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In a stunning development for the art world, Christie's New York is set to auction a rare masterpiece from René Magritte's celebrated "L'empire des lumières" series this fall. The 1954 painting, which juxtaposes a sunlit sky with a nocturnal street scene, carries a staggering estimate of over $95 million. This potential sale could shatter the Belgian Surrealist's previous auction record, offering a glimmer of hope for the auction industry amid recent market softening.
The artwork hails from the estate of Mica Ertegun, the late interior design luminary and wife of Atlantic Records co-founder Ahmet Ertegun. It stands as the crown jewel in a collection that includes works by Joan Miró, David Hockney, and even an Andy Warhol Polaroid of Ertegun herself.
Max Carter, Christie's vice chairman of 20th and 21st century art, lauded the piece as "arguably the finest, most deftly rendered and hauntingly beautiful of the series," drawing parallels between its "balance and restraint" and Ertegun's own aesthetic philosophy.
This particular "L'empire des lumières" is one of 27 iterations Magritte created exploring the interplay of light and darkness. The series' significance was underscored in 2022 when another version fetched £59.4 million ($79.7 million) at Sotheby's London, nearly tripling Magritte's previous record.
Art enthusiasts and collectors can mark their calendars for November 19, when Christie's will host a dedicated evening sale featuring Ertegun's collection, followed by daytime auctions and online sales. As the art world holds its breath, all eyes are on this Surrealist gem, poised to make history in the New York auction arena.
In a commendable move, Christie's has announced that a significant portion of the proceeds from the upcoming Ertegun auction will be directed towards philanthropic causes. This decision honors the legacy of Mica Ertegun, who was known for her generous support of various cultural and educational initiatives during her lifetime. These included the Graduate Scholarship Programme in the Humanities at Oxford University, Jazz at Lincoln Center, and the World Monuments Fund.
The art world has been abuzz with unexpected discoveries and record-breaking sales. In a related development, a portrait unearthed in a Maine attic recently fetched an astonishing $1.4 million at auction, sparking speculation about its potential attribution to Rembrandt.
Despite these high-profile events, the auction industry has faced challenges in 2024. Christie's reported a 22% year-on-year decline in total revenue from live and online auction sales for the first half of the year, with global sales reaching $2.1 billion — approximately $600 million less than the same period in 2023. However, the auction house maintains a positive outlook, citing healthy sell-through rates as an indicator of market resilience.
In a strategic move to diversify its portfolio, Christie's recently announced its acquisition of Gooding & Company, a renowned collector car auctioneer. This marks the auction house's return to the car market after a 17-year hiatus, signaling a potential shift in focus as it navigates the evolving landscape of high-end auctions.
For more in-depth coverage of the art market and related stories, readers are encouraged to explore The Art Newspaper's extensive reporting.
Here's a conclusion for the text:
As the art world eagerly anticipates the Magritte auction at Christie's New York, this event encapsulates several key trends in the current market. The potential record-breaking sale of "L'empire des lumières" highlights the enduring appeal of blue-chip artists and masterpieces, even in a challenging economic climate.
Christie's strategic moves — from philanthropic initiatives to diversifying into the collector car market — demonstrate the auction house's adaptability in the face of fluctuating sales figures. These actions reflect a broader industry trend of exploring new revenue streams and building goodwill among collectors and the public alike.
The Ertegun collection sale, with its focus on supporting charitable causes, also underscores a growing emphasis on the social responsibility of art market players. As high-profile auctions continue to capture headlines and imagination, they increasingly serve dual purposes: celebrating artistic achievement and contributing to wider societal benefits.
Ultimately, this upcoming auction season will be a litmus test for the resilience and evolution of the fine art market. Whether setting new records or navigating market headwinds, the events at Christie's New York this fall promise to offer valuable insights into the future direction of the global art trade.