Auction Watch: Magritte's 'The Empire of Light' Sells for Record $121.6 Million at Christie's NYC

Atlantic Records Founders and MAC II: Ahmet and Mica Ertegun

Mica Ertegun, wife of music icon and Atlantic Records co-founder Ahmet Ertegun. A celebrated philanthropist, interior designer, and cultural icon, she was renowned for her influence among various celebrity personalities including Mick Jagger, Andy Warhol, and David Hockney. Spanning five sales across live and online formats in New York and Paris, the collection is estimated to exceed $200 million which was already met by 78% with part I of the evening sale alone which achieved a commendable $157 million at the hammer, meeting its high presale estimate. While the hammer total is 17% lower than Sotheby’s Sydell Miller Collection, it surpasses Christie’s May 2023 results for the S.I. Newhouse Collection ($150.5 million) and the Gerald Fineberg Collection ($124.7 million). Notably, Christie’s did not present a single-owner collection in their November 2023 sales.

With 19 lots offered and 14 selling within or above expectations, the event stood out as a significant achievement. This outcome, however, was anticipated, as the entire sale was secured by third-party guarantees and auction house backing, demonstrating a strategic approach.

In keeping with her philanthropic legacy, a portion of the proceeds from this sale will support cultural initiatives and preservation programs championed by the Erteguns.

20th Century Sale Performance

Following the Mica Ertegun Collection, Christie’s 20th Century Evening Sale offered 53 lots with several withdrawn lots presale. These included a Brice Marden valued at $10-$15 million, a David Smith sculpture ($5-$7 million), and a Roy Lichtenstein acrylic on canvas ($3-$5 million). Together, these reduced the hammer total from a potential $271 million (at the low estimate) to $253 million, leaving the sale 4% below its presale low estimate of $265 million, which is also a 27% difference from last year's equivalent sale. The lot performance was mixed, with 59% selling below estimates or going unsold, while 46% met or exceeded expectations, achieving a 77% sell-through rate.

Combined, Christie’s Mica Ertegun Collection and the 20th Century Evening Sale brought in over $410 million–significantly surpassing Sotheby’s Modern and single-owner sales, by 68%, which totalled $268.7 million.

Here are the highlights:

David Hockney’s First-Time Auction Appearances Set Strong Results

A highly anticipated Hockney canvas, Still Life on a Glass Table (1971), showcased the artist’s fascination with reflection and still life. Painted in soft salmon pink, the work features a pristine glass table adorned with elegant arrangements, exemplifying Hockney’s varied aesthetic and mastery of different subjects. Carrying a presale low estimate of $15 million, it surpassed expectations, hammering at $16.2 million and achieving just over $19 million with fees. This marked its first-time auction appearance, accompanied by an extensive and prestigious exhibition history.

Another standout was Hockney’s Three Chairs with a Section of a Picasso Mural (1970), also making its auction debut after remaining unseen publicly since 1989. A tribute to Pablo Picasso, the painting depicts a section of Picasso’s mural at the Château de Castille, creating a symbolic dialogue between Hockney and his idol. The piece hammered above its $6 million estimate at $7.5 million, achieving just over $9 million with fees.

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Ed Ruscha’s Commanding Presence In November Sales

Ruscha continued to assert a commanding presence in this November’s auction season. Featured in the Ertegun sale, Marble Shatters Drinking Glass (1968) captured attention with its depiction of a drinking glass cracked by a marble, set against an orange ombré backdrop. The piece reflects growing demand for Ruscha’s diverse artistic repertoire, extending beyond his iconic text-based and gas station works to include object-focused narratives. Estimated at a $1.8 million presale high, the work outperformed expectations, hammering at $2.2 million and achieving $2.7 million with fees. Ruscha’s strong performance in this November’s sales is expected to drive further momentum in his print market, which has already experienced consecutive annual growth in both sales value and volume.

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René Magritte Leads Christie’s 20th Century Evening Sale

Surrealism and the avante-garde had standout performances, starting with surrealist master René Magritte delivered a stellar performance in Christie’s 20th Century Evening Sale, building on the momentum from the record-breaking results in the Mica Ertegun Collection. The top lot, L'empire des lumières (1956), made its auction debut with no guarantee or house backing. It hammered at $16 million, doubling its high estimate, and achieved $18.8 million with fees. The work had not been seen publicly since 1961.

Also exceeding expectations was Magritte's La recherche de l’absolu (1961), a small-scale gouache on paper in golden hues. It hammered at $7 million ($8.4 million with fees) against a $5 million estimate. This marks a significant increase from its prior sale in 1996, where it fetched $250,000 with fees. Lastly, Les chasseurs au bord de la nuit (1928) met its low estimate, hammering at $8 million and going to its guarantor, achieving $9.6 million with fees.

Marcel Duchamp’s Iconic Ready-Made Breaks $3 Million

Marcel Duchamp, the avant-garde pioneer, has been making more frequent appearances in auction sales. Christie’s featured one of Duchamp’s earliest ready-mades, In Advance of the Broken Arm (1964), an iron snow shovel signed and dated by the artist on the handle and suspended from the ceiling. This revolutionary piece challenges the concept of value in mass-produced, machine-made objects within contemporary art. In the 21st century, the answer is clear: the work achieved $2.5 million at the hammer and just over $3 million with fees, becoming Duchamp’s second-highest valued piece at auction.

Ed Ruscha Sets New $68 Million Auction Record

Hotly anticipated and carrying a prestigious provenance, Ruscha’s Standard Station, Ten-Cent Western Being Torn in Half (1964) was consigned by Texas oil billionaire Sid Bass, marking it as one of the most expensive lots of the November season. With an undisclosed estimate exceeding $50 million, the work lacked third-party or house backing but still outperformed expectations, hammering at $59 million ($68.2 million with fees). This sale set a remarkable new auction record for Ruscha, surpassing his previous high of $52 million with fees achieved in 2019.

Mixed Results for Contemporary artists: Stella, Lichtenstein, and Kelly

Contemporary Pop artists delivered varied results. An attractive Frank Stella was presented, Untitled (Concentric Squares) (1974) featuring his signature minimalist grid of repeating squares in rainbow hues. This work hammered at the low estimate of $5 million achieving $6.1 million with fees matching the result of a similar painting in this series that last came to auction in May 2024.

Roy Lichtenstein had two notable sales, although both fell below estimates. George Washington (1962), a graphite rubbing on paper, hammered at $5.8 million and achieved just over $7 million with fees, sitting within its estimate range. This piece last sold in 2001 for $940,750 with fees. Similarly, Purist Painting with Pitcher, Glass and Classical Column (1975), an acrylic on canvas, hammered just below its $4–$6 million estimate at $3.8 million, achieving $4.6 million with fees. Despite missing estimates, these sales mark important contributions to Lichtenstein’s year-end market momentum, and will particularly boosting interest in his print sales.

Ellsworth Kelly’s Two Curves (2004) performed solidly in its auction debut, hammering at $3.1 million within estimates and achieving $3.8 million with fees, landing among Kelly’s top ten sales. The work, backed by both the auction house and a third-party guarantor, reflects steady demand for Kelly’s works in the market.

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Strong Sales for Giacometti and Picasso Highlight Christie’s Modern Art Performance

Alberto Giacometti delivered robust results, with Femme qui marche (II) (1932) hammering at $22.8 million and achieving $26.6 million with fees. Similarly, Femme debout, sans bras (1958) met expectations, selling for $3.3 million at the hammer and just over $4 million with fees. Pablo Picasso also outperformed, with Femme et jeune garçon nus (1969) hammering above its $1.5 million high estimate at $2.2 million and achieving $2.7 million with fees. Edgar Degas saw more success in paintings than sculptures in this sale with Danseuses (Les coulisses de l'Opéra) (1886) hammering within estimates at $3.2 million and achieving $3.9 million with fees. Henri Rousseau on the other hand saw less success with Femme en rouge dans la forêt), failing to sell at $10 million.

Market Performance

Overall, the combined total of both Christie’s sales saw a 25% decline compared to last year’s equivalent 20th Century sale, which achieved $543.4 million. However, Christie’s still outperformed rival Sotheby’s by 68% this season. While some blue-chip contemporary American Pop artists fell short of their estimates, strong performances by Ruscha, Hockney, and the fresh presentation of Surrealist works significantly boosted the overall results of the sales. refer to our Sotheby's and Phillips Modern auction reports for complete details.