Rene Magritte Work Sells for $1.02m to Deliver a 8% Annualized Return

Rene Magritte, L'esprit et la forme (1961), sold for $1.02m (GBP762,000), more than the low estimate at Christie's in London on March 5.

The sale beat the previous auction result for this work by $851,000, equivalent to an annualized return of 8%. It last sold at auction in 2005 for $167,100 at Sotheby's.

Gouache, pencil and paper collage on paper, 44.1 x 36.1cm. The work has been traded 4 times in the past.