Sotheby's auction in London yields a staggering $100 million, surpassing expectations, attaining 'white glove' recognition.
In a historic event, Sotheby's London auction house witnessed a remarkable sale of Pauline Karpidas's collection, setting new records and showcasing the strength of the art market. The combined presale estimate for the three sales, totalling 345 lots, was $80 million, making it the highest ever placed on a single collection at Sotheby's in Europe.
The auction, which included 23 Surrealist works described as 'the greatest collection of Surrealism to emerge in recent history', surpassed expectations, with the sale of Karpidas's collection generating a staggering $100 million, far exceeding its $53 million high estimate.
One of the highlights of the sale was the nine Les Lalanne works, which together fetched $18.5 million, well beyond their combined high estimate of $3.5 million. This adds further evidence to the strong Les Lalanne market, with the crocodile stools alone selling for more than $1.3 million (high estimate: $340,000).
The auction also saw impressive results for other artists. Yves Tanguy's Titre inconnu sold for $3.37 million, twice its high estimate, and among the artist's highest prices at auction. Jacques Lipchitz's 1913 sculpture La Femme au serpent went for nearly $2 million (high estimate: $1.6 million). Picasso's Buste d'homme sold for its $3.4 million high estimate.
Eleven works by René Magritte featured on Wednesday, with La Statue volante being one of the most anticipated. Oliver Barker, Sotheby's chairman of Europe, stated that this work 'has to be one of the greatest works by the artist ever to surface on the market'. La Statue volante sold for an undisclosed amount, but it is reported to have set a new record for the artist at auction.
Another Magritte work, Tête, a blue plaster head, drew four bidders and went for more than $1.2 million (high estimate: $680,000). The next lot, Claude Lalanne's unique Structure végétale mirror and wall light, also drew six bidders and sold for $4.8 million against its $615,000 high estimate.
Warhol's The Scream (After Munch) was another star of the auction, drawing six bidders over 10 minutes and eventually selling for just over $9 million, more than double its high estimate. Picasso's Buste d'homme sold for its $3.4 million high estimate.
The 'white glove' result of the auction (100% of lots sold) was the highest total for a designated auction held in London. The search results do not provide specific information about the buyers of the individual works from Pauline Karpidas's collection that were sold in the morning.
Two more sales from the collection will follow: a day auction of 193 lots on Thursday and an online sale of 97 lots, which closes Friday. When last offered in 1996, it sold for $95,871. The auction house replicated Karpidas's London home for the sale, with a leopard-print carpet, works hung salon-style, and phone-bidding flanks close in for intimacy.
Karpidas began collecting 50 years ago with encouragement from the late Greek American gallerist Alexander Iolas. The collection, which spans six decades, includes works by some of the most influential artists of the 20th century. The auction marks not only a significant event in the art world but also a testament to Karpidas's passion for art and her remarkable collection.
