"The word "auction" is derived from the Latin augeo which means "I augment". For most of history, auctions have been a relatively uncommon way to negotiate the exchange of goods and commodities before the seventeenth century... Nonetheless, auctions have a long history, having been recorded as early as 500 B.C. According to Herodotus, in Babylon, auctions of women for marriage were held annually. The auctions began with the woman the auctioneer considered to be the most beautiful and progressed to the least. It was considered illegal to allow a daughter to be sold outside of the auction method.
Transmission 13-2015 Auction Theory
During the Roman Empire, following military victory, Roman soldiers would often drive a spear into the ground around which the spoils of war were left, to be auctioned off. Later, slaves, often captured as the "spoils of war", were auctioned in the forum under the sign of the spear, with the proceeds of sale going towards the war effort. The Romans also used auctions to liquidate the assets of debtors whose property had been confiscated. For example, Marcus Aurelius sold household furniture to pay off debts, the sales lasting for months. A significant auction occurred in Rome on March 23, 193 A.D. The Praetorian Guard first killed emperor Pertinax, then offered the Empire to the highest bidder. Didius Julianus outbid Sulpicianus for the price of 25,000 sesterces per guard (or ten years worth of wages)... Upon his accession, Julianus immediately devalued the Roman currency... " (from Wikipedia). n째110
Contents of transmission number 13-2015 : A number of albumen and silver prints with auction theory allusions Auction theory digest (from Wikipedia online articles, bilingual) The covers you have missed
uploaded at 3.15 pm monday 30th march 2015
The e-bulletin presents books, albums, photographs and ancient documents as they have been transmitted to us by their creators and by the amateurs from past generations. The physical descriptions, attributions, origins, place and date of printing of books and photographs have been carefully ascertained with collations and comparisons with other prints or comparable samples (from our phototèque). Number Thirteen of the weekly bulletin has been uploaded on monday, 30th March at 15:15 (Paris time). French captions are printed in black. This transmission is dedicated to auction theory topics and theorems. Ce bulletin suit un fil rouge : les différents systèmes d'enchères. All the bulletins are available on our site: www.photoceros.com / BTP
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Semaine 13 : 30 mars - 5 avril 2015 103
Week 13 : March 30-april 5, 2015
Eugène Disdéri (1819-1889) Henri Rochefort, a journalist in exile Paris, c. 1868 Albumen carte-de-visite , Disderi printed name on mount. Victor Henri Rochefort, Marquis de Rochefort-Luçay (1831-1913) was a French politician. His father was legitimist but his mother's views were republican. After experience as a medical student, a clerk at the Hôtel de Ville in Paris, a playwright and a journalist, he joined the staff of Le Figaro in 1863; but a series of his articles brought the paper into collision with the authorities and caused the termination of his engagement. On leaving Le Figaro Rochefort determined to start a paper of his own, La Lanterne. The paper was seized on its eleventh appearance, and in August 1868, Rochefort was fined 10,000 francs, with a year's imprisonment. He then published his paper in Brussels, whence it was smuggled into France. Printed in French, English, Spanish, Italian and German, it went the round of Europe. After a second prosecution he fled to Belgium... A series of duels, of which the most famous was one fought with Paul de Cassagnac à propos of an article on Joan of Arc, kept Rochefort in the public eye.”
150 euros Ce portrait peu commun révèle un léger strabisme
Semaine 13 : 30 mars - 5 avril 2015 104
Week 13 : March 30-april 5, 2015
Georges Révoil (1852-1894) On the way to Cape Guardafui Gulf of Aden, 1878 Vintage albumen, 120x160 mm, original mount with a short caption in pencil by the explorer : “Alleyah”. Rare example of one of the first photographs taken in Somalia, with an evocation of the most mysterious years of the life of French poet Arthur Rimbaud in Aden and possibly Somalia. “My dad…was an employee of Father Suel, owner of the Suel Hotel who needed hands to send a small expedition to loot the wreck in Cape Gardafui where a ship was stranded. They were three or four I think, sitting on chairs every evening on one of the sides at the entrance of the hotel, as I was on the other side with friends. There was an Arthur Rimbaud among them and I always thought it was the poet. If I ever reach the explorer George Révoil I'll be able tell you what I don't tell you here - or what's different.” Jacques Desse, Rimbaud pilleur d’épaves ? “À propos de deux lettres [d’Émile Deschamps] conservées par le muséebibliothèque Arthur Rimbaud”, Revue des Deux Mondes, septembre 2012.
1.200 euros
"Alloùla and Bender Ziyâda are the only two cities where there are stone constructions"(“Alloùla et Bender Ziyâda sont les deux seules villes, où il y ait des constructions en pierre” (Georges Révoil, Voyage au Cap des Aromates, p. 181).
Semaine 13 : 30 mars - 5 avril 2015 105
Week 13 : March 30-april 5, 2015
Georges Révoil (1852-1894) Las Khorey Fort Warsangali Sultanate, 1878 Vintage albumen, 120x160 mm, original mount with a short caption in pencil by the explorator : “Las Goree, le fort Mohammed Abdi où je logeais”, spots, strong contrast. A nice example of one of the first photographs in Somalia. “After nightfall, we see Râs Orbé (en çomali Dourboh), a small stronghold and village in the west before Bender Merâya. The high mountains circling Râs Orbé are covered with vegetation, sharp peaks a few hundred feet high, they form a small creek in the center of which stand the stronghold and the dwellings” (Georges Révoil, Voyage au Cap des Aromates (Afrique orientale), 1877-1878, Paris, 1880, p. 8).
3.000 euros
“I still see these huge mountains, the corbels of the towers made from adobe draw the ridges like a dark line” (“Je revois encore ces grandes montagnes, ces tours en pisé dont les corbeaux dessinent les faîtes comme une ligne noire” (G. Révoil, Voyage au Cap des Aromates, p. 123).
Semaine 13 : 30 mars - 5 avril 2015 106
Week 13 : March 30-april 5, 2015
Georges Buffotot (Studio in Sevres) Quartermaster Lebriz Brazzaville, 1885-(1925) Silver print, 171x115 mm, printed in 1925, stamped at verso, from a mysterious negative brought back from Congo in the mid 1880’s, and captioned later by an eye-witness (the priest of the expedition ?) : “Le Quartier-maître Lebriz, premier Européen décédé et inhumé à Brazzaville en juillet 1885, probablement le 9 — c’était un lundi”. A rare portrait of the worker who built the first houses and streets of Brazzaville : “The city was founded by an Italo-French explorer, Pierre Savorgnan de Brazza, after whom the city was named. French control over the area was made official by the Berlin Conference of 1884.” The final location of Brazzaville is chosen on may 1884. After leaving the king Makoko, Brazza and his companions settle on a plain thirty meters above the Congo. It must be built: " we got organized in a hurry: brushing with machete, clearing the view, creation of necessary pathways, searching for construction material in the forest. We'll live a long time under canopies or makeshift tarpaulins.” (Charles de Chavannes). on the 30th september 1884, the first wwoden house is finished. The quartermaster is the constructor of the first houses in Brazzaville.
400 euros
Semaine 13 : 30 mars - 5 avril 2015 107
Week 13 : March 30-april 5, 2015
French Press Agency Trotsky and fourteen SPb Soviet members Enroute for Siberia, winter 1906-(1925) Silver press tinted print, 1920’s reproduction, 140x105 mm, captioned. Early reproduction of an untraced original, showing in fact a full mounted pop print on a decorated board. Circumstances of the photography session hardly survived. Indeed, “The chance of factual truth surviving the onslaught of power are very slim indeed, it is always in danger of being manœuvered out of the world not only for a time, but potentially forever... [Photographic prints as] Facts and events are infinitely more fragiles things than axioms, discoveries, theories..." (Hannah Arendt, Truth and Politics). Auction theory : the linkage principle, “the linkage principle is a finding which states that auction houses have an incentive to pre-commit to revealing all available information about each lot, positive or negative”.
400 euros
“More than fifty members of the St Petersburg Soviet were arrested after the failure of the Russian Revolution of 1905 and kept in prison for months without trial... Trotsky had been the principal spokesman. Now in his late twenties, he quite liked incarceration, or said he did, because it gave him time to himself to read and think. His wife Natalia visited him, he was given practically all the books he asked for, his writings were smuggled to the outside world in his lawyer’s briefcase... The trial on charges of armed insurrection began at last in October 1906. Held in open court, it attracted much attention and Trotsky seized the opportunity to tell the court that the ‘working masses’ had every reason to rebel, that the government’s programme for reform of the system was a shame and that the government was responsible for the bloodshed. The court let most of the defendants go, but Trotsky and fourteen others were sentenced to exile for life”.(CF. Richard Cavendish, History Today).
Semaine 13 : 30 mars - 5 avril 2015 108
Week 13 : March 30-april 5, 2015
Soviet Photographer Chess Tournament Moscow, c. 1930 Vintage silver print, 240x180 mm, stamps and agency captions at verso An interesting composition for an interesting competition.
Auction theory : Auction model, “A game-theoretic auction model is a mathematical game represented by a set of players. When it is necessary to make explicit assumptions about bidders' value distributions, most of the published research assumes symmetric bidders. This means that the probability distribution from which the bidders obtain their values (or signals) is identical across bidders. In a private values model which assumes independence, symmetry implies that the bidders' values are independently and identically distributed.�
1.200 euros
Semaine 13 : 30 mars - 5 avril 2015 109
Week 13 : March 30-april 5, 2015
Circle of Richard Archbold (1907-1976) Idenburg River Crocodile Dutch New Guinea (Papua), january 1937 Vintage silver print, 210x255 mm, dated “37/1/5” and captioned in pencil. “The Taritatu River is a river in the northern part of the Indonesian province of Papua. During the Dutch colonial era, it was known as the Idenburg River. Eventually, it meets the Tariku River, and at this confluence the two rivers become the Mamberamo River, one of the largest rivers on New Guinea”. An early Papua modernist image ?
300 euros
Cf. Research Library of the American Museum of Natural History (AMNH). Auction theory : Buyer’s Remorse. The phenomenon of buyer’s remorse has been generally associated with the psychological theory of cognitive dissonance, a state of psychological discomfort when at least two elements of cognition are in opposition, and which motivates the person to appease it by changing how they think about the situation.
Semaine 13 : 30 mars - 5 avril 2015 110
Week 13 : March 30-april 5, 2015
Gordon Coster (1906-1988) Advertising Studio Lab Chicago, 1940’s Vintage silver print, 200x250 mm, stamped, mint condition Auction : Sotheby’s sold in New York on december 2014 another photograph by this artist (“Bicycle Racer”) for the sum of 16,250 USD (Hammer Price with Buyer's Premium) with the comment : “This dynamic image, which so captures the speed and excitement of track cycling, was made by multi-faceted photographer Gordon Coster. Like many of his generation, Coster began his career working in the Pictorial mode, and his photographs were frequently exhibited in the Camera Club salons of the 1920s. In the late 1920s, he worked for the Underwood & Underwood agency in New York. He settled in Chicago in the 1930s and worked there as a photojournalist for LIFE, while also contributing images to Fortune, Time, Scientific American, and other magazines. He was asked by László Moholy-Nagy to teach at Chicago’s famed Institute of Design in 1946, and he taught there periodically through 1960, where his primary focus was upon social documentary.”
1.500 euros
Auction theory : Under conditions of perfect information, game theory shows that the expected income of the seller is an increasing function of the number of bidders. — Too big to fail again ?
Semaine 13 : 30 mars - 5 avril 2015 111
Emile Crevaux (Industrial photographer) A Visual Catalogue of Toolboxes Courbevoie, c. 1937-1939 9 silver prints, 180x240 mm, mounted and captioned; very decorative unique set for the maquette of a catalogue for Saint-Chamond-Granat factory, in Courbevoie. Auction Theory : SOB, Suggested Opening Bid : There will usually be an estimate of what price the lot will fetch. In an ascending open auction it is considered important to get at least a 50-percent increase in the bids from start to finish. To accomplish this, the auctioneer must start the auction by announcing a SOB that is low enough to be immediately accepted by one of the bidders. Once there is an opening bid, there will quickly be several other bids submitted. Experienced auctioneers will often select a SOB that is about 45 percent of the (lowest) estimate. Thus there is a certain margin of safety to ensure that there will indeed be a lively auction with many bids submitted. Several observations indicate that the lower the SOB, the higher the final winning bid. This is due to the increase in the number of bidders attracted by the low SOB�.
(9 prints) 450 euros
Week 13 : March 30-april 5, 2015
Semaine 13 : 30 mars - 5 avril 2015 112
Week 13 : March 30-april 5, 2015
Californian Photo California First Oil Rafinery Newhall, 1954 Vintage Silver print, 180x240 mm, caption and date stamp at verso. Where Oil replaced Gold. “Unlike the competition to "The First California Gold Discovery," to which Northern California laid vociferous and popular claim until the early 1930s, Newhall's position in the Western development of the oil industry has always been fully recognized. Here California's oil industry was born, exactly in Well No. 4, Pico Canyon Oilfield, located about seven miles west of Newhall, in the Santa Susana Mountains, the first successful oil well in the Western United States. Drilled in 1876, it turned nearby Newhall into a boomtown and also spawned a smaller boomtown called Mentryville adjacent to the drilling site. Well No. 4 continued in operation for 114 years until it was capped in 1990 and the Mentryville ghost town is now open to the public as a historic park.�
300 euros Auction theory : Although less publicly visible than antiques, economically important are the oilfields auctions.
Semaine 13 : 30 mars - 5 avril 2015 113
Circle of Paris Theaters A Mise en abyme photographic kit Paris, circa 1900 The kit consist of : 1. The actress portrait, with an actor, silver print, c.1900 in a gilded frame 2. Her original 18th century style gown consisting of two pieces, a silk skirt with an attached bodice, sewn in the 1890’s and present in the photograph. The name of the actress could be traced with patience. "The Auctioneer" is a 1956 country song by Leroy Van Dyke. The song talks of a young Arkansas boy who would skip school and visit a local auction barn. Becoming mesmerized by the auction chant, he decides he wants to be an auctioneer, regularly practicing the chant behind the family barn. Though his parents are initially unhappy with his career choice, eventually they relent, but (not wanting their family name to be ruined by poor auctioneering skill) they send him to auction school to properly learn the trade. He returns home a full-fledged auctioneer. Over time, he becomes "the best in all the land", having so much business that he ends up buying "a plane to get around".
Gown + framed portrait : 450 euros
Week 13 : March 30-april 5, 2015
Les différents systèmes d’enchères
Auction Theory
N°1. Enchères à un tour sous pli cacheté
N°1. First-price sealed-bid auctions
Aussi appelées enchères scellées au premier prix. Chaque enchérisseur remet une enchère sous enveloppe ou électroniquement au commissairepriseur qui examine toutes les offres. L’objet est attribué au plus offrant, qui paie son montant proposé.
Or Blind auctions. Auctions in which bidders place their bid in a sealed envelope and simultaneously hand them to the auctioneer. The envelopes are opened and the individual with the highest bid wins, paying the amount bid.
Procédé classique utilisé lors des appels d'offre pour les marchés publics entre autres ou encore pour les droits minéraux et de forage dans les terrains de l'État.
These auctions are commonly called tendering for procurement by companies and organisations, particularly for government contracts and auctions for mining leases.
N°2. Enchères au second prix sous pli cacheté (Vickrey)
N°2. Sealed-bid second-price auction (Vickey auction)
À partir de la même procédure, l’objet est adjugé au plus offrant, qui paie le prix offert par le deuxième meilleur enchérisseur. Ce système conduit les acteurs à proposer leur juste prix pour l'objet en jeu.
Identical to the sealed first-price auction except that the winning bidder pays the second-highest bid rather than his or her own.
Procédé utilisé pour la vente de timbres de collection depuis le XIX siècle, et par Google dans la vente de ses espaces publicitaires.
Although extremely important in auction theory, in practice Vickrey auctions are rarely used in non-automated contexts as the proxy bidding system used by the Internet auction site eBay.
N°3. Enchère ascendante ou enchère anglaise
N°3. English auction
La plus populaire et la plus commune à tous : le commissaire-priseur commence avec un prix de départ, chaque intéressé offre dès lors successivement un prix plus élevé, tout en respectant une surenchère minimum (aussi appelé incrément minimal). Le bien est attribué au candidat le plus offrant. L’enchère à la bougie consiste à fixer un temps limite pour formuler les offres : quand la bougie s’éteint, les enchères sont terminées.
Also known as an open ascending price auction. This type of auction is arguably the most common form of auction in use toda. An auctioneer may announce prices, bidders may call out their bids themselves or bids may be submitted electronically with the highest current bid publicly displayed and the highest bidder pays his bid.
e
Procédé courant dans les salles de ventes.
Commonly used for selling goods, most prominently antiques and artwork.
Les différents systèmes d’enchères
Auction Theory
Variante 3b : Enchère ascendante japonaise
Variation 3b : Japanese auction
Le commissaire-priseur commence avec un prix de départ, chaque intéressé offre successivement un prix plus élevé. Le bien est attribué au candidat “le plus offrant” à un prix de cession égal à l'offre la plus élevée parmi celles des candidats éliminés, appelé “deuxième prix”. Système stratégiquement analogue à celui d'une enchère fermée au second prix.
An auctioneer may announce prices, bidders may call out their bids themselves. But when the bidding starts no new bidders can join, and each bidder must continue to bid each round or drop out. It has similarities to the ante in Poker. The winner pays the second best offer. Similiraty with the sealed-bid second price auction strategy.
Procédé courant dans les salles de ventes japonaises.
In use only in Japan.
N°4. Enchère descendante hollandaise
N°4. Dutch auction
Le commissaire priseur annonce un prix de départ supérieur a priori à l'offre maximale de tous les candidats, puis l’abaisse par étapes, jusqu'à ce qu'un candidat se déclare preneur (les offres des autres candidats restent, dans cette procédure, inconnues). Stratégiquement équivalente à l'enchère fermée au premier prix étant donné qu'un enchérisseur se fondera sur son évaluation initiale du montant auquel il désire faire l'acquisition pour remettre son offre.
Also known as an open descending price auction. the auctioneer begins with a high asking price for some quantity of like items; the price is lowered until a participant is willing to accept the auctioneer's price for some quantity of the goods in the lot. If the first bidder does not purchase the entire lot, the auctioneer continues lowering the price until all of the items have been bid for or the reserve price is reached. Items are allocated based on bid order; the highest bidder selects their item(s) first followed by the second highest bidder, etc...
Ce procédé très rapide est utilisé pour la vente de denrées périssables, comme, par exemple, aux Pays-Bas pour la vente des fromages et des fleurs coupées et au Japon sur les marchés au poisson. En France aussi pour la traditionnelle vente au cadran : les prix décroissent toutes les heures.
Dutch auctions, named for the best known example, the Dutch tulip auctions, have also been used for perishable commodities such as fish and tobacco.
Théorie : Enchère “All Pay”
Theory : All Pay auction
L'ensemble des compétiteurs doivent payer leur offre mais seul le participant ayant remis la meilleure offre remporte l'enchère. Cela permet de considérer les loteries comme des enchères en théorie des jeux.
All bidders must pay their bids regardless of whether they win. The highest bidder wins the item. Primarily of academic interest, and may be used to model lobbying or bribery or competitions such as a running race.
Les différents systèmes d’enchères
Auction Theory
Système optimal en théorie des jeux
Game Theory and Auctions
William Vickrey a analysé les propriétés de l’enchère au second prix dite «enchère de Vickrey», dans laquelle le «gagnant», émetteur de l’offre la plus élevée, paye le prix correspondant à la seconde meilleure offre.
Generally, the players are the buyer(s) and the seller. In the first model, Vickrey considers two buyers bidding for a single item. Vickrey showed that in the sealed first-price auction it is an equilibrium bidding strategy for each bidder to bid half his valuation.
Le résultat de son célèbre travail a été repris et discuté par nombre de ses successeurs. Selon William Vickrey, quoi que fassent les autres «joueurs», un enchérisseur a toujours intérêt à émettre une offre d’un montant égal à son évaluation réelle de l’objet. En effet, offrir un prix inférieur à sa disposition à payer diminue les chances qu’a l’enchérisseur de remporter les enchères sans accroître le gain qu’il réaliserait en cas de victoire (puisque le prix payé est indépendant du prix annoncé). Inversement, annoncer un prix supérieur à son évaluation privée accroît la probabilité de victoire mais expose l’enchérisseur à payer plus qu’il n’est disposé à le faire («acheter à perte»). Ainsi, «dire la vérité» est une stratégie strictement dominante, c’est-à-dire une stratégie qui offre à l’enchérisseur des gains supérieurs aux autres stratégies, quel que soit le comportement adopté par les autres «joueurs». Cela correspond au sytème d’enchère N°2 : vente sur offre sous pli cacheté au second prix, ainsi qu’au système d’enchère ascendante, N°3 et N°3b, effectué de manière transparente et non faussé. L’apport récent de la théorie des jeux dans les mécanismes d’enchères a donné naissance à un des théorèmes les plus importants de la théorie des enchères, le “Théorème d’équivalence des revenus”.
When it is necessary to make explicit assumptions about bidders' value distributions, most of the published research assumes symmetric bidders. This means that the probability distribution from which the bidders obtain their values (or signals) is identical across bidders. In a private values model which assumes independence, symmetry implies that the bidders' values are independently and identically distributed, a very strong and theorical assumption, indeed. Revenue equivalence of the open ascending price (or English) auction and sealed first price (or high-bid) auction. In the open ascending price auction a buyer’s dominant strategy is to remain in the auction until the asking price is equal to his value. One of the major findings of auction theory is the celebrated revenue equivalence theorem. Early equivalence results focused on a comparison of revenue in the most common auctions. The first such proof, for the case of two buyers and uniformly distributed values was by Vickrey (1961). In 1979 Riley & Samuelson (1981) proved a much more general result :
Les différents systèmes d’enchères
Auction Theory
Théorème d’équivalence des revenus
Revenue equivalence theorem
Dans la lignée des travaux de William Vickrey, Myerson et Riley-Samuelson ont démontré en 1981 que les quatre enchères classiques définies ci-dessus sont équivalentes pour le vendeur et souvent optimales. Autrement dit, le vendeur n’aurait pas d’intérêt à choisir un mécanisme d’enchère plutôt qu’un autre. Mais cette équivalence des revenus n’est plausible que sous certaines hypothèses plus abstraites que réalistes : — Les joueurs sont neutres face au risque : ils accordent la même valeur au pari et à ses attentes. — Les évaluations privées de chaque joueur sont tirées de la même distribution de probabilité : symétrie des joueurs. — Les acheteurs disposent avant la vente de la même information. — Le prix d'adjudication, autrement dit la valeur de marché du bien, ne dépend que des prix d'offre individuelle, loin des influences. De même, la théorie des jeux démontre sous les mêmes hypothèses que : — L'enchère hollandaise N°4 et l'enchère scellée au premier prix N°1 sont équivalentes du point de vue informationnel — et que — L'enchère anglaise N°3 et l'enchère scellée au second prix N°2 sont également équivalentes. Dans ce modèle totalement symétrique, les quatre procédures d'enchères assurent une allocation Pareto-optimale, un équilible qu’aucune autre situation ne surpasse : le bien est attribué à celui qui en fera l'utilisation la plus efficace et qui le valorise le plus. Et les mathématiciens déduisent que le revenu espéré du vendeur est une fonction croissante du nombre d'enchérisseurs.
The revenue equivalence theorem states that any allocation mechanism/auction will lead to the same expected revenue for the seller and optimal for players. But this indifference in chosing one of the main four system is only theorical as it implies four strong assumptions : — the bidder with the highest valuation always wins — the bidder with the lowest possible signal expects zero surplus — all bidders are risk neutral, and — all bidders are drawn from a strictly increasing and atomless distribution Relaxing these assumptions can provide valuable insights for auction design. Decision biases can also lead to predictable non-equivalencies. Additionally, if some bidders are known to have a higher valuation for the lot, techniques such as price-discriminating against such bidders will yield higher returns. In other words, if a bidder is known to value the lot more than the next highest bidder, the seller can increase their profits by charging that bidder. He will still win the lot, but will pay more. The linkage principle is a finding which states that auction houses have an incentive to pre-commit to revealing all available information about each lot, positive or negative. The linkage principle is seen in the art market with the age-old tradition of auctioneers hiring art experts to examine each lot and pre-commit to provide a truthful estimate of its value.
a few auctions in Brussels in April and June
Littérature, musique, photographie descriptions : Devroe & Stubbe The Romantic Agony
a few auctions in Brussels in April and June
April 24
April 25
friday 24th + saturday 25th april at 1 pm 40 rue de l’Aqueduc - Bruxelles http://www.romanticagony.com/en/catalogue
DOCUMENTARY PHOTOGRAPHS Photographies documentaires Descriptions : Rhinoceros & Cie The Romantic Agony
June 19
friday 19th + saturday 20th June at 2 pm 40 rue de l’Aqueduc - Bruxelles
Daguerreotypes, Calotypes, Photolithographs, Autochroms, Art history documentation. Remarkable portrait of Paul Gauguin & Vincent van Gogh. Catalogue in progress, should be online in early May
June 20
The covers you have missed
The covers you have missed
Transmission
Transmission
13-2015
13-2015
He becomes an auctioneer
Buyer’s Remorse
n°108
uploaded at 3.15 pm monday 30th march 2015
n°109
uploaded at 3.15 pm monday 30th march 2015