The painting ‘L’empire des lumières’ by René Magritte was auctioned at Christie’s in New York on Tuesday evening for the equivalent of 114 million euros. That is a record for the Belgian surrealist. ‘But one Magritte is not the same as another.’
It was a short but intense bidding war when René Magritte’s ‘L’empire des lumières’ came up for auction at Christie’s in New York on Tuesday evening. The bids started at $75 million and quickly reached the $100 million mark. From then on, things slowed down between the two remaining telephone bidders. Ultimately, the iconic painting from 1954 was priced at 105 million. With the commissions added, the buyer has to pay 121 million dollars, equivalent to 114 million euros.
This is a new auction record for a work by Magritte. The previous one dated from 2022 when for a later version of ‘L’empire des lumières’ (see below) 71.3 million euros was paid at Sotheby’s in London. Christie’s had not made public estimates in advance, but had guaranteed that the proceeds would be at least $95 million.
17 versions
René Magritte made 17 versions of ‘L’empire des lumières’. The first dates from 1949, the last from 1965. The large number partly has to do with Magritte’s business acumen – after all, he was seasoned in the advertising world. He often painted for a specific collector, but according to his own artistic criteria.
Magritte’s surrealist oeuvre had a deeply philosophical background. He mainly wanted to paint ideas, but only if they could also be depicted pictorially. The series ‘L’empire des lumières’ revolves around the contrast between day and night, a favorite theme of the Brussels painter. The sky is daytime, the landscape is night. ‘For me, the representation of day and night has a strong poetic power. I have no preference. They both never cease to amaze and amaze me,” he said in 1972.
The painting auctioned on Tuesday was one of 19 lots from the collection of collector Mica Ertegun, who died last year. Two other paintings by Magritte were auctioned. ‘La cour d’amour’ from 1960 and ‘La Mémoire’ from 1945 raised 10.5 million dollars (9.91 million euros) and 3.68 million dollars (3.47 million euros) respectively. This put them at the bottom of the estimates.
To complete the story, a gouache of ‘L’empire des lumières’ was also auctioned. That watercolor painting, which was not part of Ertegun’s collection, fetched $18 million, almost double its estimate.
The market is not always booming
So one Magritte is clearly not the same as the other. This is no surprise for Peter Bernaerts, auctioneer of the Antwerp auction house Bernaerts. ‘The auction intrigued me. I even briefly considered getting up for it in the middle of the night. But I didn’t do that anyway (laugh).’
‘You should not be blinded by the record price. Everyone now says: Magritte’s prices are on the rise. I don’t agree with that. His iconic paintings have increased significantly in value. ‘L’empire des lumières’ is excellent proof of this. Everyone knows these works, they intrigue with their duality between light and dark. The art market is booming for those types of canvases. But for Magritte’s more difficult and philosophical paintings it is a different story. Look at the two other paintings that were auctioned. They yielded much less, and barely more than the lowest estimates.’
The canvas has only had three owners so far. It’s almost as if you bought it straight from Magritte.
Peter Bernaerts
Auctioneer at Bernaerts
Magritte painted 17 versions of ‘L’empire des lumières’. It is not always easy to explain why the painting fetched almost 40 million euros more on Tuesday than the version from two years ago. ‘The painting does have a number of specific assets. The provenance (the owner’s history, ed.) is extremely limited. To date, the canvas has had only three owners, the second of whom was a New York gallery between 1964 and 1986. ‘Fresh on the market’ is what we call it in our industry. It’s almost as if you bought it straight from Magritte. That certainly increases the value.’
Another reason is the sophisticated sales strategy of major auction houses such as Sotheby’s and Christie’s. You no longer have to explain the tricks of marketing to them. ‘They sometimes emphasize details of a painting to emphasize its unique character. That the light from the street lamp is a bit whiter than in other paintings, for example. That may be true, but is it really that important?’
Full screen view The version of ‘L’empire des lumières’ from 1961 that was auctioned for 71 million euros in 2022. ©EPA
It is as yet unknown who purchased ‘L’empire des lumières’. Bernaerts does not think it is a private collector. ‘I suspect a Middle Eastern museum. There they can use some of Magritte’s paintings to furnish their collection. A museum needs such iconic works to attract the public and sell the associated merchandising in the form of T-shirts and other memorabilia.’
Catch your breath
By completing the symbolic milestone, Magritte is now a man worth (more than) 100 million euros. Only 15 other artists did this before him, including Leonardo da Vinci, Gustav Klimt, Andy Warhol, Pablo Picasso and Jean-Michel Basquiat.
Besides the Magrittes, the most striking painting at the auction was ‘Still Life on a Glass Table’ by David Hockney. It grossed $19 million, in line with estimates of $15 million to $20 million. Please note that the communicated auction prices include sales commissions of 12 percent. This is never the case with the estimates.
There is a cooling down after the corona period. The lockdowns made it seem like buying art was one of the few things people could do.
Peter Bernaerts
Auctioneer at Bernaerts
This is not a spectacular result for Hockney, in the image of the entire art market, says Bernaerts. ‘Things haven’t really gone great over the past two years. There is definitely a cooling going on. This partly has to do with the corona period. A lot was bought then. The lockdowns made it seem like buying art was one of the few things people could do. That has now changed again.’
‘What also plays a role is the increase in the number of auction platforms. They are springing up like mushrooms online. As a result, supply has increased. If demand does not follow at the same pace, you will see a drop in prices.’
Even the adage that top works always find a buyer is no longer true, according to Bernaerts. ‘I have seen auctions where paintings by famous masters, estimated at 30 million to 50 million euros, did not find a buyer. That is a fairly recent phenomenon. I don’t mind the cooling itself that much. It’s a moment to catch your breath.’
The Bernaerts auction house also has a Magritte record to its name. In 2003 it was commissioned to auction the art collection of the defunct Sabena airline. The masterpiece was ‘L’oiseau du ciel’ by Magritte. It was auctioned for 3.8 million euros, still the most expensive work of art ever to go under the hammer in Belgium.
‘Coincidentally, on the eve of the auction at Christie’s, I gave a lecture on Magritte. I wasn’t sure whether I should bring up our auction, because what does it mean in today’s light? But that was very important to us 20 years ago. We showed that we could auction top art just as well as the big houses like Christie’s and Sotheby’s.’
The Surreal Bidding War: Magritte’s ‘L’empire des lumières’ Hits New Heights
Well, well, well, it seems René Magritte has just bagged himself quite the pocket change! His painting ‘L’empire des lumières’ recently went under the auctioneer’s hammer and was whisked away for a jaw-dropping 114 million euros. Not a small sum, unless, of course, you’re sitting on top of a pile of gold bars and a yacht!
A Thrilling Auction Evening
Tuesday night’s auction at Christie’s in New York was a scene straight out of a lively bidding episode, where the bids flew faster than you could say “surrealism.” The bidding kicked off at a modest $75 million and zoomed up to $100 million faster than a Magritte painting can confuse you. People on the phone battled it out like they were at a heavyweight championship—last one standing multiplies their money!
In the end, the 1954 masterpiece wasn’t just a piece of art; it was an expensive statement! The final price—105 million—ballooned to 121 million when auction commissions came into play. Who knew art could come with hidden fees? It’s almost like buying a house, minus the mortgage and all the maintenance stress.
Magritte’s Mastery
Did you know there are 17 versions of ‘L’empire des lumières’ created by our man Magritte himself? Talk about commitment issues! The first painting in this series dates back to 1949, and like a true marketing genius—having dabbled in advertising—Magritte recognized that when you find a good theme, you milk it!
Despite the apparent chaos over how much one can spend on a canvas, art lovers know that Magritte’s works are full of contrast—night and day playing hide and seek. Art critic quote alert! Magritte believed that “the representation of day and night has a strong poetic power.” Now that’s poetic, but it doesn’t pay off the mortgage!
The Auction: Not Just About One Painting
Now, don’t just focus on the shiny star, because at this auction, the guy wasn’t alone! Other Magrittes also strutted their stuff, with ‘La cour d’amour’ and ‘La Mémoire’ fetching $10.5 million and $3.68 million, respectively. That’s a stark reminder that not all Magrittes are created equal—this isn’t a fast food menu, folks.
“The canvas has only had three owners so far. It’s almost as if you bought it straight from Magritte.”
— Peter Bernaerts, Auctioneer at Bernaerts
But Wait, There’s More!
While the superstar of the evening was strutting its stuff, a gouache version of ‘L’empire des lumières’ also raked in a whopping $18 million—easily doubling estimates. It’s like saying, “Hey, I’m just as good as the headline act, thank you very much!”
The Art Market: A Cool Down?
But hang on to your monocles! Not every piece of art is going to fetch millions anymore; the big hitters like Magritte are fine, but the market is beginning to cool off. According to Bernaerts, “There is definitely a cooling going on.” So if you’re thinking about splurging on that abstract piece you saw at a hipster gallery, perhaps hold onto your euros for a bit.
Conclusion
So where does this leave us with Magritte? He’s now a part of the exclusive club of artists like Picasso and Warhol, now worth over 100 million euros. So, let’s raise a glass (or a paintbrush) to Magritte—the man who gives ‘dreamy’ a whole new meaning. Just remember, in the unpredictable art market, while some canvases might fly, others might just hang around.
On Tuesday evening, the iconic painting ‘L’empire des lumières’ by Belgian surrealist René Magritte was sold at auction for a staggering 114 million euros at Christie’s in New York, setting a new record for the renowned artist. As the auction unfolded, it became clear that while each Magritte holds value, they are not all equal, as expert Peter Bernaerts emphasized, stating, ‘But one Magritte is not the same as another.’
The auction for ‘L’empire des lumières’ began with a flurry of excitement and tension. Bidding commenced at $75 million and swiftly escalated past the $100 million threshold. However, the pace slowed between the two telephone bidders vying for ownership of the 1954 masterpiece. In the end, the painting was sold for $105 million, with the final price including commissions totaling $121 million. This sum amounts to an impressive 114 million euros, reflecting the painting’s immense market appeal.
This remarkable sale establishes a new auction record for Magritte, surpassing the previous high of 71.3 million euros achieved in 2022 for a later version of ‘L’empire des lumières’ at Sotheby’s in London. While Christie’s did not publicly share estimates prior to the auction, they did guarantee a minimum yield of $95 million, showcasing their confidence in the painting’s worth.
René Magritte’s prolific output includes 17 different versions of ‘L’empire des lumières’, with the first created in 1949 and the last in 1965. The frequency of these paintings stems in part from Magritte’s skills in navigating the art market, having a background in advertising. He often crafted pieces tailored for specific collectors while adhering to his artistic vision. The series reflects an exploration of the duality of light and darkness, a theme that greatly fascinated the Brussels painter.
The painting auctioned on Tuesday was part of a larger collection owned by the late Mica Ertegun, who passed away last year. Ertegun’s collection featured 19 lots, including two other Magritte works: ‘La cour d’amour’ and ‘La Mémoire,’ which sold for 10.5 million dollars and 3.68 million dollars, respectively. These amounts fell short of their estimated values, illustrating the varying appeal of different works by Magritte.
Additionally, a gouache version of ‘L’empire des lumières’ was auctioned, fetching an impressive $18 million, nearly double its pre-sale estimate, further underscoring the painting’s allure.
Experts like Peter Bernaerts caution against overgeneralizing the art market trends, noting that while it appears Magritte’s prices are rising, this is not the case for all of his works. The recent auction results highlight a significant disparity: the iconic pieces like ‘L’empire des lumières’ attract substantial bids, while lesser-known, more complex paintings struggle to find buyers at expected prices.
Bernaerts expressed surprise at the high price of ‘L’empire des lumières,’ emphasizing its unique provenance. With only three known owners throughout its history, retaining such limited ownership significantly enhances its collectible value. He remarked, ‘It’s almost as if you bought it straight from Magritte.’
The identity of the buyer remains undisclosed, but Bernaerts suspects the painting may have been purchased by a Middle Eastern museum aiming to enhance its collection with this iconic artwork, which can attract public interest and drive merchandise sales.
With this sale, Magritte joins the ranks of elite artists who have achieved valuations exceeding 100 million euros, a group that includes renowned figures such as Leonardo da Vinci and Pablo Picasso. This milestone underscores the enduring appeal of his work and marks a significant moment in the art world.
At the same auction, another piece that garnered attention was David Hockney’s ‘Still Life on a Glass Table,’ which sold for $19 million, aligning with its estimates. The auction witnessed a mix of standout sales and reminders of the industry’s variability, as the landscape continues to shift in the wake of changing market dynamics.
In recent years, the art market has seen fluctuations, partly influenced by post-pandemic economic conditions. Bernaerts commented on a sense of cooling following a period of heightened buying activity during lockdowns, suggesting that the narrative surrounding art transactions has evolved significantly during this time.
As more auction platforms emerge, the oversupply coupled with dwindling demand could lead to greater price drops, altering the previously held belief that top works always secure buyers. Bernaerts reflected on this shift, stating, ‘It’s a moment to catch your breath.’
Bernaerts’ auction house also holds the distinction of having auctioned a Magritte record back in 2003 with ‘L’oiseau du ciel,’ which holds the title of the most expensive artwork ever auctioned in Belgium. This rich history affirms their participation in significant art market milestones.
What factors should potential buyers consider when deciding between acquiring art for personal collections versus institutional collections?
Pects that the buyer may be a private collector or possibly an institution looking to secure a significant piece for their permanent collection. The art world is abuzz with speculation as many are eager to learn who will be the next custodian of such an iconic work.
As the dust settles from the auction, it becomes clear that René Magritte’s work continues to captivate collectors and art enthusiasts alike, pushing the boundaries of what is deemed valuable in the art market. His ability to blend the ordinary with the extraordinary leaves a lasting impression, making even a simple painting a subject of intense debate and desire.
the recent auction of ‘L’empire des lumières’ not only sets a new benchmark for Magritte but also illustrates the intricate dynamics of the current art market. While the allure of high-value art persists, the diversity in appeal among different works by the same artist reminds us that one must tread cautiously in this enchanting yet unpredictable realm. Whether trends will continue in an upward trajectory or start to plateau will ultimately depend on the tastes and interests of collectors and the broader economic environment. For now, Magritte cements his reputation as a timeless figure in art history, a true maestro whose works inspire awe and fascination at every turn.
