An overall Buy-In rate near 45% softened the results of the recent photography sale at Ader in Paris. The top lot Louis-Émile Durandelle portfolio failed to find a buyer, and there weren’t enough valuable positive surprises to offset the other passed lots. When the tally was complete, the Total Sale Proceeds (of roughly €445K) fell meaningfully below the low end of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 336 |
| Aggregate Pre Sale Low Estimate | €581800 |
| Aggregate Pre Sale High Estimate | €822150 |
| Total Lots Sold | 185 |
| Total Lots Bought In | 151 |
| Buy In % | 44.94% |
| Total Sale Proceeds | €446270 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 328 |
| Total Low Lots Sold | 183 |
| Total Low Lots Bought In | 145 |
| Low Buy In % | 44.21% |
| Aggregate High Estimate of Low Lots | €593150 |
| Total Proceeds from Low Lots | €389070 |
| Mid Total Lots | 7 |
| Total Mid Lots Sold | 2 |
| Total Mid Lots Bought In | 5 |
| Mid Buy In % | 71.43% |
| Aggregate High Estimate of Mid Lots | €149000 |
| Total Proceeds from Mid Lots | €57200 |
| Total High Lots | 1 |
| Total High Lots Sold | 0 |
| Total High Lots Bought In | 1 |
| High Buy In % | 100.00% |
| Aggregate High Estimate of High Lots | €80000 |
| Total Proceeds from High Lots | €0 |
The top lot by High estimate was lot 8, Louis-Émile Durandelle, Construction of the New Paris Opera House, 1861-1875, estimated at €60000-80000; it did not sell. The top outcome of the sale was lot 186, William Klein, Gun 1. New York, 1954/2001, estimated at €25000-35000, sold at €36400 (image above, via Ader).
An impressive 99.46% of the lots that sold had proceeds in or above the estimate range and there were a total of 10 positive surprises in the sale (defined as having proceeds of at least double the high estimate)(images above, via Ader):
Lot 12, Count Benoît Henri Tyszkiewicz, Recueil du studio (3 albums), 1895-1896, estimated at €3000-4000, sold at €14300
Lot 13, Count Benoît Henri Tyszkiewicz, Recueil du studio (5 albums), 1894-1897, estimated at €2500-3500, sold at €13000
Lot 14, Count Benoît Henri Tyszkiewicz, Travels in southern France and Italy (album), c1900, estimated at €1000-1500, sold at €13000
Lot 21, Henry-René of Germany – Poliakov, Uzbekistan (album), 1898-1907, estimated at €1000-1500, sold at €3640
Lot 84, Lotte Jacobi, Käthe Kollwitz. Berlin, 1929, estimated at €1200-1800, sold at €5460
Lot 96, Horst P. Horst, Mademoiselle Nystrom, 1935, estimated at €1000-1500, sold at €3770
Lot 139, Eugène Disdéri, Album of General Auguste Alexandre Ducrot, 1860-1870, estimated at €300-400, sold at €2080
Lot 159, Robert Doisneau, Dream creature, 1952, estimated at €600-800, sold at €1820
Lot 164, Willy Ronis, Glazier, rue Savart, Belleville, Paris, 1947, estimated at €700-900, sold at €1950
Lot 332, Sarah Moon, Untitled, 2013, estimated at €1800-2500, sold at €6500
Complete lot by lot results can be found here.
