Modigliani Sets Paris Record with €27 Million ‘Elvire en buste’

A medeo Modigliani’s Elvire en buste electrified the Paris saleroom today at the historic address 83, rue du Faubourg-Saint-Honoré, igniting fierce competition among seven bidders before achieving €27 million ($31.3 million) when the gavel finally landed. The portrait, unseen at auction since it entered a private collection in 1974, set a new record for a painting by Modigliani sold in France and became the most valuable work of art ever sold by Sotheby’s Paris.

The landmark result anchored a record-breaking week, as two French auctions – Modernités and Surrealism and Its Legacy – realized a combined €89.7 million ($104 million), more than 50% above last year’s series and the highest total ever for a various-owner sale series at the auction house’s Paris office.

In addition to Elvire en buste, Modigliani’s Raymond – believed to depict the novelist Raymond Radiguet and held in the same private collection for over 65 years – soared to €10.6 million ($12.4 million) after a 10-minute bidding battle, more than doubling its estimate. Together, the two Modiglianis underscored the enduring demand for the artist’s rare portraits.

The Surrealist sale opened the evening with a €26.9 million ($31.2 million) result – the second highest total ever for a Surrealist auction at Sotheby’s in France. René Magritte’s La magie noire led the session at €10.7 million ($12.4 million), doubling its estimate and setting a record for a work from the series. Additional French-market records were set by Paul Delvaux’s Woman with a Rose (€2.4 million / $2.7 million), Óscar Domínguez’s Paysage fantastique (€990,600 / $1.2 million) and Konrad Klapheck’s Der Mustergatte (€825,500 / $957,580). Strong bidding also carried Salvador Dalí’s Swirling Sea Necklace to €736,600 ($855,229), while Francis Picabia’s Lu-Li more than doubled expectations at €508,000 ($589,813).

A short time later, the Modernités auction achieved €62.8 million ($72.8 million) against an estimate of €35.9-50.7 million, with 85% of lots sold. Pablo Picasso’s complete Séries 347 etchings sold for €1.9 million ($2.2 million), setting a French auction record for any print by the artist. Wols’ L’Oeil de Dieu achieved €1.9 million ($2.2 million), establishing a new French auction record for the artist, while Alberto Giacometti’s Figurine far exceeded expectations to reach €571,500 ($663,540).

Across both sessions, nearly 90% of lots found buyers, with more than 60% making their auction debut. American collectors accounted for nearly a third of Surrealist acquisitions, reflecting the international pull of the Paris sales during Art Basel week.

As collectors and connoisseurs look back on these historic results, Modigliani’s Elvire en buste reaffirms the City of Light’s role as a hub for modern and Surrealist art – and Sotheby’s Paris as a leader in the market today.

The Paris Sales