Rene Magritte Leads Christie's $184m 'Collection of Mica Ertegun Part I' Auction in New York
3 min read · 08 Nov 2024
L'Empire Des Lumières by Rene Magritte sold for $121.2m. Image courtesy of Christie's
A work by Rene Magritte, which had a guarantee, was the headline sale at Christie's 'MICA: THE COLLECTION OF MICA ERTEGUN Part I' auction on November 19 in New York.
- The sale totaled $183.9m, exceeding the pre-sale high estimate.
Snapshot of the sale
- 19 works sold totaling $183.9m.
- Estimates totaled: $139.5m (low) and $158m (high), excluding premiums.
- The sell-through rate was 100%, so a white-glove sale.
The star lot was: Rene Magritte, L'Empire Des Lumières (1954), which sold for $121.2m, a new auction record for the artist and 27% above its $95m low estimate. The work was backed by a guarantee. It has been traded twice in the past.
The outperformer sold for 224% above its low estimate. Henry Moore, Reclining Figure, 1931 (1931), sold for $1.62m ($500,000 low estimate). The work was backed by a guarantee. It has been traded twice in the past.
Breakdown of results against auction house estimates that are disclosed
- 8 works, or 42%, sold above their high estimate.
- 11 works, or 58%, sold within their low and high estimate.
- 0 works, or 0%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
19 works were backed by guarantees, including: Rene Magritte, L'Empire Des Lumières (1954). It sold for $121.2m, 27% above its $95m low estimate.. It has been traded twice in the past.
Works that did not sell
0 works were bought-in.
Withdrawn before the sale
0 works were withdrawn
Terms and definitions
All results include the fees and premiums added to the price of a work of art when the auctioneer's hammer falls. Sale prices are compared to the auction house’s low estimate, which do not include premiums.
Guarantees: Sometimes an auction house guarantees to pay a seller for a work, regardless of whether the bidding reaches the reserve price, a figure that is typically confidential.
Bought-in: If there are no bids for a work, or if bidding falls short of the reserve price, the lot is unsold or “bought-in”.
Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.
Premiums: Typically a sliding-scale of charges paid in addition to the hammer price by the buyer, plus any other fees.