Record-breaking Sale at Sotheby's Karpidas Auction in London Exceeds Estimates by an impressive $100 Million, Secures 'White Glove' Status
In a spectacular display of art and history, Sotheby's auctioned off the collection of Pauline Karpidas, a renowned art collector, on Wednesday. The event, held in London, saw eleven works by René Magritte, among other notable pieces, go under the hammer in a sale that exceeded its $100 million high estimate.
The bidding was deep, cross-category, and spirited, driven by the playful and diverse mixture of lots. According to Oliver Barker, Sotheby's chairman of Europe, the response was nothing short of phenomenal. The energy during the auction was electric, with collectors not just acquiring extraordinary works, but buying a part of history.
One of the highlights of the auction was the sale of Yves Tanguy's Titre inconnu, which fetched $3.37 million, twice its high estimate, and among the artist's highest prices at auction. Another standout was Jacques Lipchitz's 1913 sculpture La Femme au serpent, which went for nearly $2 million (high estimate: $1.6 million).
The sale included 23 Surrealist works, described as 'the greatest collection of Surrealism to emerge in recent history.' Lot 11, Warhol's The Scream (After Munch), drew six bidders over 10 minutes and eventually sold for just over $9 million, more than double its high estimate.
The sale of Jane Birkin's used Hermès handbag for a record $10 million in Paris, no doubt buoyed by the iconic model's ownership of the piece, occurred in July. However, the highlight of the Karpidas auction might have been Magritte's La Statue volante, which Oliver Barker stated is one of the greatest by the artist ever to surface on the market.
The auctioned items were from Karpida's on-the-market London home, replicated by the auction house for the sale with a leopard-print carpet, works hung salon-style, and phone-bidding flanks close in for intimacy.
Pauline Karpidas began collecting art 50 years ago, with encouragement from the late Greek American gallerist Alexander Iolas. In recent years, she was closely connected with art dealer Paul Kasmin, with whom she collaborated on various contemporary art exhibitions and projects, including joint gallery shows in New York.
The 'white glove' result of the auction, meaning 100 percent of lots sold, was the highest total for a designated auction held in London. Seventy percent of Wednesday's 55 lots exceeded their high estimates, adding further evidence of the strong demand for the collection.
The combined presale estimate for the three sales (345 lots) is $80 million, the highest ever placed on a single collection at Sotheby's in Europe. The nine Les Lalanne works in the sale totaled $18.5 million on a combined high estimate of $3.5 million, adding further evidence of the strong Les Lalanne market.
The Karpidas provenance is as powerful and resonant as that of the great illustrious collections from which the works were acquired. The auction of Pauline Karpidas's collection not only showcased some of the finest works in modern and Surrealist art but also offered a glimpse into the life and passion of a remarkable collector.
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