René Magritte's 1954 painting 'Empire of Light' sold for a record $121.16 million at Christie's in New York, setting a new high for both the artist and surrealist art at auction. The painting, part of Mica Ertegun's private collection, exceeded its $95 million valuation after a 10-minute bidding war. This sale highlights the autumn auction season amid a slowing art market, with Christie's reporting $2.1 billion in sales for the first half of the year, down from previous years.
A René Magritte painting sold for $121.2 million at Christie's in New York, setting a new auction record for the artist and becoming the most expensive lot of the New York November sales season. The painting had a third-party guarantee of $95 million, ensuring its sale. Magritte's previous auction record was $79.5 million, set in March 2022 at Sotheby's in London.
René Magritte's painting 'L'empire des lumières' sold for over $121 million at a Christie's auction in New York, setting a new record for the Surrealist artist. The 1954 artwork, known for its juxtaposition of night and day, was part of the late Mica Ertegun's collection. The sale comes amid a slowdown in global art sales, highlighting the unique market dynamics when iconic works are auctioned. Other notable sales included works by Ed Ruscha, Max Ernst, and David Hockney.
Sotheby's latest Modern Evening Sale brought in $427 million, with over 15 paintings from the collection of Mo Ostin, the music executive, and another 54 lots included in the auction. The sale included works by René Magritte and Gustav Klimt, with Magritte's "Empire of Light" selling for $42.3 million and Klimt's "Island in the Attersee" selling for $53.2 million. However, the auction lacked speed, and there was consensus among some collectors and analysts in the salesroom that declines in speculative bidding and increases in interest rates were hurting business.
Sotheby's sold an earlier, smaller version of René Magritte's "Empire of Light" painting for $42.3 million, surpassing its estimated value of $35 million. The painting was sold after a nearly 10-minute-long bidding war among four collectors.
