Editor’s Note
This article highlights a landmark moment in the art market, detailing the record-breaking $121.1 million sale of Magritte’s “L’empire des lumières” in November 2024.
November is a crucial month for global auctions, and 2024 has already seen significant records, including a Magritte painting sold for $121.1 million on November 19th during the Mica Ertegun collection sale in New York.
On Tuesday, November 19th, the exceptional sale “Mica: The Collection of Mica Ertegun Part I” concluded, followed by the 20th Century Evening Sale, totaling $183.9 million. Magritte’s “L’empire des lumières” ($121.1 million) became the highest-valued surrealist artwork ever sold at auction. Seven records were set during this sale.
Another highlight is the “Magnificent Jewels from a Private Collection” sale, launched on November 18th and set to take place in New York on December 10th, promising exceptional sales, including one of the most significant collections of Suzanne Belperron jewelry ever auctioned, featuring a bracelet that belonged to Diana Vreeland. This collection, patiently built by an American collector, reflects, according to Claibourne Poindexter, a jewelry specialist at Christie’s:
On November 25th in Geneva, a rare, fully engraved Patek Philippe Nautilus Ref. 5711/1500A in steel will be sold during the gala dinner for Children Action, under the direction of Aurel Bacs of Phillips. The entire proceeds from the watch sale, which will inevitably amount to several million francs, will be donated to Children Action.
Christie’s in Geneva recently achieved a record sale: the Aga Khan emerald was sold on November 12th at Christie’s in Geneva for 7,765,000 Swiss francs (approximately $8,859,865), 55 years after being offered in Christie’s first jewelry auction in Switzerland. This record surpasses that of the legendary Bulgari emerald, given to Elizabeth Taylor by her husband Richard Burton, which sold for $6.5 million in 2011.
The Conseil des maisons de vente, the regulatory authority for the sector, publishes key figures annually. Last year, in France alone, the market grew by 7.1% compared to the previous year. The total amount sold across all categories reached a historic record of 4.690 billion euros. The auction market has been prosperous throughout the last decade, with an average growth of +7.5% over ten years.
It is interesting to consider several factors showing how this market has evolved over time: last year, the number of foreign buyers increased by +3%, with sales amounting to 1.6 billion. The “Fashion and Accessories” category has become increasingly prominent: +55% in 2023 compared to the previous year; this figure is expected to increase further in 2024. The rise also concerns the “Jewelry and Silverware” category: +5% in 2023, with sales recorded at 256 million euros.
Buyers are increasingly mobilizing via the internet: online sales now represent 3.4 billion euros of all transactions.