Rene Magritte Leads Christie's $75.12m 'The Art of the Surreal Evening Sale' in London
3 min read · 07 Mar 2024
L'ami intime by Rene Magritte sold for $42.87m. Image courtesy of Christie's
A work by Rene Magritte, which had a guarantee, was the headline sale at Christie's 'The Art of the Surreal Evening Sale' on March 7 in London.
- The sale totaled $75.12m, meeting the pre-sale estimate.
Snapshot of the sale
- 22 works sold totaling $75.12m.
- Estimates totaled: $60.79m (low) and $96.4m (high), excluding premiums.
- The sell-through rate was 88% of the original 25 lots announced.
The star lot was: Rene Magritte, L'ami intime (1958), which sold for $42.87m, 12% above its $37.98m low estimate. The work was backed by a guarantee. It has been traded 5 times in the past.
The outperformer sold for 400% above its low estimate. Meret Oppenheim, Tisch mit Vogelfüssen (1939), sold for $674,000 ($126,600 low estimate). It has been traded once in the past.
Breakdown of results against auction house estimates that are disclosed
- 11 works, or 50%, sold above their high estimate.
- 9 works, or 41%, sold within their low and high estimate.
- 2 works, or 9%, sold below their low estimate.
- 0 sold with undisclosed estimates.
Guaranteed sales
5 works were backed by guarantees, including: Rene Magritte, L'ami intime (1958). It sold for $42.87m, 12% above its $37.98m low estimate.. It has been traded 5 times in the past.
Works that did not sell
3 works were bought-in, including: Man Ray, Portrait (Patti Cadby Birch) (1942), estimated at $443,100 (low) to $696,200 (high). It has been traded once in the past.
Withdrawn before the sale
0 works were withdrawn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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.