René Magritte, master of Belgian surrealism, has seen an exponential growth in the values of his works in the art market.
This article therefore aims to analyze the main auction sales of his creations, the trend of prices over time, and the characteristics that influence their value.
Record of artwork values at auction
In recent years, the works of Magritte have reached staggering values in the main international auction houses. Here are some of the most significant sales:
- “L’empire des lumières” (1954): In November 2024, this canvas was sold by Christie’s in New York for 121.2 million dollars, setting a new record for the artist and for any surrealist work.
- “La corde sensible” (1960): In February 2017, this painting was sold for 17.9 million dollars during a Christie’s auction in London.
- “Le beau monde” (1962): In February 2014, the work was sold for 12.9 million dollars by Sotheby’s in London.
The work of René Magritte “L’empire des lumières” at auction for 30 million dollars
A canvas from the famous series “L’empire des lumières” by René Magritte will be auctioned, testing the market only six months after a larger version reached 121.2 million dollars at Christie’s, setting a record for the Belgian artist and for any surrealist work.
The auction was entrusted by Louise Riggio, widow of Len Riggio, founder of Barnes and Noble and long-time president of the Dia Art Foundation, who passed away last year at the age of 83. Len Riggio had purchased the painting, measuring 19×23 inches, for 34.9 million dollars in November 2023.
At the time, the work was estimated between 25 and 35 million dollars, and Riggio had obtained it for a hammer price of 30 million dollars. Now, the painting is expected at auction with an estimate above 30 million dollars in the month of May.
The values of the works from the series “L’empire des lumières” by René Magritte
Magritte explored the theme of “L’empire des lumières” in 27 works—17 oil paintings and 10 gouaches—created between the ’40s and ’60s. This series represents a scene where day and night coexist: a house immersed in the nocturnal darkness, illuminated by a street lamp, overshadowed by a bright daytime sky with white clouds.
This combination creates a poetic image that challenges the perception of reality.
The importance of René Magritte’s auction
The sale of this work will offer an important indication of the current state of the bull market of surrealist art and the ongoing interest in the works of Magritte.
The previous record of 121.2 million dollars demonstrated a strong appreciation for the artist; this upcoming auction could confirm or redefine the value of their works in the international market.
The appreciation of the values of Magritte’s works
The increase in the prices of Magritte’s works is evident when observing sales over time. For example, “L’empire des lumières” has seen a significant growth:
- March 2022: A 1961 version was sold for 79.8 million dollars.
- November 2024: Another version was awarded for $121.2 million, representing an increase of 51.9% in just over two years.
This trend indicates a growing demand and an increasing recognition of the artistic and historical value of Magritte’s works.
Determinant Factors in the Value of the Works
Various characteristics influence the market value of Magritte’s works:
- Series and Themes: Works belonging to iconic series, such as “L’empire des lumières”, tend to have a higher value due to their recognizability and importance in the artist’s body of work.
- Provenance: A history of prestigious ownership can significantly increase the value of a work. For example, the sale of Mica Ertegun’s collection contributed to the record price of “L’empire des lumières”. citeturn0search1
- Dimensions and Technique: Large canvases and the use of particular techniques can positively influence the final price.
- Condition and Authenticity: An excellent state of preservation and a certification of authenticity are fundamental to maintain and increase the value of a work.
Current Market Trends
The art market for Magritte’s works shows a bull trend, supported by:
- Collectible Interest: Collectors and institutions are increasingly attracted to Magritte’s works, recognizing their historical importance and stylistic uniqueness.
- Exhibitions and Retrospectives: Exhibitions dedicated to the artist increase visibility and public appreciation, positively influencing the market.
- Economic Stability: In periods of economic stability, investors tend to diversify their portfolios by including high-value artistic assets, such as works by Magritte.
Analysis of the values of the works of René Magritte
The analysis of auction sales and market trends highlights a growing appreciation for the works of René Magritte. Factors such as the series of belonging, provenance, and the intrinsic characteristics of the work play a crucial role in determining its value.
With the increase in collector interest and dedicated exhibitions, it is plausible to foresee a further increase in the prices of Magritte’s works in the near future.
Image: RENE MAGRITTE (1898-1967) L’empire des lumières oil on canvas 57 ½ x 44 7⁄8 in. (146 x 114 cm.) Painted in 1954 Courtesy Christie’s
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
