Auction Results: Photographs – On the Occasion of Paris Photo, November 9, 2023 @Ader

An overall Buy-In rate over 50% proved to be a drag on the results of the recent photography sale at Ader in Paris. The top lot Claude Cahun print sold within its estimate range, but there weren’t enough valuable positive surprises to pick up the slack created by all the other passed lots. When the tally was complete, the Total Sale Proceeds (of roughly €495K) 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 329
Aggregate Pre Sale Low Estimate €701300
Aggregate Pre Sale High Estimate €1014400
Total Lots Sold 146
Total Lots Bought In 183
Buy In % 55.62%
Total Sale Proceeds €495360

Here is the breakdown (using our typical Low, Mid, and High definitions):

Detailed Breakdown
Low Total Lots 311
Total Low Lots Sold 140
Total Low Lots Bought In 171
Low Buy In % 54.98%
Aggregate High Estimate of Low Lots €631400
Total Proceeds from Low Lots €340480
Mid Total Lots 17
Total Mid Lots Sold 5
Total Mid Lots Bought In 12
Mid Buy In % 70.59%
Aggregate High Estimate of Mid Lots €323000
Total Proceeds from Mid Lots €103680
Total High Lots 1
Total High Lots Sold 1
Total High Lots Bought In 0
High Buy In % 0.00%
Aggregate High Estimate of High Lots €60000
Total Proceeds from High Lots €51200

The top lot by High estimate was lot 185, Claude Cahun, Untitled (skull and glass), 1936, estimated at €40000-60000; it was also the top outcome of the sale at €51200 (image above, via Ader).

97.27% of the lots that sold had proceeds in or above the estimate range and there were a total of 14 positive surprises in the sale (defined as having proceeds of at least double the high estimate). The 6 positive surprises with outcomes above €5000 are listed below (images above, via Ader):

Lot 51, Charles Aubry, Plant studies (10 prints), c1865, estimated at €1000-1500, sold at €15360

Lot 74, Albert d’Amade – Thomas Child – Lai Afong and others, China (album of 25 prints), c1875-1890, estimated at €3000-4000, sold at €10880

Lot 124, Wilson Bentley, Snowflake, c1930, estimated at €600-800, sold at €6144

Lot 158, Raoul Hausmann, Château Cauchemar, La Sarraz, 1938, estimated at €2500-3500, sold at €7680

Lot 162, Jean Moral, Photogram [string and fabric], c1925-1930, estimated at €2000-3000, sold at €6400

Lot 315, Martin Parr, New Brighton, Merseyside, 1983-1985/c2000, estimated at €2000-3000, sold at €6144

Complete lot by lot results can be found here.

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Read more about: Charles Aubry, Claude Cahun, Jean Moral, Martin Parr, Raoul Hausmann, Wilson Bentley, Ader Nordmann

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