Auction Results: Photographies, June 8, 2023 @Ader

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.

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Read more about: André Kertész, Denis Brihat, Germaine Krull, Gisele Freund, Giuseppe Enrie, Jean Moral, Raoul Hausmann, Willy Zielke, Ader Nordmann

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