Terry Ward
Updated on: October 13, 2024 11:17 am GMT
René Magritte’s mesmerizing painting, “L’empire des lumières,” could make headlines this fall by fetching over $95 million at a New York auction, potentially setting a new auction record for the iconic Surrealist artist. Set to be auctioned through Christie’s, the painting’s high estimate reflects both its artistic significance and the current dynamics of the auction market.
Magritte’s Masterpiece: A Closer Look
Created in 1954, “L’empire des lumières” is part of a series where Magritte profoundly explored the interplay of light and dark. This series includes 27 paintings that juxtapose sunlit skies with darkened street scenes, a theme that captivates viewers with its paradoxical beauty. The last auction involving a similar piece nearly tripled Magritte’s previous auction record, making it clear that interest in his work continues to rise.
- Artistic Significance: “L’empire des lumières” captures unique contrasts in lighting and mood.
- Previous Auction: In 2022, another work from the series sold for approximately $79.7 million at Sotheby’s.
The Impact of Mica Ertegun
The upcoming auction will not only feature this extraordinary painting but also marks the sale of the collection belonging to the late Mica Ertegun, a notable interior designer and art collector. Her husband, Ahmet Ertegun, was a co-founder of Atlantic Records and a significant figure in the music industry. Mica Ertegun’s passion for art and music became a hallmark of her life.
Max Carter, Christie’s vice chairman of 20th and 21st century art, praised the painting, saying, “Of all the works she lived with, Magritte’s ‘L’empire des lumières’ most nearly captures her aesthetic philosophy in its balance and restraint.” Furthermore, the auction will present other remarkable works from her collection, including pieces by renowned artists like Joan Miró and David Hockney.
A Philanthropic Touch
The auction, scheduled for November 19, 2024, will also support various philanthropic initiatives. A significant portion of the proceeds will benefit causes Mica Ertegun cherished, such as:
- The Graduate Scholarship Programme in the Humanities at Oxford University.
- Jazz at Lincoln Center.
- The World Monuments Fund.
Mica Ertegun was not only a famed collector but also a committed philanthropist, a designation recognized when she received an honorary Commander of the British Empire (CBE) title in 2017. Her contributions to the arts and culture remain influential today.
Christie’s Performance and Market Trends
The art market has faced challenges recently, with Christie’s reporting a 22% drop in total revenue from live and online auction sales compared to the previous year. In the first half of 2024, total sales reached $2.1 billion, marking a substantial decline from 2023’s figures. However, sell-through rates, or the percentages of lots that sold successfully, remained encouraging.
This painting’s potential record-breaking auction could help signal a recovery in the high-end art market, as Christie’s also recently announced its acquisition of the collector car auctioneer Gooding & Company, expanding its reach in the collectible market.
Conclusion: A Historic Auction Ahead
As the art world gears up for this significant event, enthusiasts and collectors alike will be watching closely. If “L’empire des lumières” meets its high estimate, it would not only set a record for Magritte but also revitalize interest in Surrealist art during a time of unpredictability in the auction circuit.
The Mica Ertegun collection is a special mix of art, design, and giving back. It shows how important Mica Ertegun and René Magritte are to art. The auction coming up could be a big deal in art history, as many people want to buy a piece of this amazing story and creativity.
