During Art Basel Paris week, the energy surrounding the art market translated into an unprecedented result for Sotheby’s Paris office. The auction house recorded its highest total ever in France for a combined sale of modern and surrealist art, with Modernités and Surrealism and Its Legacy reaching a combined €89.7 million. The increase over the same series held last October was more than 50 percent, a figure that also marks an all-time record for a series of various owners ’ auctions at Sotheby’s Paris headquarters.
Leading the overall result was a new record for Amedeo Modigliani, whose painting Elvire en buste sold for 27 million euros, the highest figure ever achieved by a work by the artist in a French auction. The work also became the most expensive lot ever sold at Sotheby’s in Paris. Both auctions were presented in collaboration with the Parisian maison Celine.
Overall, the auction house declared a 90 percent sell-through rate per lot, with as many as 61 percent of the works presented making their auction debut. Five artists set new price records in France: in addition to Modigliani, Paul Delvaux, Óscar Domínguez, Konrad Klapheck, and Wols also reached unprecedented levels. Six works by Roy Lichtenstein, from the collection of Dorothy and Roy Lichtenstein and never before appearing on the market, totaled 5.3 million euros, exceeding the overall estimate. With this sale, the total proceeds from the artist’s legacy rise to $128.4 million, well above initial forecasts.
The Modernités section reached a total of 62.8 million euros, compared to a pre-sale estimate of between 35.9 and 50.7 million. 85 percent of the lots were sold, with outstanding results contributing to the overall record. The absolute star was, as anticipated, Amedeo Modigliani’s Elvire en buste, which has remained in the same private collection since 1974 and appeared on the market for the first time. It was also the first time that a portrait of Elvira by Modigliani was offered at auction. Competition among seven collectors pushed the price up to 27 million euros, quadrupling the initial estimate of 5.5-7.5 million. In addition to this, a second Modigliani painting, Raymond, probably depicting the young writer Raymond Radiguet and kept for more than 65 years in the same collection, reached 10.6 million euros ($12.4 million) after ten minutes of lively bidding among bidders, far exceeding the pre-sale estimate.
Among other results in the modern section, Figurine by Alberto Giacometti exceeded its initial estimate by more than double, selling for 571,500 euros. Wols’ L’Oeil de Dieu reached 1.9 million euros, marking the highest price for the artist ever achieved in a French auction. Another highlight was the sale of Pablo Picasso’s Séries 347, a rare complete set of 347 etchings made in 1968, which totaled 1.9 million euros, setting a record for any series of Picasso prints sold in France.
The Surrealism and Its Legacy section added an additional €26.9 million to the total, with a 97 percent sell-through rate per lot and 70 percent of the works exceeding the top estimate. It is the second highest total ever for a Surrealist sale at Sotheby’s in France. Interest from American collectors was particularly pronounced, accounting for one-third of total buyers.
The success of the Surrealist sale follows the exceptional results achieved in London in September with the Pauline Karpidas collection, which had totaled £101 million, confirming the vitality of the market for this movement. At the forefront of the Surrealist session, René Magritte confirmed its strength in the market. The painting La magie noire was contested by three determined bidders to reach 10.7 million euros, setting a record for a “magie noire” by the Belgian painter. Ceci est un morceau de fromage also exceeded expectations, reaching 1.9 million euros, while La malédiction tripled its highest estimate, selling for 952,500 euros.
Paul Delvaux set a new personal record in France with Woman with a Rose, which sold for 2.4 million euros, while Óscar Domínguez’s Paysage fantastique touched 990,600 euros, also the highest price ever achieved in France for the artist.
Konrad Klapheck’sDer Mustergatte (The Ideal Husband) far exceeded the top estimate, adjudicated for 825,500 euros, marking a French record for the artist. Salvador Dalí also took center stage with Swirling Sea Necklace, from the Schlumberger Collection, which sold for 736,600 euros, exceeding initial forecasts.
Other significant results included Francis Picabia’s Lu-Li, which more than doubled its high estimate with 508,000 euros, and Max Ernst’s Bosse de nage, which sold for 292,100 euros, well above expectations.
Overall, Sotheby’s double Paris sale testified to the vitality of the French market for modern and surrealist art, with global participation from collectors and institutions. The result marks a strengthening of Paris’ role as Europe’s art market capital amid growing international competition.
The outstanding performance of Modigliani, Giacometti, Magritte and Picasso underscores the solidity of the 20th-century art segment and the continued interest in iconic works and projects that combine historical provenances and rarities. The combination of the Paris scene and the energy of Art Basel week confirmed Sotheby’s positioning as a central player in the international art scene, able to attract collectors from around the world and set new standards for European auctions.
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| Sotheby's Paris: record 89.7 million and a Modigliani sold for 27 million |
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