Rene Magritte Work Sells for $1.27m to Deliver a 5% Annualized Return

Rene Magritte, Scheherazade (1947), sold for $1.27m (GBP952,500), more than one and a half times the low estimate at Christie's in London on March 5.

The sale beat the previous auction result for this work by $863,300, equivalent to an annualized return of 5%. It last sold at auction in 2005 for $409,300 at Christie's.

Oil on panel, 42.0 x 27.3cm. The work has been traded 7 times in the past.