A Magritte Artwork Valued at 85 Million Euros Goes Up for Auction

In recent times, René Magritte has become the champion of auctions. The Belgian painter keeps breaking records whenever his work comes up for bid, a fitting occasion for his art to appreciate in value, coinciding with the centenary of the surrealist movement. A few months after one of his works, 'L'ami intime,' sold for 39.2 million euros, the artist is set to make headlines again. This fall, one of the pieces from the 'L'empire des lumières' series is expected to fetch 85 million euros at Christie's in New York, ending the art market's current phase of moderation.

The artwork to be sold is one of the 27 paintings Magritte created in the 1950s when the artist was eagerly exploring light in gloomy street scenes. The painting comes from the estate of interior designer Mica Ertegun, married to Ahmet Ertegun, co-founder of Atlantic Records and renowned art collector. The painting will be sold alongside other pieces from the same collection, which includes works by esteemed artists like Joan Miró, David Hockney, and even a Polaroid photo of Ertegun taken by Andy Warhol.

According to Christie's auction house, among all the artworks Ertegun lived with, Magritte's 'L'empire des lumières' "best captures her aesthetic philosophy due to its balance and moderation. This work is possibly the finest and most captivating in the Belgian's series. Like Mica's eye, it is a perfect painting."

The auction will begin in the city of skyscrapers on November 19, both in-person and online. The proceeds from the bid will go towards philanthropic initiatives, in line with Ertegun's interests, who has supported causes like Oxford University's Humanities postgraduate scholarship program and other endeavors.

No matter how much Magritte's work appreciates now, it will always be far from the astronomical prices fetched by Picasso's work. One of Picasso's pieces, 'Femme à la montre,' sold for 129 million euros last year, making it the highest amount paid at auction that year and the third most valuable painting ever sold by the Málaga-born artist.

Behind these breathtaking bids are generally American and Asian buyers who open their wallets to invest in art. They are joined by wealthy families looking to expand their collections and increase their paintings' value. The Magritte Foundation has helped raise the valuation of the Belgian artist's paintings, coupled with efforts from auction houses like Sotheby's, Christie's, Bonhams, and Phillips, among others, leading to what can be called a 'Magrittemania.'