Magritte Leads Sotheby's $31m 'Surrealism' Auction in Paris

A nude by Rene Magritte was the headline sale at Sotheby's 'Surrealism and Its Legacy' auction on October 24 in Paris.

• The sale totaled $31.19m (EUR26.88m), exceeding the pre-sale high estimate.

Snapshot of the sale

• 30 works sold totaling $31.19m.
• Estimates totaled: $19.15m (low) and $27.42m (high), excluding premiums.
• The sell-through rate was 94% of the original 32 lots announced.

The star lot was: Rene Magritte, La magie noire (1934), which sold for $12.36m, 113% above its $5.79m low estimate. It has been traded once in the past.

The outperformer sold for 377% above its low estimate. Rene Magritte, La malédiction (1937), sold for $1.11m ($231,400 low estimate). It has been traded twice in the past.

• 21 works, or 70%, sold above their high estimate.
• 6 works, or 20%, sold within their low and high estimate.
• 3 works, or 10%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

6 works were backed by guarantees, including: Paul Delvaux, La rose (Femme à la rose) (1936). It sold for $2.74m, 18% above its $2.32m low estimate.. It has been traded 4 times in the past.

Works that did not sell

1 work was bought-in: Pablo Picasso, Femme au ballon (1929), estimated at $1.04m (low) to $1.74m (high). It has been traded 4 times in the past.

Withdrawn before the sale

1 work was withdrawn before the sale: Adolph Gottlieb, Ancestral Portrait (1944) estimated at $231,400 (low) to $347,100 (high).

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. Estimates, sale prices and totals are converted into US dollars. 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Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.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.