{"id":1465,"date":"2022-03-20T23:35:19","date_gmt":"2022-03-20T15:35:19","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=1465"},"modified":"2022-03-20T23:35:19","modified_gmt":"2022-03-20T15:35:19","slug":"record-breaking-picabia-painting-brings-sothebys-surrealism-sale-to-37-m","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/record-breaking-picabia-painting-brings-sothebys-surrealism-sale-to-37-m\/","title":{"rendered":"Record-Breaking Picabia Painting Brings Sotheby\u2019s Surrealism Sale to $37 M."},"content":{"rendered":"<p>On Wednesday, Sotheby\u2019s staged its first sale dedicated to Surrealist art. Held at the house\u2019s Paris headquarters, the sale was a success, bringing in \u20ac33 million ($36.7 million) with premium, across 23 lots. The auction saw a near-perfect sell-through rate, with only one lot unsold, and achieved a total hammer price of \u20ac27.1 million ($30.1 million), narrowly surpassing its \u20ac26.3 million ($29.2 million).<\/p>\n<p>The sale comes as a new level of attention is paid to Surrealism, which will be one of the primary focuses of the\u00a0<a href=\"https:\/\/www.atelierauction.com\/globalupdates\/\">2022 Venice Biennale<\/a>, scheduled to take place this April in Italy.<\/p>\n<p>At auction, Surrealist art has been rising in value alongside steady demand, with Christie\u2019s having dedicated auctions to the movement since 2001, initially under the aegis of specialist Olivier Camu. But as of late, the market for the movement has only grown stronger. Earlier this month, Ren\u00e9 Magritte\u2019s painting<em>\u00a0L\u2019empire des lumi\u00e8res\u00a0<\/em>sold for \u00a359.4 million ($79.8 million) at Sotheby\u2019s, setting a new record for the Belgian Surrealist.<\/p>\n<p>At Sotheby\u2019s sale on Wednesday, the top lot was <a href=\"https:\/\/www.atelierauction.com\/globalupdates\/\">Francis Picabia\u2019s\u00a0<em>Pavonia\u00a0<\/em><\/a>(1929), a painting from the \u201cTransparencies\u201d series, in dreamlike scenes are populated overlapping outlined bodies of men and women.\u00a0<em>Pavonia<\/em>\u00a0was commissioned by French art dealer L\u00e9once Rosenberg, who is known for having supporting the Cubists before they grew famous. After competing with five other bidders for the work, a bidder on the phone with Sotheby\u2019s European chairman of contemporary art, Claudia Dwek, won the painting for a hammer price of \u20ac8.5 million ($7.7 million). With premium, the painting made \u20ac10 million ($11 million), minting a new auction record for Picabia, whose previous milestone stood at $8.8 million. That sum was paid for\u00a0<em>Volucelle II<\/em>\u00a0(1922) at Sotheby\u2019s in 2013.<\/p>\n<p>Other works that fetched high prices during the sale did so without far exceeding their expectations. The second-highest price achieved during the sale was set when a blue and white wooden relief by Hans Arp from 1928 made its auction debut.\u00a0<a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\"><em>L\u2019O et l\u2019U de l\u2019oiseau<\/em><\/a>\u00a0sold for \u20ac3.4 million ($3.8 million), hammering at \u20ac2.7 million ($3.8 million), below its \u20ac3 million ($3.3 million) estimate. Another work by Picabia,\u00a0<em>Nu de dos<\/em>\u00a0(1942), depicting a seated nude woman with her back toward the viewer, sold for \u20ac3.3 million ($3.6 million).<\/p>\n<p>Three works by Magritte placed among the auction\u2019s top lots.\u00a0<em>Le paysage fant\u00f4me<\/em>, one of the earliest word paintings the artist ever produced, surpassed its high estimate, going for \u20ac2.2 million ($2.4 million).\u00a0<em>Le bon temps<\/em>, a 1966 collage featuring the artist\u2019s signature bowler-hatted figure, sold for \u20ac1.3 million ($1.4 million).\u00a0<em>La Joconde (Mona Lisa)<\/em>, a large-scale bronze sculpture depicting curtains that the artist produced for the storied dealer Alexandre Iolas, went for a total price of \u20ac1.7 million ($1.9 million).<\/p>\n<p>The winning buyer of\u00a0<em><a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\">Le bon temps<\/a>\u00a0<\/em>was Greek financier Dimitri Mavrommatis, according to the\u00a0<em>Baer Faxt<\/em>, an art industry newsletter. Mavormmatis already owns significant works by artists affiliated with the Surrealist movement, among them Joan Mir\u00f3 and Max Ernst.<\/p>\n<p>The story of Surrealism has primarily been told through male artists, and women involved in the movement are finally getting recognition, both in institutions and on the market. Sotheby\u2019s sale on Wednesday continued that trend. Dorothea Tanning\u2019s black and orange abstraction\u00a0<em>M\u00eal\u00e9es nocturnes\u00a0<\/em>(1958) went for \u20ac567,000 ($621,000), surpassing its \u20ac300,00 ($326,000) estimate. <a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\">Leonor Fini<\/a>\u2019s 1954 portrait of a hybrid female figure, titled\u00a0<em>Sphinx for David Barrett<\/em>, went for \u20ac119,700 ($131,100). The price was more than double the \u20ac50,000 ($54,000) estimate.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Source\uff1ahttps:\/\/www.artnews.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday, Sotheby\u2019s staged its first sale dedicated to Surrealist art. Held at the house\u2019s Paris headquarters, the sale was a success, bringing in \u20ac33 million ($36.7 million) with premium, across 23 lots. The auction saw a near-perfect sell-through rate, with only one lot unsold, and achieved a total hammer price of \u20ac27.1 million ($30.1 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,13,7,4,3],"tags":[],"class_list":{"0":"post-1465","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artist","8":"category-auction","9":"category-events","10":"category-gallery","11":"category-latest-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Record-Breaking Picabia Painting Brings Sotheby\u2019s Surrealism Sale to $37 M. - Investable Art Auctioneer<\/title>\n<meta name=\"description\" content=\"On Wednesday, Sotheby\u2019s staged its first sale dedicated to Surrealist art. 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