From Magritte to Les Lalanne, the Pauline Karpidas Collection Auction set new records in London with 100% sell-through and bold bidding.

BY KAZEEM ADELEKE, ARTCENTRON

The atmosphere at Sotheby’s London last week was electric—jubilant even—as the gavel fell on a record-breaking single-owner sale. The private collection of esteemed art patron Pauline Karpidas stunned the market, pulling in an eye-watering $100 million across just 55 lots. This achievement for the Pauline Karpidas Collection Auction marked the highest total ever achieved for a single-owner auction in London. Not a single piece went unsold, resulting in a rare “white-glove” triumph.

For the seasoned dealers and collectors present, it was a moment of unfiltered excitement—cheers, backslaps, and celebration echoed through the halls. The success wasn’t just in the numbers: many of the artworks had never graced an auction block before, and three-quarters hadn’t been seen publicly in over 25 years.

The sale was engineered for success—every lot came with a guarantee. But even with that security, the results were emphatic: 70% of the works surpassed their high estimates, some prompting fierce battles between six or more bidders. Female collectors also made their presence felt, comprising 25% of the bidding pool—an unusually high figure for a major London evening sale. As the opening act to the fall auction season, the Pauline Karpidas Collection Auction offered a dose of optimism to a market still navigating recent turbulence.

Surrealism’s Timely Lift in the Pauline Karpidas Collection Auction

Surrealism continues to defy the odds in a time when many art categories have seen shaky results. The art movement saw a massive 65% jump from 2020 to 2024, yet 2024 has been less certain—average prices have slid around 30%.

The Pauline Karpidas Collection Auction proved a timely antidote to this market softness, particularly in the Surrealist segment. Karpidas’s close friendship with legendary dealer Alexander Iolas led her to acquire rare works by the likes of René Magritte, Salvador Dalí, and Max Ernst. Of the 23 Surrealist works offered, collectively expected to fetch up to $37.5 million, the group instead pulled in $41.1 million—offering a much-needed lift to the segment. The strong performance cemented the importance of the Surrealist grouping in the overall success of the Pauline Karpidas Collection Auction.

Key Records Set by Magritte and Carrington

The top prize of the evening belonged to Magritte. His ethereal La Statue Volante (1958) achieved $13.7 million, underscoring his continuing market dominance.

But it wasn’t just about the usual names. Leonora Carrington’s The Hour of Angelus (1949) captured attention and bidders’ wallets, hammering at $1.2 million against a $1 million estimate. Karpidas had purchased it for just $110,000 in 1991—a testament to the 10-fold return and the growing recognition of historically overlooked women artists. This dynamic result confirms the trend noted in the Pauline Karpidas Collection Auction: works by Surrealist women are rising sharply.

Sweet Spot of the Pauline Karpidas Collection Auction

The Karpidas trove wasn’t just well curated—it was smartly priced for today’s cautious buyers. Over half the lots landed in the $1 million to $10 million range is the only segment seeing growth this year.

Nine standout works by the beloved French duo Les Lalanne (many custom-made for Karpidas) sold briskly, ranging from $930,000 to $4.9 million. A particularly spirited battle broke out over her bedroom’s whimsical Végétale Mirror and Wall Light from 1995, which soared nearly eight times above its estimate to hit $4.8 million.

The success of the Pauline Karpidas Collection Auction confirmed a simple truth: provenance, taste, and smart pricing are the market’s winning formula right now. Oliver Barker, Sotheby’s Europe chairman, summed up the auction’s strategy best: “This was a masterclass in how to sell a collection. The synergy of taste, provenance, and timing was perfect.”

What’s Next After the Pauline Karpidas Collection Auction?

The success wasn’t limited to the glitzy evening sale. The accompanying day auction sold all 192 lots, doubling its high estimate and raking in $36 million. Nearly 90% of those works outperformed their expectations—another “white-glove” triumph following the evening’s performance.

But can this momentum continue? The high end of the market has seen a slowdown in mega-sales: not a single artwork has breached the $50 million mark this year. Still, Sotheby’s is betting big.

The auction house has unveiled a new blockbuster: Exquisite Corpus, a private Surrealist collection anchored by Frida Kahlo’s El sueño (La cama), expected to draw between $40 million and $60 million in New York this November.

The market may be cautious, but the exceptional performance of the Pauline Karpidas Collection Auction proves that when the inventory is outstanding and the strategy is perfect, buyers are ready to spend. The question now is whether this single triumph can revitalize the overall market momentum for the rest of the fall season.