René Magritte
Blue-chip#5
Egon Investment Scores
Liquidity
9/10
How easily works can be bought and sold at auction
Institutional
10/10
Museum collections, biennials, and institutional recognition
Momentum
10/10
Recent price trends, gallery moves, and market buzz
Discovery
1/10
Undervaluation opportunity relative to peer artists
Risk
1/10
Investment risk factors — higher means more volatile
Market Position
Auction Record
$121,160,000
L'empire des lumières (1954)
Christie's New York, November 19, 2024
Record for any Surrealist work at auction; joined elite club of fewer than 20 artists with $100M+ sales
Recent Sales Highlights
| Work | Price | Venue & Date |
|---|---|---|
| L'empire des lumières (1954) | $121,160,000 | Christie's New York, November 2024 |
| L'ami intime (The Intimate Friend) (1958) | — | Christie's London, March 2024 |
| L'empire des lumières gouache (1956) | $18,800,000 | Christie's New York, November 2024 |
| La cour d'amour (1960) | $10,530,000 | Christie's New York |
| La Mémoire (1945) | $3,680,000 | Christie's New York |
- Pricing
- Price Ranges by Medium
- Note
- Contact major auction houses for current availability and primary market pricing unavailable (deceased artist)
- Gouaches
- $1M-$19M (record $18.8M for Empire of Light gouache)
- Lithographs Vintage
- $3,000-$7,000 (posthumous editions from estate)
- Oil Paintings Major
- $20M-$121M (for iconic works from key series)
- Works on Paper Average
- $1.05 million
- Oil Paintings Secondary
- $3M-$20M (other significant works)
- Auction History
- Date
- November 19, 2024
- Note
- Record for any Surrealist work at auction; joined elite club of fewer than 20 artists with $100M+ sales
- Work
- L'empire des lumières (1954)
- Price
- $121,160,000
- Auction House
- Christie's New York
- Tier Classification
- BLUE-CHIP
- Collector Intelligence
- Market Dynamics
- Scarcity driving prices - limited supply of major works; historically owned pieces rarely surface
- Notable Collections
- Mica Ertegun (interior designer, $121M work)
- Peggy Guggenheim (1954 Venice Biennale purchase)
- Gilbert and Lena Kaplan (finance, music - published Magritte graphic oeuvre catalogue raisonné 1982)
- Anne-Marie Gillion Crowet (Baron's daughter, Magritte's muse - consigned 2022 record)
- Rockefeller family (owned Empire of Lights version)
- Louise and Len Riggio (Barnes & Noble founder, $34.9M purchase 2023)
- Institutional Collectors
- Museum of Modern Art (MoMA), New York - 14 works onlineMetropolitan Museum of Art, New YorkArt Institute of ChicagoNational Gallery of Art, Washington DCMenil Collection, HoustonMagritte Museum, Brussels (200+ works)Royal Museums of Fine Arts of BelgiumCentre Pompidou, ParisTate Modern/Tate Gallery, LondonSFMOMA, San FranciscoLACMA, Los AngelesGuggenheim MuseumsCleveland Museum of Art
- Market Characteristics
- Liquidity
- HIGH - Major works consistently appear at top auction houses
- Volatility
- Low for major works; paintings consistently outperform estimates
- Market Depth
- Paintings average $9.24 million (past 12 months); works on paper average $1.05 million
- Buyer Profile
- International collectors, major museums, ultra-high-net-worth individuals
- Series Premium
- L'empire des lumières series commands exceptional premiums - most commercially successful motif
- Price Trajectory
- 81% increase 2012-2022; 678% increase over 20 years (per Artprice index)
- Geographic Demand
- Strong in North America, Europe, Asia (buyer on phone with Asia chairman won 2022 record)
- Record Progression
- $11.5M (2002) → $26.8M (2018) → $79.8M (2022) → $121.2M (2024)
- Demand Concentration
- L'empire des lumières series: 4 of top 10 auction results; 3 in past 2 years
- Provenance Importance
- Fresh-to-market works with strong provenance (3 owners or fewer) achieve highest prices
- Authenticity Framework
- David Sylvester catalogue raisonné (5 volumes, 1991-1997) plus Fondation Magritte authentication committee
- Previous Auction Records
Work Date Price Venue L'empire des lumières (1961) March 2022 $79.8 million (£59.4 million) Sotheby's London Le Principe du plaisir (1937) November 2018 $26.8 million Sotheby's New York A la rencontre du plaisir (1962) February 2020 $24.6 million Christie's London - Annual Auction Performance
- Note
- Top-selling artist at auction in 2024
- 2023 Total
- $192.7 million
- 2024 Total
- $312.3 million
- 2023 Ranking
- 7th
- 2024 Ranking
- 1st (dethroned Picasso)
- Recent Major Sales 2024 2025
Work Date Price Venue Note Estimate L'empire des lumières (1954) November 2024 $121,160,000 Christie's New York Third-party guaranteed; 10-minute bidding battle $95 million L'ami intime (The Intimate Friend) (1958) March 2024 £33.6 million ($43.2 million) Christie's London 320x increase from 1980 price of £90,000 L'empire des lumières gouache (1956) November 2024 $18.8 million Christie's New York Record for work on paper $6-8 million La cour d'amour (1960) November 2024 $10.53 million Christie's New York — La Mémoire (1945) November 2024 $3.68 million Christie's New York —
- Market Position
- Market Context 2024
- Dealer Commentary
- Market 'discerning' - A-plus material commands premium prices; B-grade material stalls
- Museum Exhibitions
- Major international exhibitions (Centre Pompidou, Sydney, Brussels) created demand surge
- Overall Art Market
- $1.3 billion November 2024 auction week (down from $1.84B in 2023), but top works still achieving records
- Surrealism Centennial
- 100th anniversary of Surrealist movement boosted market interest
Institutional Presence
Museum of Modern Art (MoMA), New York
The Empire of Light, II (1950), The False Mirror (1929), The Lovers (1928)
Magritte Museum, Brussels
Centre Pompidou, Paris
Tate Gallery/Tate Modern, London
Menil Collection, Houston
Metropolitan Museum of Art, New York
Art Institute of Chicago
National Gallery of Art, Washington DC
SFMOMA, San Francisco
Peggy Guggenheim Collection, Venice
- Exhibitions
- Exhibition History Major
Title Dates Venue Significance Magritte October 26, 2024 - February 9, 2025 Art Gallery of New South Wales, Sydney 100+ works, largest Magritte exhibition in Australia; part of Sydney International Art Series Imagine! 100 Years of Global Surrealism 2024-2026 Magritte Museum, Brussels (touring to Centre Pompidou Paris, Hamburger Kunsthalle, Philadelphia Museum of Art) Surrealism centennial celebration; 140 works including 28 on loan from Centre Pompidou Magritte · Folon 2024-2025 Magritte Museum, Brussels — Magritte: La trahison des images September 2016 - June 2017 Centre Pompidou, Paris / Schirn Kunsthalle Frankfurt Major retrospective; 100+ paintings, drawings, archives; explored philosophical dimensions Magritte: The Mystery of the Ordinary, 1926-1938 September 2013 - January 2014 MoMA New York / Menil Collection Houston / Art Institute of Chicago 80 paintings, collages, objects; first exclusive focus on breakthrough Surrealist years Magritte and Contemporary Art: The Treachery of Images 2005 LACMA, Los Angeles — Various retrospectives — — —
- Museum Collections
- Validation Factors
- Tier 1 museum holdings (MoMA, Met, Tate, Centre Pompidou)Dedicated museum in Brussels (200+ works)Continuous major retrospectives since 1960sCo-organized exhibitions by multiple major institutionsPermanent collection representation across all major world museumsAcademic scholarship including complete catalogue raisonné100th anniversary Surrealism celebrations centered on his work
- Museum Holdings Major
- Note
- Major retrospective 2013-2014: 'Magritte: The Mystery of the Ordinary, 1926-1938'
- Institution
- Museum of Modern Art (MoMA), New York
- Works Count
- 14+ works online
- Notable Works
- The Empire of Light, II (1950)The False Mirror (1929)The Lovers (1928)The Menaced Assassin (1927)The Portrait (1935)The Palace of Curtains, III (1928-29)
- Opened
- May 30, 2009
- Institution
- Magritte Museum, Brussels
- Works Count
- 200+ paintings, drawings, sculptures
- Significance
- Largest Magritte archive worldwide
- Collections Source
- Georgette Magritte (widow) and Irene Hamoir Scutenaire collections
- Note
- 100+ works exhibited; one of largest collections of modern/contemporary art in Europe
- Institution
- Centre Pompidou, Paris
- Significance
- Major 2016-2017 retrospective 'Magritte: La trahison des images'
- Exhibitions
- René Magritte: A Retrospective Exhibition (1965)René Magritte: The Pleasure Principle (Tate Liverpool, 2011)
- Institution
- Tate Gallery/Tate Modern, London
- Note
- Houses David Sylvester catalogue raisonné research papers
- Institution
- Menil Collection, Houston
- Significance
- Co-organized major 2013-2014 touring exhibition with MoMA and Art Institute of Chicago
- Works
- Confirmed holdings (specific works in museum API data)
- Exhibition
- 1976 René Magritte exhibition
- Institution
- Metropolitan Museum of Art, New York
- Works
- Confirmed holdings
- Exhibition
- Co-organized 2013-2014 touring retrospective
- Institution
- Art Institute of Chicago
- Works
- La condition humaine (1933), The Rape (1966), multiple prints
- Institution
- National Gallery of Art, Washington DC
- Significance
- Gift of Collectors Committee and Paul Mellon collection
- Note
- Permanent collection holdings
- Institution
- SFMOMA, San Francisco
- Institution
- Peggy Guggenheim Collection, Venice
- Historical Significance
- Peggy Guggenheim purchased 1954 Venice Biennale Empire of Light
Career & Biography
- Career
Period Event 1910 Began drawing lessons 1912 Mother's suicide - formative trauma 1915-1918 — 1918-1924 — 1920-1921 Military service, Belgian infantry 1922 Married Georgette Berger; discovered De Chirico's work (transformative moment) 1922-1926 — 1926 Contract with Galerie Le Centaure enabled full-time painting; joined Belgian Surrealist movement 1927-1930 — 1930-1954 — 1932 Les affinités électives marked turning point - abandoned automatism for methodical 'problem-solving' approach 1940s — 1949-1964 Created 17 versions of L'empire des lumières series 1954 Created The Enchanted Domain murals for Knokke casino 1967 Death in Schaerbeek, Belgium - Identity
- Birth
- Date
- November 21, 1898
- Location
- Lessines, Belgium
- Death
- Date
- August 15, 1967
- Location
- Schaerbeek, Belgium
- Related Artists
- Spouse
- Georgette Magritte (née Berger)
- Close Associates
- Paul NougéMarcel LecomteLouis ScutenaireIrène HamoirE.L.T. MesensMan Ray
- Professional Roles
- paintersculptorphotographerprintmakercinematographercollagistdraftsman
- Artistic Context
- Key Influences
- Giorgio de Chirico (transformative, 1922)André Breton (Surrealist movement founder)William Degouve de Nuncques (Belgian symbolist)Comte de Lautréamont (poetry)Commercial advertising work (visual clarity, iconography)
Artistic Profile
- Influences
- Influences on Other Artists
- Movements
- Pop Art, Minimalist Art, Conceptual Art
- Conceptual Legacy
- Questioning relationship between image and meaning; art as philosophical inquiry
- Specific Influence
- Jasper Johns, Andy Warhol, Ed Ruscha, John Baldessari, others
- Themes and Subjects
- Signature Motifs
- Bowler-hatted men (faceless 'everyman' figures)L'empire des lumières (day/night paradox - 17 oil versions, 10 gouaches)Curtains and veilsWords and text (exploring image-language relationship)Fragmented bodiesFlames and fireShadowsClouds and skyBirds (especially doves)Pipes ('Ceci n'est pas une pipe' - The Treachery of Images)Green apples (The Son of Man)Nocturnal landscapes with daylit skiesManipulations of scale (giant objects, tiny figures)
- Movements and Periods
- Iconic Works
- The Treachery of Images (Ceci n'est pas une pipe) (1928-29) - LACMAThe Son of Man (1946) - Private collectionL'empire des lumières series (1949-1964) - Various collectionsThe Lovers (1928) - MoMAThe False Mirror (1929) - MoMAThe Menaced Assassin (1927) - MoMAGolconda (1953) - Menil CollectionThe Listening Room (1952) - Menil CollectionLa condition humaine (1933) - National Gallery of ArtPersonal Values (1952) - SFMOMA
- Philosophical Context
- Texts
- Writings on Surrealism, perception, representation
- Lecture
- La Ligne de Vie (1938, Antwerp) - outlined artistic conversion
- Approach
- Painting as method of reasoning with metaphysical concepts
- Associations
- Michel Foucault (correspondence and philosophical exchange)
- Intellectual Circles
- Belgian Surrealist group (Brussels), French Surrealists (Paris)
- Evolution of Critical Reception
- 2020s
- Peak market performance; 'brand recognition incredibly strong'; cultural icon status
- Lifetime
- Well-known within Surrealist circles; growing international recognition 1950s-60s
- 1970s-1990s
- Canonical status; major retrospectives; catalogue raisonné project
- 2000s-2010s
- Market surge; recognition as blue-chip
- Techniques and Mediums
- Color
- Often muted, atmospheric palettes
- Style
- Academic realism in service of surrealist content
- Brushwork
- Flattened, almost non-existent brushstrokes
- Precision
- Accurate, detailed technique
- Innovation
- Used familiar visual language to subvert expectations
- Composition
- Carefully constructed, deliberate arrangements
Critical Reception
- Critical Reception
- Catalogue Raisonne
- Scope
- Complete survey 1916-1967
- Title
- René Magritte: Catalogue Raisonné
- Editor
- David Sylvester
- Volumes
- 5 volumes (1991-1997)
- Contents
- Vol I-III: Oil paintings 1916-1967Vol II-III: Objects and bronzesVol IV: Gouaches, temperas, watercolours, papiers collés 1918-1967Vol V: Supplement, bibliography (3,000+ items), exhibition list, commercial works, index
- Publisher
- Menil Foundation / Mercatorfonds
- Co Authors
- Sarah Whitfield, Michael Raeburn
- Supplement
- René Magritte: Newly Discovered Works (2012) - 130 authenticated works 2000-2010
- Significance
- Indispensable reference; 'critically acclaimed'; authoritative authentication source
- Archival Research
- Housed at Menil Archives, Houston
- Scholarly Reception
- Status
- CANONICAL - Among most studied 20th century artists
- Ongoing Research
- Continuous museum provenance research projects (MoMA, others)
- Influence Studies
- Documented influence on Pop Art, Minimalism, Conceptual Art
- University Courses
- Standard inclusion in modern art, Surrealism, and philosophy of art curricula
- Conference Presence
- Regular subject of art history conferences, symposia
- Academic Positioning
- Key figure in Surrealism; bridge between Surrealism and conceptual art
- Philosophical Engagement
- Extensive scholarship on epistemology, semiotics, philosophy of representation
- Critical Positioning
- Historical Rank
- Top tier of 20th century art
- Market Validation
- 16th artist to break $100 million threshold; joined elite group of fewer than 20 artists
- Surrealism Status
- Alongside Dalí and Ernst as defining Surrealist figure
- Belgian Art Status
- Most important Belgian artist of 20th century
- Critical Reviews Contemporary
- Tone
- Universally positive; recognized as 'one of the greatest artists of all time'
- Quotes
- 'Creator of some of the 20th century's most extraordinary images' (MoMA)
- Date
- November 2024
- Dealer Assessment
- Emmanuel Di Donna, New York dealer: 'It's an iconic image for Magritte, for Surrealism and Modern art... The brand recognition of Magritte is incredibly strong'
- Date
- 2024
- Academic Assessment
- Sandra Zalman (University of Houston): Extensive analysis of subtle surrealism and recurring motifs
- Publications and Media
- Popular Culture
- The Exorcist (1973) inspired by Empire of Light; The Thomas Crown Affair (1999) features The Son of Man; Gary Numan album The Pleasure Principle (1979); referenced in The Fault in Our Stars (2012)
- Online Discourse
- Extremely high - one of most recognized modern artists; 'pipe painting' cultural icon
- Recent Prominence
- Extensive international media coverage of $121M record (CNN, Bloomberg, Artnet, ARTnews, Euronews, Guardian)
- Major Publications
Title Year Significance Author Publisher Type Ceci n'est pas une pipe 1973 Philosophical analysis born from Foucault's exchanges with Magritte Michel Foucault — — René Magritte 1965 — James Thrall Soby MoMA Exhibition catalogue Magritte: The Mystery of the Ordinary, 1926-1938 2013 — Anne Umland MoMA Exhibition catalogue Magritte: La trahison des images 2016 — Didier Ottinger Centre Pompidou Exhibition catalogue Catalogue raisonné of graphic oeuvre 1982 Published by collector Gilbert Kaplan — — — - Documentary Coverage
- Short Surrealist films (1956+) preserved in museums
Gallery & Representation
- Representation
- Status
- DECEASED ARTIST - Estate managed
- Authentication
- Fondation Magritte authentication committee (established post-1997)
- Estate Manager
- Charly Herscovici (President, Magritte Foundation; Chairman, Magritte Museum; representative of Magritte Succession)
- Secondary Market
- Availability
- SCARCE - Major works rarely available; strong institutional and private holdings
- Auction Houses
- Christie's, Sotheby's, Phillips (regular appearances in top evening sales)
- Major Art Fairs
- Works appear at Art Basel, Frieze (via dealer exhibitions and institutional loans)
- Market Structure
- Auction-driven for secondary market; no primary gallery (deceased artist)
- Rights Management
- ADAGP (Society of Authors in the Graphic and Plastic Arts)
- Posthumous Editions
- Note
- All posthumous editions countersigned by Charly Herscovici with Magritte Foundation stamps
- Lithographs
- Magritte Gallery (exclusive worldwide publisher since 2002)
- Bronze Sculptures
- Magritte Gallery (exclusive worldwide publisher since 2002)
- Historical Galleries
Period Significance Gallery 1926-1932 First contract enabling full-time painting Galerie Le Centaure, Brussels 1954+ Major US representation Sidney Janis Gallery, New York 1930s-1940s Key early dealer and fellow Surrealist — - Gallery Exhibitions Historical
- Exposition Internationale du Surréalisme, Galerie Beaux-Arts, Paris (1938)Exposition surréaliste d'objets, Galerie Charles Ratton, Paris (1936)First Surrealist Group Exhibition, Galerie La Centaure, Brussels (1927)Pace Gallery solo exhibition (1990)Numerous posthumous gallery exhibitions worldwide
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