The results from the recent Photographs sale at Ader in Paris last week generally met expectations. 1930s prints of the Holy Shroud of Turin by Giuseppe Enrie led the way, with avant-garde works by Jean Moral, Willy Zielke, Raoul Hausmann, and others also performing well. The overall Buy-In rate for the sale came in just above 35%, but there were plenty of positive surprises to pick up the slack. When the tally was complete, the Total Sale Proceeds (of roughly €525K) fell squarely in the middle of the aggregate pre-sale estimate range.
The summary statistics are below (all results include the buyer’s premium):
| Summary Statistics | |
|---|---|
| Total Lots | 326 |
| Aggregate Pre Sale Low Estimate | €443800 |
| Aggregate Pre Sale High Estimate | €619200 |
| Total Lots Sold | 210 |
| Total Lots Bought In | 116 |
| Buy In % | 35.58% |
| Total Sale Proceeds | €524198 |
Here is the breakdown (using our typical Low, Mid, and High definitions). Given recent currency fluctuations, we have once again re-adapted our local currency thresholds to match roughly $10000 and $50000 break points between categories.
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 323 |
| Total Low Lots Sold | 208 |
| Total Low Lots Bought In | 115 |
| Low Buy In % | 35.60% |
| Aggregate High Estimate of Low Lots | €524200 |
| Total Proceeds from Low Lots | €458918 |
| Mid Total Lots | 2 |
| Total Mid Lots Sold | 2 |
| Total Mid Lots Bought In | 0 |
| Mid Buy In % | 0.00% |
| Aggregate High Estimate of Mid Lots | €40000 |
| Total Proceeds from Mid Lots | €65280 |
| 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 | €55000 |
| Total Proceeds from High Lots | €0 |
The top lot by High estimate was lot 232, William Klein, Gun 1. New York, 1954/c2000, estimated at €45000-55000; it did not sell. The top outcome of the sale was lot 80, Giuseppe Enrie, Holy Shroud of Turin (2 prints), 1931, estimated at €15000-20000, sold at €40960 (image above, via Ader).
98.57% of the lots that sold had proceeds in or above the estimate range and there were a total of 33 positive surprises in the sale (defined as having proceeds of at least double the high estimate). The 15 positive surprises with outcomes above €5000 are listed below (images above, via Ader):
Lot 20, Lai Afong – Felice Beato – Gustave Richard Lambert – Charles Thomas Scowen – Hippolyte Arnoux and others, China. Sri Lanka. Singapore. Yemen., c1870-1880, estimated at €4000-6000, sold at €19200
Lot 23, Edgar Degas, Edgar Degas with Paul Poujaud and Marie Fontaine at Ernest Chausson’s house, Paris, 1896, estimated at €2000-3000, sold at €15360
Lot 24, Ernest Rouart, Edgar Degas surrounded by Saint-Maurice, Pierre Lalo, Paul Poujaud, Alexis Rouart, Julie Manet, Valentine Rouart, Madeleine Rouart and Loulou de Saint-Maurice, 1899, estimated at €1500-2000, sold at €5120
Lot 42.A, Germaine Krull, Female Nude [arm raised], c1930, estimated at €2000-3000, sold at €6400
Lot 51, Jean Moral, Photogram, c1930, estimated at €1000-1500, sold at €5376
Lot 52, Jean Moral, Visage (photomontage), 1930, estimated at €1000-1500, sold at €32000
Lot 53, Jean Moral, Bubi, 1930, estimated at €1000-1500, sold at €6400
Lot 80, Giuseppe Enrie, Holy Shroud of Turin (2 prints), 1931, estimated at €15000-20000, sold at €40960
Lot 82, Giuseppe Enrie, Ostension of the Turin Holy Shrine, 1931, estimated at €1500-2000, sold at €5760
Lot 88, Willy Zielke, Photography 1929-1935 (12 prints), 1982, estimated at €1500-2000, sold at €5120
Lot 89, Willy Zielke, Photogram, 1923, estimated at €1000-1500, sold at €5120
Lot 127, André Kertész, Bathing, Duna Haraszti, 1919/c1965, estimated at €1000-1500, sold at €5120
Lot 143, Gisèle Freund, Self-portrait double exposure with Horst, 1933, estimated at €800-1200, sold at €6400
Lot 214, Raoul Hausmann, Phantasmagoria (superposition), 1950, estimated at €1500-2000, sold at €5760
Lot 274, Denis Brihat, Black Tulip, 1977, estimated at €600-800, sold at €7040
Complete lot by lot results can be found here.
