Sotheby’s notches record $104M in Paris sales

Sotheby’s Sets Record-Breaking Art Sales During Art Basel Paris Week

Sotheby’s achieved unprecedented success in France during Art Basel Paris week, with combined surrealist and modern art auctions totaling €89.7 million ($104 million) on Friday. The result represents a remarkable 50% increase from the previous year’s dual auction event and marks the highest total ever recorded for a diverse owner sale series at Sotheby’s Paris.finestresullarte

Modigliani Portrait Leads Historic Results

The evening’s star lot was Amedeo Modigliani’s “Elvire en buste” (1918-1919), which soared to €27 million ($31.3 million) after spirited competition among seven bidders. The portrait, unseen publicly for 50 years and held in the same private collection since 1974, not only set a new French record for the Italian artist but also became the most valuable artwork ever sold at Sotheby’s Paris.sothebys

The painting’s success was accompanied by another Modigliani work, “Raymond” (1915), which sold for €10.6 million ($12.4 million) after an intense 10-minute bidding war, more than doubling its initial high estimate. Both works had never previously appeared at auction.artnews

Surrealist Works Capture International Attention

The Surrealism and Its Legacy auction generated €26.9 million ($31.2 million), marking the second-highest total ever for a surrealist sale at Sotheby’s France. René Magritte’s “La magie noire” (1934) emerged as the section’s standout, fetching €10.7 million ($12.4 million) — double its estimate and setting a new record for works from that series.sothebys

The painting, which had remained in the same Belgian family collection for 90 years since being acquired directly from Magritte in 1935, depicts the first of the artist’s celebrated “Black Magic” series. The work was originally purchased by the Spaak family, who supported Magritte during a difficult financial period when he hadn’t sold artwork for two years.belganewsagency

“It is quite extraordinary to face such an icon of Surrealism that remained in the same collection since Magritte painted it,” stated Thomas Bompard, vice president of Sotheby’s France. American collectors showed particular enthusiasm, accounting for one-third of surrealist buyers at the auction.finestresullarte

The auctions, presented in collaboration with French fashion house Celine, achieved a nearly 90% sell-through rate, with over 60% of works making their auction debut. The strong results coincide with Art Basel Paris’s successful second edition, which attracted over 73,000 visitors and reported robust sales across all market segments.finestresullarte