In Its Best Week Since 2021, Sotheby’s Hit $1.173B With a $54.7M Kahlo Finale
Of the $1.6 billion of art expected to change hands during this year’s November sales, $1.1 billion was secured by Sotheby’s when the evening sales concluded on the 20th. When tallied with the Day sales the following afternoon, the auction house’s fall marquee week sales had generated a total of $1.173 billion—the second-highest total ever after the $1.33 billion achieved in November 2021 at the height of the contemporary and ultracontemporary markets.
Following the success of the Leonard A. Lauder sale, which delivered a $527.5 million Evening total and a clean 100 percent sold rate for the $3.8 million Day sale offering (est. $3.2 million), Sotheby’s completed a full white-glove, three-sale marathon. It opened with The Cindy and Jay Pritzker Collection Evening Auction, which totaled $109.5 million, followed by the $98.1 million Exquisite Corpus sale and a $97 million Modern Evening auction. Driving many of the lots was strong participation from Asia, which accounted for 30 percent of total bidding, a reminder that Asian collectors respond enthusiastically when true quality comes to market.
Most importantly, if 2021 belonged to the contemporary and ultracontemporary frenzy, these marquee sales showed a clear pivot. Buyers turned toward art-historical touchstones by the most established names in Modern art or toward figures long overlooked and now undergoing reassessment. Across the November sales, Sotheby’s sold $843 million of Modern works, the highest total ever for the category in a single season. Prestigious provenance and strong storytelling were key in this inaugural auction round at the Breuer building for Sotheby’s, with single-owner collections accounting for 72.5 percent of the week’s total ($828,244,220 of $1.173 billion). And in the contemporary segment, it was the artists with the strongest institutional foundations who rose to the top.
“After years of uneven seasons, this week’s results demonstrate that the often quoted cliche of the three D’s (death, debt and divorce) powering the art market has never been truer,” Mari-Claudia Jimenéz, partner and co-head of Withers Art & Advisory, confirmed. For the industry’s seasoned expert, the abundance of fresh-to-market, extraordinary-quality estate properties inspired buyers to return with gusto to chase the best-in-class works with impeccable histories.
Sotheby’s evening marathon on November 20 began with the collection of Chicago’s Cindy and Jay Pritzker, who are best known for founding the Pritzker Architecture Prize in 1979. The sale immediately set the tone of the night, generating $109.5 million across just 13 works against a pre-sale estimate of $73.5 million to $88.5 million.
Leading the auction was Vincent van Gogh’s Romans Parisiens (Les Livres jaunes) (1887), a radiant still life from the artist’s Paris period in which a stack of yellow-bound books becomes a portrait of his voracious intellect and humanist curiosity. Boasting an extensive exhibition history, the canvas was pursued for at least seven minutes by five bidders and sold for a record-setting $62.7 million, well above its estimate of around $40 million and setting a new benchmark for any still life by the artist.
Deep bidding also accompanied the sale of Wassily Kandinsky’s musical watercolor “Ins violett” (Into Violet) from the height of his Bauhaus period, listed as No. 188 in his handlist. Sought by five bidders in a spirited exchange, it more than doubled its high estimate, fetching $2,368,000 (est. $700,000-$1,000,000).
Other Modern masterworks in the Pritzker collection prompted intense competition. Camille Pissarro’s Bords de l’Oise à Pontoise, dating to the beginning of the artist’s second sojourn in Pontoise in 1872, was pursued by four bidders and achieved $2.5 million against its $1.2-1.8 million estimate. Félix Vallotton’s poetic domestic scene, Femme couchée dormant (Le Sommeil), triggered an animated battle between six collectors on the phones and in the room, pushing it above its $1.8-2.5 million estimate to sell for $2.8 million. The canvas had been acquired by the Pritzkers from Wildenstein & Co., New York, in 1985 and remained with them ever since, as did most lots in the sale.
Lot 10, the Cubist Nature morte by Fernand Léger, also sparked back-and-forth bidding from five contenders, driving the work to $2,214,000, nearly double its $800,000-$1.2 million estimate. This was followed by a $9,200,000 result for Max Beckmann’s classics-inspired canvas, sought by five bidders, and Joan Miró’s uncanny sculptural reinterpretation La Mère Ubu, which achieved $5,052,000 after a battle between four bidders, landing near the midpoint of its $4-6 million estimate. The bronze had been acquired by the couple in 1980 from legendary dealer Pierre Matisse in New York.
Another highlight, Henri Matisse’s Léda et le cygne, sold for $10.4 million, meeting its high estimate with fees. One of the very few architectural pieces by the artist—the majority of which are in public spaces or museums—and the first of its kind to appear at auction, the unique work was commissioned in 1943 by Argentine diplomat Marcelo Fernández. Last exhibited publicly during the 1984-85 Matisse exhibition at the Moderna Museet in Stockholm and the Louisiana Museum of Modern Art in Humlebæk, it was acquired the following year by the Pritzkers from Feingarten Galleries in Los Angeles. But Paul Gauguin’s La Maison du Pen du, gardeuse de vache from his Nabis period failed to find enough bidders to meet its $6-8 million estimate, selling instead at its reserve for $4,930,000.
Frida Kahlo’s $54.7 million record
The evening continued with a section entirely dedicated to Surrealism, as the movement continues to gain momentum, further ignited by the major Surrealist show that has just opened at the Philadelphia Museum of Art, and as its unsettling aesthetic resonates uncannily with the chaos, sentiments and desire to exorcise it that define our time. In only one night, Sotheby’s placed more than $123 million of Surrealist works, the highest total for Surrealist art ever sold in one evening at Sotheby’s.
The dedicated single-owner sale Exquisite Corpus offered works from one of the most distinguished private Surrealist collections, accumulated over four decades, yet kept rigorously unnamed in keeping with the movement’s aura of mystery. Nonetheless, given that many of the lots appeared in the Guggenheim’s 1999 exhibition “Surrealism: Two Private Eyes,” which celebrated the collections of Daniel Filipacchi and record producer Nesuhi Ertegun—who together assembled the most important grouping of Surrealist art in private hands—we can reasonably speculate that the consignor is most likely the Ertegun estate, especially once noticing that several works list in their provenance that they were acquired from the Parisian dealer Daniel Filipacchi, ruling him out as the consignor. Artnews reached the same conclusion, reporting that the 1940 Kahlo was consigned by the estate of Selma Ertegun, who built the collection with her late husband Nesuhi Ertegun. The session closed with a white-glove result of $98.1 million, with 67 percent of works selling above their high estimates.
The undisputed star of the collection was Frida Kahlo’s masterpiece of mystery and spirituality, El sueño (La cama), which ignited spirited international bidding before hammering at $47 million, or $54.7 million with fees, to Anna Di Stasi, Sotheby’s senior vice president and head of the Latin American art department. The result not only set a new record for the artist but also for any woman artist at auction, surpassing the previous $44.4 million benchmark set by Georgia O’Keeffe in 2014. The mystical canvas had been purchased by the consignor at Sotheby’s in 1980 for $51,000 and remained in the collection since then, marking a return of roughly 107,000 percent.
Depicting a skeleton floating above the artist as she lies in her bed—herself suspended midair as a fragile terrestrial vessel—Kahlo visualizes what art historian Whitney Chadwick describes as the “Mexican belief in the indivisible unity of life and death.” Considered a key work in Kahlo’s career, where she reached the height of her symbolic and psychological resonance, the canvas boasts a major exhibition history, having appeared in “Frida Kahlo and Tina Modotti” (1982-83) at the Whitechapel Gallery in London, the Haus am Waldsee in Hamburg, Kunstverein Hannover, Kulturhuset Stockholm, New York University’s Grey Art Gallery and the Museo Nacional de Arte in Mexico City. It also featured prominently in the Guggenheim’s 1999 show “Surrealism: Two Private Eyes,” and in the Tate’s landmark Kahlo survey in 2005, which later traveled to the Walker Art Center and the Philadelphia Museum of Art in 2007-08.
We will see this masterpiece again soon in a slate of upcoming exhibitions, including “Frida y Diego: The Last Dream” at MoMA in New York (March 22-September 7, 2026), “Frida: The Making of an Icon” at Tate Modern in London (June 25, 2026-January 3, 2027), “Frida Kahlo—The Painter” at Fondation Beyeler in Basel (January 31-May 17, 2027), and “The Autonomous Gaze” at the Bundeskunsthalle in Bonn, Kunstmuseum Basel, the Espoo Museum of Modern Art and BOZAR Brussels (December 2026–July 2028).
Another standout of the evening, Salvador Dalí’s jewel-like Symbiose de la tête aux coquillages, captivated several bidders with its hallucinatory power, reaching $4,198,000 (est. $2-3 million) on the phone with an Asian bidder. With a distinguished exhibition history—from the Hayward Gallery’s Dada and Surrealism Reviewed (1978), to Centre Pompidou’s “Salvador Dalí: rétrospective, 1920-1980 (1979-80),” to the Guggenheim’s “Surrealism: Two Private Eyes (1999)”—the work was acquired from Daniel Filipacchi in Paris in 1977 and remained with the consignor ever since, meaning they were also responsible for these museum loans.
The market for Paul Delvaux also remains strong, with his haunting Composition reaching the high end of its estimate and selling for $3.8 million (est. $2.5-3.5 million).
Female Surrealists remain a bright spot. First exhibited in 1953 as part of her solo show at Alexander Iolas in 1958 and formerly in the collection of William N Copley, Dorothea Tanning’s otherworldly Interior with Sudden Joy sold for $3.2 million (est. $2-3 million), setting a new record for the artist. Her previous record, Endgame (1944), achieved $2.3 million at Christie’s last May.
Highly coveted among collectors are the extremely rare paintings on masonite by Remedios Varo. Created shortly after Varo fled war-torn Europe, marking a pivotal shift in the artist’s storied practice, her Sans titre from 1943 approached the million mark after fees, landing at $952,500 (est. $500,000-700,000). Her current record, Revelación, was set last May at Christie’s at $6.22 million, surpassing her earlier $6.19 million record for Armonía (Autorretrato Sugerente) in 2020. Reflecting the growing curatorial effort to decentralize Surrealism beyond Paris, the recent major survey celebrating the movement’s centenary dedicates its final room to a compelling dialogue between Varo and Leonora Carrington.
Another striking leap came for the French artist, illustrator and long-underrecognized Surrealist insider Valentine Hugo, whose Le Crapaud de Maldoror climbed to $825,555 after seven bidders pushed it far beyond its $150,000-200,000 estimate. And for those who enjoy the footnotes of Surrealist intrigue, the piece dates from the period when Hugo was also romantically entangled with André Breton.
New attention to Surrealist influences in Latin American modernism also propelled Óscar Domínguez’s La Machine à écrire, which more than doubled its high estimate and sold for $3.7 million (est. $1-1.5 million). More broadly, as institutions work to broaden the canon, overlooked figures outside Surrealism’s Parisian core are gaining the long-overdue recognition they deserve.
One of them is Austrian-Mexican artist Wolfgang Paalen, a member of Abstraction-Création from 1934 to 1935, who joined the Surrealist movement after relocating to Mexico in 1935 and remained a significant figure until 1942. His revelatory, surreal landscape, Fata Alaska, set a new auction record for the artist at $1,016,000 (est. $350,000-450,000).
Another double record arrived courtesy of Hans Bellmer, who broke his auction record twice in one night. First, his uncanny gouache Main et Bras achieved $508,000 (est. $100,000-200,000). Then, a rare and intensely erotic oil on canvas—a medium he rarely used, being far better known for his photographs of dolls—nearly reached the million-dollar mark, fetching a record-setting $942,000 (est. $300,000-400,000). “The starting-point of desire, with respect to the intensity of its images, is not in a perceptible whole but in the detail,” Bellmer wrote in his anatomy of image. “The essential point to retain from the monstrous dictionary of analogies/antagonisms which constitute the dictionary of the image is that a given detail, such as a leg, is perceptible, accessible to memory and available, in short, is real.” It is a reflection that perfectly encapsulates the tension between fascination and horror, erotism and violence that animates all his seductive yet unsettling work.
A $97 million Modern Evening
The evening concluded with the core offering of the Modern Evening auction, which across its 29 lots generated $97 million, surpassing the pre-sale estimate of $71.1-101.9 million. One of the evening’s most anticipated lots, René Magritte’s Le Jockey Perdu, led the sale, achieving $12.3 million after fees. The exquisite gouache encapsulates Magritte’s signature play with visual paradoxes, maintaining the sense of spatial disorientation and uncanniness—alongside the sly playfulness—that runs through his entire oeuvre. First conceived as a papier collé in 1926, the motif was quickly followed by an oil of the same title, which headlined the artist’s first one-man exhibition in 1927 at Galerie Le Centaure in Brussels. Evidently fascinated by the theme, Magritte returned to the image of the lost jockey in multiple gouaches and oils throughout his career. The work came from the collection of the late real estate magnate Matthew Bucksbaum and his wife Carolyn, whose group of works in the sale brought a combined total of $25.2 million.
Despite the nearly three-hour marathon, the Modern session opened energetically with Joan Miró’s oil-on-burlap panel, Personnages et oiseau devant le soleil, also from the Bucksbaum Collection. It prompted a dynamic bidding battle between seven contenders, rapidly pushing it far beyond its $400,000-600,000 estimate to land at $2,368,000. The couple had acquired the work in 1998, when it last appeared at Sotheby’s, consigned by Perls Galleries.
Other top results of the evening included Georgia O’Keeffe’s Large Dark Red Leaves on White, which landed at $7.9 million, just shy of its high estimate. Jean Dubuffet’s Restaurant Rougeit II sat comfortably within its range, selling for $7.5 million. Degas’s pastel of three ballerinas, Trois danseuses, was chased by five bidders and fetched $5.8 million.
A Modern sale would be incomplete without Monet. One of his famed Impressionistic views, capturing the shifting light around Rouen Cathedral, more than doubled its low estimate, selling for $7.4 million after a lengthy bidding war among six bidders in different geographies. The painting was practically fresh to auction, having remained in the Schlumberger collection for over 60 years, and appeared at auction for the first time last night.
Another artist who inspired strong interest was Childe Hassam, one of the leading American Impressionists and a central figure in what became known as the “Ten,” the group that broke from the Society of American Artists to champion a more progressive, modern approach at the turn of the 20th century. His Newport, October Sundown from 1901 was fiercely pursued by four bidders, achieving $2,002,000 above a $1.8 million high estimate. The painting came from the Sam and Marilyn Fox Collection, two prominent patrons and civic leaders from the St. Louis region, whose group generated a total of $2.7 million, exceeding its high estimate of $2.4 million.
As MoMA finally pays overdue tribute to the work of Cuban artist Wifredo Lam with a show that opened earlier this month, his Ídolo (Oyá/Divinité de l’air et de la mort) drew strong attention in the room, selling for $7.4 million and marking the second-highest auction price ever achieved for the artist. The renewed institutional spotlight clearly reinforced market confidence, positioning the canvas as another highlight of the evening and Lam as a name we will likely see rise further at auction in the coming seasons.
While the Modern section closed with white gloves, several lots still fell below their low estimates. Arthur Garfield Dove’s Rose and Locust Stump, backed by a guarantee and irrevocable bids, sold for $681,000, nearly half its low estimate, despite its extensive exhibition history. Andrew Wyeth’s dark landscape, East Waldoboro, also sold below expectations at $3,588,000 (est. $4-6 million). Jacques Lipchitz’s sculpture Baigneuse assise went for half its low estimate at $381,000, despite its prestigious provenance from the Geri Brawerman Collection, which generated a total of $16.7 million during the night.
Sotheby’s continued with its day sales on November 21, which delivered an additional aggregated total above $51 million, between the $46,404,999 of the Modern Day Sale and the $4,912,868 for the Exquisite Corpus Day session. Sotheby’s Contemporary day sale, held a few days earlier, generated $111.4 million, the highest total ever for a Day sale at Sotheby’s. The white-glove offering for the Lauder day session brought the total for the Lauder collection to $531.3 million.
Ultimately, Sotheby’s was the clear winner this round, generating a solid and unequivocally successful $1.173 billion with its Evening and Day sales. Meanwhile, Christie’s fall marquee sales totaled $965 million, while Phillips brought in $92,139,589 across its various sessions. In total, across all three auction houses, the November marquee sales have generated more than $2.2 billion, a number that suggests the market has rediscovered some of its energy. Miami, however, will be the real litmus test of the season, because what we saw in action and at auction this week was only the very top of the market.