Rare Magritte Painting Expected to Set Auction Record at $95 Million

A rare masterpiece from René Magritte’s renowned L’empire des lumières series is anticipated to break auction records at Christie’s New York this fall. The 1954 painting, part of a 27-work series where Magritte juxtaposes a sunlit sky with a darkened street scene, is estimated to sell for over $95 million. If it reaches this price, it will surpass the Surrealist artist’s previous auction record and mark a significant success for the auction house amid an industry-wide dip in sales.

The painting is part of the estate of Mica Ertegun, an esteemed interior designer and widow of Atlantic Records co-founder Ahmet Ertegun, a notable art collector. The sale will feature additional works from her collection, including pieces by Joan Miró, David Hockney, and a Polaroid portrait of Ertegun by Andy Warhol.

Max Carter, Christie’s vice chairman for 20th and 21st century art, praised the work as “arguably the finest” in the L’empire des lumières series, lauding its “balance and restraint.” He added that it reflects Ertegun’s own aesthetic vision.

The dedicated evening sale of Ertegun’s collection will take place on November 19 in New York, followed by daytime and online auctions. Proceeds from the sale will go toward various philanthropic causes that Ertegun supported, including Oxford University’s Graduate Scholarship Programme in the Humanities, Jazz at Lincoln Center, and the World Monuments Fund.

Christie’s has reported a 22% decline in sales for the first half of 2024 compared to the same period in 2023, but the auction house remains optimistic. The sale of this Magritte work, along with other high-profile lots, could provide a much-needed boost to Christie’s revenue.