top with the highest grossing sales of the season, the 2015 fall auction represented its lowest gross total since October 2010.

By Alison Riley

The team at AIPAD 2015!

This year’s Association of International Photography Art Dealers (AIPAD) show at the New York City Armory was very good.  Over the course of the four day show we were able to gather a lot of relevant pricing information as well as the opportunity to view works by new artists.

2015 Spring Auction Summary

2015 Spring Auction Results:

Five photography sales were held at New York’s three major auction houses this spring, some more successful than others. Cumulatively, Christie’s, Sotheby’s, and Phillips brought in a total of $16,444,125 from the sale of 476 lots out of 691 offered, resulting at an overall buy-in rate of approximately 31% between the three houses.

The first sale of auction week, Leaves of Light and Shadow, Photographs Gathered by William T.

Hillman, held at Christie’s, was the least successful with a buy-in rate of 51% and a total dollar amount of $1,271,000, which is more than one million dollars below the total pre-sale low estimate. Christie’s multiple-owner afternoon sale also had a relatively high buy-in rate of nearly 43% and an overall total just below the pre-sale low estimate. Between both sales, Christie’s sold a total of 140 lots from the 262 offered and collected $5,465,250.

Sotheby’s sale was more successful, bolstered by Lee Friedlander’s The Little Screen Series fetching $850,000, which comfortably exceeded the estimate range and previous records by the artist. The overall buy-in rate of the sale was 23.4%, while the total proceeds of $5,166,875 for the 144 lots sold neared the top end of the pre-sale estimate range.

Wrapping up the week of sales was Phillips, which held two consistently positive sessions bringing in the highest proceeds of the season. Realizing a total of $7,083,000, the day and the evening sales at Phillips hit the middle ground of the cumulative pre-sale estimated range. Selling 192 of the 241 lots offered, the sales also had the lowest buy-in rate at 22.3%.

The following is a brief report of the highlights from each auction:

Christie’s

The lackluster outcome of Christie’s Leaves of Light and Shadow was most definitely exacerbated by its top pre-sale lot, Diane Arbus, Waitress in a Nudist Camp, N.J., 1963 (lot 11), estimated at $200,000 to $300,000, which did not sell. The sale’s top selling lot was Bernd and Hilla Becher’s Blast Furnaces, Frontal Views, 1976-1986 (lot 117), estimated between $80,000 and $120,000, which sold for $112,500. Lots that realized more than double their high estimates included Merle, 2003, by Mona Kuhn (lot 1), which was estimated at $6,000 to $8,000 and sold for $16,250, and Model and Graffiti, Paris (Vogue), 1961 by William Klein (lot 43), estimated at $7,000 to $9,000 and sold for $25,000.

The strongest result from Christie’s evening sale was Alfred Stieglitz’s From the Back-Window, -291, 1915 (lot 237). Estimated between $250,000 and $350,000, it sold for $473,000. Stieglitz’s Georgia O’Keeffe, 1918 (lot 233), which at $400,000 to $600,000, held the auction’s highest pre-sale estimate, but realized the second highest price at $413,000. Lots that sold for more than double their high estimate included Irving Penn’s Callot Swallow-Tail Dress, 1974/1978 (lot 253), which was estimated at $20,000 to $30,000 and realized $81,250, and Michael Cooper’s Sgt. Pepper’s Lonely Hearts Club Band, 1967 (lot 259), which was estimated at $50,000 to 70,000 and sold for $161,000, among a few others.

Sotheby’s

Although the most highly estimated photograph, Paul Strand’s Rebecca, 1921 (lot 38), at $300,000-500,000, failed to sell, the two sales at Sotheby’s were full of positive surprises. Headed by the previously mentioned record price for Friedlander’s Screens (lot 145), which at $850,000 realized nearly triple its high estimate, there were 17 other lots that sold for at least double their high estimates. Edward Weston’s Church, Motherlode (Church Door, Hornitos), 1940 (lot 73), was estimated between $30,000 and $50,000, and sold for $125,000. A later print by Yousuf Karsh, titled Georgia O’Keeffe, 1956 (lot 72) was estimated between $5,000 and $7,000, but realized $27,500. Other highlights included Dorothea Lange’s Taos, 1922 (lot 26), which was estimated at $20,000 to $30,000 and sold for $75000, and Larry Sultan’s Practicing Golf Swing, 1986 (lot 117), which realized $25,000 after an estimate of $5,000 to $7,000, among others.

Phillips

Phililips day and evening sales were the most successful of the bunch. With highest total proceeds, Phillips also had the top price realized by an individual lot: $905,000 was paid for Helmut Newton’s Walking Women, Paris, 1981 (lot 18), just above its high pre-sale estimate. Known for sales with abundance of contemporary material offered, Phillips boasted 11 contemporary lots that realized more than double their high estimate. A print by Annie Leibovitz, titled Lauren Hutton, Oxford, Mississippi, 1981 (lot 115), sold for $17,500 on an estimate of $4,000 to $6,000. Salgado’s The Eastern Part of the Brooks Range, Arctic National Wildlife Refuge, Alaska, USA, 2009 (lot 222) realized $97,500 after an initial estimate of $35,000 to $45,000. Another surprise sale was young photographer Alex Prager’s Crowd #2 (Emma), 2012 (lot 273), which was estimated between $20,000 and $30,000, but sold for $75,000.

By Dora Yordanov

DIANE ARBUS
Teenage Couple on Hudson Street, N.Y.C., 1963
Christie’s, New York
31 March 201
Lot 241
Estimate: $80,000 – $120,000
Sold: 209,000

ROBERT FRANK
Bar – Gallup, New Mexico, 1955
Christie’s, New York
31 March 2015
Lot 243
Estimate: $80,000 – $120,000
Sold: $245,000

ALFRED STIEGLITZ
Georgia O’Keeffe, 1918
Christie’s, New York
31 March 2015
Lot 233
Estimate: $400,000 – $600,000
Sold: $413,000

RICHARD AVEDON
Dovima with Elephants, Evening Dress by Dior, Cirque D’hiver, Paris, 1955
Christie’s, New York
31 March 2015
Lot 249
Estimate: $300,000 – $500,000
Sold: $341,000

ALFRED STIEGLITZ
From the Back-Window, – ‘291’, 1915
Christie’s, New York
31 March 2015
Lot 237
Estimate: $250,000 – $350,000
Sold: $473,000

PIERRE DUBREUIL
Notre Dame De Paris
Sotheby’s, New York
1 April 2015
Lot 60
Estimate: $80,000 – $120,000
Sold: $160,000

EDWARD WESTON
‘Church, Mitherlode’ (Church, Door, Hornitos)
Sotheby’s, New York
1 April 2015
Lot 73
Estimate: $30,000 – $50,000
Sold: $100,000

LEE FRIEDLANDER
The Little Screens 
A suite of 38 photograph
Sotheby’s, New York
1 April 2015
Lot 145
Estimate: $200,000 – $300,000
Sold: $700,000

LÁSZLÓ MOHOLY-NAGY
Negative/Positive Photogram Pair
Sotheby’s, New York
1 April 2015
Lot 66
Estimate: $200,000 – $300,000
Sold: $270,000

JOHN BALDESSARI
Green Sunset (with Trouble), 1987
Phillips, New York
1 April 2015
Lot 13
Estimate: $300,000 – $400,000
Sold: $300,000

DESIREE DOLRON
Xteriors XII, 2001-2006
Phillips, New York
1 April 2015
Lot 19
Estimate: $60,000 – $80,000
Sold: $100,000

ALEX PRAGER
Crowd #2 (Emma), 2012
Phillips, New York
2 April 2015
Lot 273
Estimate: $20,000 – $30,000
Sold: $60,000

ORMOND GIGLI
Girls in Windows, New York City, 1960
Phillips, New York
2 April 2015
Lot 165
Estimate: $25,000 – $35,000
Sold: $45,000

Making a Gift of Art

The end of the year is often marked by charitable gifting, so to facilitate that process we have provided the following guide to assist in making a gift of a art.  The most important thing to remember is for the gift to count in this tax year, it must be finalized with the institution prior to 31 December.  The appraisal documents can come after the date of the gift, as long as it is prior to the filing of your taxes.

Step One – Express your interest. Contact the museum you are interested in donating to, they should have an office of planned giving, or something similar, to assist you in your making your gift.

Step Two – Learn the value of your art.  When considering your gift of art, it’s important, of course, to know the value of your artwork.  Museums and their staff are not permitted to prepare appraisals, therefore contact an appraiser knowledgeable in the artwork you are donating.  You are only required to obtain a USPAP compliant appraisal if the value of the gift is great than $5,000.  The appraisal must be dated no earlier than 60 days prior to the date of the gift, which is the date on which the museum formally accepts the gift.  The appraisal may be dated after your gift is accepted, up to the due date (including extensions) of your income tax return.

Step Three – Consider the options.

An Outright – An outright gift of a work of art is a full transfer of ownership to the museum.  It enables the donor to take a charitable deduction for tax purposes for the full fair market value of the work, as determined by a qualified appraiser.  In general, the amount of the allowable deduction in any one taxable year for noncash gifts is limited to 30% of the donors adjusted gross income for the year the gift is made, but the unused portion may be carried forward (see Step Five below).

Fractional Gift – The gift of a fractional interest in a work of art allows the donor to retain partial ownership of the work.  However, the donor’s charitable deduction is limited to the value of the percentage interest in the work given to the museum.  As joint owners of the work, the museum and the donor must enter into an agreement concerning the details of such ownership, including when each party will have possession of the work.  Based on IRS regulations, the museum may accept factional gifts only if the owner pledges to contribute the remaining interest in the work within ten years of the initial gift.

Bequest – A bequest is another way that you may make a gift of art to the museum.  Simply signing a will or a codicil (an amendment to a will) that contains a bequest to the museum does not entitle the donor to a charitable deduction for income tax purposes.  However, once a gift of a work of art is made pursuant to a bequest, the work is excluded from the donor’s taxable estate, and therefore, is not subject to federal estate tax.

Promised Gift – A promised gift is made when a donor signs an irrevocable agreement pledging to make a gift of a work of art to the museum at a future time, which may be any time prior to or at the donor’s death.  A promised gift allows the museum to count on receiving the work, while allowing the donor to continue to enjoy the use of the work of art.  Similar to a bequest, there is no charitable deduction available simply for signing an agreement promising to make a future gift.  However, current law allows a deduction for the year in which the gift is actually made.

Step Four – Formalize the Gift.  Once you have determined that you want to make a gift and the museum express interest in accepting your gift, the museum’s registrar will prepare a deed of gift or promised gift pledge for your signature.  Following formal acceptance, you will receive a written acknowledgment of your gift to the museum.  In the case of a fractional gift, you will be asked to sign an irrevocable pledge that will commit the remaining fraction of the gift to the museum.  A signed pledge is also required to formalize a promised gift to the museum.

Step Five – Claim a charitable deduction for income tax purposes.  For gifts made during your lifetime, you may be eligible for a charitable deduction for federal income tax purposes.  If the amount of your deduction for all noncash gifts if more than $500, you will need to file IRS Form 8283 with your income tax return.  As noted above, if the value of your gift is more than $5,000, you will need to obtain an independent appraisal in order to utilize the deduction.  The appraisal of the object must be made by a qualified appraiser.  If the value of your gift of art is $20,000 or more, a copy of the appraisal itself must also be attached to your return.

As noted above, in general the amount of the deduction in any one year for gifts of art is limited to 30% of the donor’s adjust gross income.  A donor who is not able to utilize the full amount of the charitable deduction in the year of the gift may be able to carry forward the unused portion for up to five additional years.

This document has been adapted from an informational letter provided by Philadelphia Museum of Art to prospective donors. Neither the Philadelphia Museum of Art or Penelope Dixon & Associates engage in rendering legal or tax advisory service.  Individual circumstances differ and tax laws and regulations may change.  Accordingly, it is recommended that before making any important decision regarding a gift of a work or art, you seek advise from your own tax adviser.

Record Setting Sale as Sotheby’s Auctions 175 Masterworks

On Thursday, December 11, 2014, Sotheby’s held the first of a two session sale of 175 Masterworks to celebrate 175 years of photography.  The collection was the property of the Joy of Giving Something Foundation which has one of the most significant collections of photography in private hands.

The sale did phenomenally well, setting a new record for a photographic auction, generating $21,325,063 in sales, including buyer’s premium.   Of the 175 lots sold, 158, found buyers, with an average paid price of approximately $135,000 per lot.   The sale fell within 14% of the high estimate and exceed the low estimate by 33%.

Typical of an evening sale, the session was packed with many dealers, collectors and onlookers present. The sales reinforced the notion that the market is willing to pay top dollar for the best for high quality photographs.  One of the top lots included a new record for Alvin Landon Coburn with a hammer price of $800,000 for Shadows and Reflections, Venice (lot 11), as well as significant realized prices for works by Alfred Steiglitz, Edward Weston, August Sander, Gustav Le Gray and Lazlo Moholy-Nagy.

In total there were 49 lots that realized hammer prices that realized prices over $100,000.  A summary of the sale results are as follows:

Thoughts from Paris Photo 2014 by Penelope Dixon

Many people attending the fair this year agreed that there was a better selection of works than we could recall seeing in past years.  I’m not sure of why: perhaps the selection of galleries reflected a more conservative, and aesthetically pleasing, taste.  There was a good selection of earlier vintage works which were complemented by many more good contemporary works.

I was struck by the preponderance of photographs, especially portraits, that were on walls in grids.  After walking through the whole fair it seemed to me that there were examples of this in a large number of booths.  A couple of examples can be seen below.

Also, there seemed to be a great deal of portraits of people of color, often elaborately dressed, as well as the usual number of nude studies.  Again, examples, just a few, are below.

Anyone going to Paris Photo over a number of years must realize the importance of the fair organizer, Julien Frydman and his relations manager , Damien Thomasse.  They keep things running incredibly smoothly (although of course there will always be the requisite complaints…and the food could be improved, and made a bit less expensive; this is an ongoing gripe).

There was a very moving memorial held for the esteemed dealer (and colleague since we met in 1976 in Paris), Rudolf Kicken.  It was beautifully presented by his wife Annette and many of his friends and colleagues spoke of Rudi’s keen aesthetics, humor and humanity and great love of the photographic image.

There were also many excellent “Conversations” between artists and curators and dealers.  One very good panel on collecting was moderated by the American dealer, Rick Wester, who was accompanied by collectors, curators, an artist and another dealer.  The primary point made during the session was the importance of actually “seeing” works of art in person.  That, although the Internet, and our ipads are great vehicles for showing art, they cannot replace the experience of looking directly at a piece, and interfacing with the dealer, gallery or artist.

Accoding to Nancy Lieberman of the Howard Greenberg Gallery this year’s fair was one of the best of all time with “huge crowds, great energy, and excellent sales.”

Here are some examples of works at the fair….

Christopher Thomas,  Arc de Triomphe I, 2013

Adrian Sauer, 21.03.2014 (b) 2014

Stephen Shore, July 22, 1969

Assembly: Family Parade-Grand Palais, On-site installation 2014

Photographer Unknown, Press Portraits, ca. 1930

Pierre Et Gilles, For Ever, 2014

Omar Victor Diop, Don Miguel De Castro

As evidenced by the red dots, Diop’s work had the most sold photographs seen at the fair.

Richard Mosse: Sonic Youth 2012

Frederic Brenner, Ben Gurion Airport , 2010

Robert Zhao Renhui

 During the fair we also saw Elliot Erwitt and Massimo Vitali….

And lastly, we have a view of a booth at the fair.

War Reporting as Art in the Flatiron District

By Erika Allen

“Soldiers are our boots on the ground, but journalists are our eyes on the ground,” said Cheryl McGinnis, curator of the artist Cindy Kane’s current exhibition in Manhattan’s Flatiron district.

New York Times journalists collaborated with Ms. Kane for “Eyes on the Ground — Journals of War,” which is on display in the Sprint Flatiron Prow Art Space on Fifth Avenue, now through Jan. 2. The show provides an intimate glimpse into life as a war reporter. The opening reception on Nov. 18, from 4 p.m. to 7 p.m., is your chance to meet the artist, view the exhibit and likely see some familiar bylines.

To read the complete article, please click here.

Magnum’s Archive of Once-Orphaned Photos

One of the stranger parts of being a working photographer is that no matter how widely published or successful you are, the vast majority of your images are never seen by anyone else.

Take the Magnum photographer Jonas Bendiksen, for example. He can take hundreds of images to get just the one or two frames that best render the scene and fit the assignment. He figures that 99 percent of his pictures go unseen, and after a lengthy editing process the rest end up “under the bed.” He’s O.K. with that.

To read the complete article, please click here.

David Redfern, British Photographer of Jazz and Pop, Dies at 78

David Redfern, whose photographs of Louis Armstrong, John Lennon,
Frank Sinatra and others captured a half-century of popular music and
formed the core of an extensive archive of musical images, died on Oct. 22 at
his home in Uzès, France. He was 78.

To read the complete New York Times Obituary, please click here.

Trying to Shatter Ceiling in Online Art Auctions

As art collectors gather in New York this week for the glittering fall auctions,
works of art will routinely change hands for tens of millions of dollars, a few
for much more, like a Giacometti bronze “Chariot” sculpture that sold for
nearly $101 million at Sotheby’s on Tuesday evening.

To read the complete New York Times article, please click here.