Auction Watch May 2023: Sotheby’s | MyArtBroker

1. Presale estimate: $103,300,000 – $155,300,000
2. Sales total (hammer): $104,950,000, +1% low presale estimate
3. Lots sold: 44/54
4. Sell-through rate: 81%

Kicking off Sotheby’s consecutive sales was the highly anticipated Mo Ostin collection, a legendary music executive known for his creative genius and unwavering support for artists. The top lots of this opening sale showcased a bold and forward-thinking collection predominately composed of Modern and Contemporary artworks. Notably, all of these works were sold without third-party or house guarantees, underscoring the confidence in their artistic merit and ability to command strong prices.

The star lot of the sale is accredited to the renowned surrealist artist René Magritte, who has garnered significant attention since his record-breaking sale at Sotheby’s in March 2022 for the work L’Empire des lumières (1961), achieving an astounding price of £60 million (fees included). Building on this ongoing momentum, Sotheby’s presented L’Empire Des Lumières (1951) in this sale, belonging to the same iconic series, ”The Empire of Lights’’, as the record-breaking work.

The artwork itself is remarkable, characterised by its uncanny and ironic merging of the possible and seemingly impossible. While it didn’t reach the same selling price as the other work from the series, it secured the second-highest selling price for Magritte, realising an impressive $42,273,000. This price serves as a testament to the enduring popularity of the series and the artist’s profound influence. Notably, the hammer price of this work accounted for 34% of the total sale.