Weakness among the top lots and an overall Buy-In rate near 48% combined to dampen the results of the recent photography sale at Ader in Paris. Several of the top lots failed to sell, so the top outcome honors dropped to a group of prints by Gustave Le Gray. While there were a dozen positive surprises, the Total Sale Proceeds (of roughly €370K) still fell well 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 | 340 |
| Aggregate Pre Sale Low Estimate | €448600 |
| Aggregate Pre Sale High Estimate | €637900 |
| Total Lots Sold | 178 |
| Total Lots Bought In | 162 |
| Buy In % | 47.65% |
| Total Sale Proceeds | €370345 |
Here is the breakdown (using our typical Low, Mid, and High definitions):
| Detailed Breakdown | |
|---|---|
| Low Total Lots | 334 |
| Total Low Lots Sold | 177 |
| Total Low Lots Bought In | 157 |
| Low Buy In % | 47.01% |
| Aggregate High Estimate of Low Lots | €521900 |
| Total Proceeds from Low Lots | €347926 |
| Mid Total Lots | 6 |
| Total Mid Lots Sold | 1 |
| Total Mid Lots Bought In | 5 |
| Mid Buy In % | 83.33% |
| Aggregate High Estimate of Mid Lots | €116000 |
| Total Proceeds from Mid Lots | €22419 |
| Total High Lots | 0 |
| Total High Lots Sold | NA |
| Total High Lots Bought In | NA |
| High Buy In % | NA |
| Aggregate High Estimate of High Lots | €0 |
| Total Proceeds from High Lots | €0 |
The top lot by High estimate was lot 331, Désirée Dolron, Xteriors XII, 2001-2006/2007, estimated at €25000-35000; it did not sell. The top outcome of the sale was lot 13, Gustave Le Gray, Inauguration of the Camp de Châlons, August 30-September 23, 1857 (9 prints), 1857, estimated at €4000-6000, sold at €23738 (image above, via Ader).
98.31% of the lots that sold had proceeds in or above the estimate range and there were a total of 12 positive surprises in the sale (defined as having proceeds of at least double the high estimate)(images above, via Ader):
Lot 13, Gustave Le Gray, Inauguration of the Camp de Châlons, August 30-September 23, 1857 (9 prints), 1857, estimated at €4000-6000, sold at €23738
Lot 23, Olympe Aguado, Self-portraits and stagings (5 prints), c1860-1865, estimated at €500-700, sold at €1583
Lot 24, Pierre Louis-Pierson, Countess of Castiglione (2 prints), c1861-1895, estimated at €400-600, sold at €1846
Lot 28, Unidentified photographer, Yoked oxen (Maremmans), c1855-1860, estimated at €600-800, sold at €4616
Lot 61, Eugène Atget, Water Lilies, c1910, estimated at €2000-3000, sold at €9891
Lot 62, Eugène Atget, Clematis, c1900, estimated at €1000-1500, sold at €5934
Lot 63, Eugène Atget, Palm tree in Nice. Pink laurel. Apple tree. Beech at Chamarande (4 prints), c1895-1900, estimated at €1500-2000, sold at €4616
Lot 67, Gabriel Cromer, Vanity, c1895, estimated at €300-400, sold at €923
Lot 76, Germaine Krull, Jean Cocteau, 1929, estimated at €700-900, sold at €2242
Lot 82, Barbara Morgan, Martha Graham in Letter to the Word, Martha Graham and Erick Hawkins in El Penitente (2 prints), 1940, estimated at €1000-1500, sold at €3956
Lot 94, Emmanuel Sougez, Cinematographic film, c1928, estimated at €600-800, sold at €2044
Lot 252, Lucien Clergue, Born of the Wave, 1968/1980, estimated at €1000-1500, sold at €6066
Complete lot by lot results can be found here.
