sothebys sets new world record for photography auction
Sotheby's New York held a single-owner auction titled "175 Masterworks To Celebrate 175 Years of Photography: Property from Joy of Giving Something Foundation" on December 11 and 12, achieving a world record for a photography auction. The sale grossed $21,325,063, surpassing its presale estimate of $13–20 million and beating the previous record of $15 million set by a Sotheby's sale in 2006. The collection came from the late American financier Howard Stein, who founded the Joy of Giving Something Foundation in 1999. The auction had a strong sell-through rate of 90.3 percent by lot and 94.9 percent by value, with top lots including Alvin Langdon Coburn's "Shadows and Reflections, Venice" (1905) at $965,000 and August Sander's "Handlanger" at $749,000. Several female photographers set new records, including Tina Modotti, Julia Margaret Cameron, and Lee Miller.