In a subdued international art market, the 100 most expensive lots sold at auction in 2024 totalled US$1.8 billion – compared to US$2.4 billion in 2023 and US$4.1 billion in 2022. Only one work sold for more than US$100 million – compared to two in 2023 and six in 2022.
1. Rene Magritte, ‘L’empire des lumieres’ (1954) US $121.16m
Belgian surrealist Rene Magritte’s 1954 painting ‘The Empire of Light’ shattered an auction record for the artist when sold for US$121.16m at Christie’s in New York to an anonymous collector.
The previous record for a work by Magritte was US$79.24m for L’empire des lumieres (1961) at Sotheby’s London in 2022.
The new record painting’s ‘near- identical sister’ was on ‘rare show in Australia at the Art Gallery of NSW, a highlight of its summer blockbuster’ (October 2024-February 2025), noted the Sydney Morning Herald. The impressive oil was ‘on loan from the Menil Collection in Houston, one of 117 works in the most comprehensive exhibition of the Belgian artist’s paintings ever seen in Australia’.
Similar in perspective and size, the two paintings differ in the silhouette of trees and another tiny detail – on close inspection the Australian version features a darkened boulder in the foreground. ‘As he often did, Magritte secreted details in the shadows that don’t show up in reproduction,’ said Nicholas Chambers, curator of the Magritte retrospective.
Magritte (1898-1967) was known for his depictions of familiar objects in unfamiliar, unexpected contexts, provoking questions about the nature and boundaries of reality and representation; his imagery influenced pop art, minimalist art and conceptual art.
This painting – which also achieved a world-record for a surrealist work at auction – depicts a serene house at night, illuminated by a single lamp post with its warm yellow glow reflected in a body of water below, while under a bright blue daytime sky scattered with clouds; slightly shrouded by silhouetted trees, the painting ‘evokes a dreamlike contrast between light and shadow, day and night, commented artsy.net.
It is ‘one of a series by the Belgian artist showing the interplay of shadow and light’, noted theguardian.com. Measuring 5ft x 4ft, this painting is one of the largest works in Magritte’s famed ‘Empire of Light’ series, comprising 27 variations (10 on paper) on the surreal theme of juxtaposed day and night imagery’ painted between the 1940s and 1960s.
‘The Empire of Light’ (1954) was part of the private collection of Mica Ertegun, an interior designer who fled communist Romania to settle in the US, where she became an influential figure in the art world and was married to music magnate Ahmet Ertegun, who founded the Atlantic Records label and died in 2023.
Another work in the ‘Empire of Light’ series gained major attention in the Belgian pavilion at the 1954 Venice Biennale; after it joined Peggy Guggenheim’s collection, Magritte expanded his theme into a series over the next 15 years to satisfy demand from eager collectors.
The series inspired a scene in the 1973 shock horror movie ‘The Exorcist’ in which Father Merrin arrives at the MacNeil family’s house, revealed the film’s director William Friedkin in 2003.
2. Ed Ruscha, ‘Standard Station, Ten-Cent Western Being Torn in Half’ (1964) US $68.26m
Edward Ruscha’s 1964 painting of a Standard Oil gas station along Route 66 in Amarillo sold for US$68.26m at Christie’s 20th Century sale in New York to set a new auction record for the 86-year-old American pop artist.
Ruscha (1937-) has worked via painting, printmaking, drawing, photography and film; he is also noted for creating several artist’s books.
‘Standard Station, Ten-Cent Western Being Torn in Half is the great synthesis and climax of his masterpieces of the early 1960s,’ said Christie’s Vice Chairman, Max Carter. ‘Monumental and rich in paradox, it is an icon of the post- war era, of the west, of American art,’ he told Forbes.com
Ruscha’s ‘Twentysix Gasoline Stations’ book of photographs, featuring the Standard Oil station in Amarillo, became the model for the painting. In the right- hand corner of this painting, a torn dime- store novel is emblematic of Ruscha’s commentary on American consumerism and nostalgia. The artist discovered this particular station (featured in several other paintings) during a road trip from Los Angeles to visit his family in Oklahoma City.
Its significance was amplified by its inclusion as a key part in Ruscha’s travelling retrospective “Ed Ruscha/ Now Then” at both New York’s Museum of Modern Art and the Los Angeles County Museum of Art in 2023-24.
The work – the last of the large-scale paintings by Ruscha from the 1960s to be held privately – originally ‘debuted the year it was created at Ferus Gallery in Los Angeles, where it was sold to Max Factor makeup fortune scions Donald and Lynn Factor’, reported forbes.com.
It was subsequently acquired by Texas oil heir Sid R. Bass in 1976 via a trade involving another piece from the same series, and the group of works ‘are celebrated for their incorporation of textual elements within minimalist landscapes’, noted artsy.net.
After Leo Castelli gallery in New York – famous for showcasing work from major pop, minimal and conceptual modern artists – began showing his work, Ruscha rocketed to art world stardom in the 2000s, becoming a darling of global institutions and auction houses, as well as representing the US in the 2005 Venice Biennale.
Ruscha’s previous auction record was US$52.49m for ‘Hurting the Word Radio #2’ (1964) at Christie’s New York in 2019.
3. Claude Monet, ‘Nymphéas’ (1914-17) US $65.5m
French impressionist Claude Monet’s ‘Nymphéas’ (1914-17) is part of his iconic ‘Water Lilies’ series and sold for US$65.5m at Sotheby’s in New York.
Oscar-Claude Monet (1840-1926) was the founder of Impressionism painting and viewed as a key precursor to modernism, especially in his attempts to paint nature as he perceived it.
This work ‘is a rare en plein air (in the open air) work from Monet’s Giverny garden, where he found endless inspiration in his lily pond’, noted artsy.net. It was ‘once owned by a Haircare maven’, added The Wall Street Journal.
This is one of the earliest among the 250 oil paintings in his ‘Water Lilies’ series; measuring 5ft x 6.5ft, it ‘showcases the lush, light-dappled aesthetics’ for which Monet is renowned. Departing from the more realistic depictions of the waterlily pond seen in his earlier works, Monet’s focus in this piece ‘shifts entirely to the water’s surface, capturing its reflections and interplay of light and colour’.
Christie’s catalogue noted: ‘Immersing the viewer in a shimmering aquatic world, Nymphéas is a sublime work from this pioneering series, marking Monet’s early explorations of the theme that would come to dominate his production in the 20th century. This painting introduces one of the most important and radical aspects of Monet’s Nymphéas – the elimination of a horizon line.
‘His tightly focused scene plunges the viewer into the centre of the pond, removing all other peripheral details to focus entirely on the constantly shifting relationships between water, atmosphere and light that transformed the pond’s surface with each passing moment.
‘These pictorial qualities would become central to every phase of Monet’s Nymphéas series and served as key influences on subsequent generations of artists.’
An earlier work from the series ‘Nymphéas’ (1897-99) sold at Christie’s in Hong Kong for US$29.9m – a new auction record for a work by Monet in Asia.
4. Jean-Michel Basquiat, ‘Untitled (ELMAR)’ (1982) US $46.479m
American Jean-Michel Basquiat’s 8-feet-wide 1982 painting ‘Untitled (ELMAR)’ sold for US$46.479m at Phillip’s modern and contemporary art sale in New York.
Basquiat (1960-88) rose to prominence during the 1980s as part of the Neo-expressionism movement. The painting – which presents ‘an exploration of mythology and human struggle’ – depicts an Icarus figure tumbling from the heavens while an archer fires two arrows in his direction.
The US$46.479m price was ‘in part a reflection of its decorated provenance’, commented artnews.com. Italian anthropologist Francesco Pellizzi (a friend of Basquiat) acquired the work in 1984 from Basquiat’s first dealer Annina Nosei, and it remained in Pellizzi’s private collection for four decades before selling to the latest consignor.
Its major exhibition history includes the 1998 show commemorating the 10th anniversary of the artist’s death at Gagosian gallery in Los Angeles, and Basquiat’s 2018 retrospective at Paris’s Fondation Louis Vuitton.
Basquiat’s auction record is US$110.5m paid for ‘Untitled’ (1982) at Sotheby’s in 2017.
5. Rene Magritte ‘L’ami intime’ (1958) US $42.124m
Belgian surrealist Rene Magritte’s 1958 painting ‘L’ami intime’ sold for US$42.124m at a Christie’s standalone Surrealism sale in London.
The painting – returning to auction after 44 years – is one of the few examples of Magritte’s signature ‘bowler-hatted man’ that remains in private hands; it depicts the back of the bowler-hatted man with a baguette and a wine glass floating behind him.
When last auctioned in 1980 at Sotheby’s in London, French dealer Georges Marci paid US$207,000; soon after the painting was acquired by prominent collectors Gilbert and Lena Kaplan and rarely seen in public. The last time it was exhibited was at Brussels’s Musées Royaux des Beaux-Arts de Belgique in 1998.
6. Andy Warhol, ‘Flowers’ (1964) US $35.485m
American visual artist, film director and producer Andy Warhol’s 1964 fluorescent silkscreen ‘Flowers’ – from his celebrated ‘Flowers’ series – sold for US$35.485m at Christie’s 20th Century sale in its Rockefeller Center salesroom in New York.
A leading figure in the pop art movement, Andy Warhol (1928-87) is considered one of the most important artists of the second half of the 20th century. He created the ‘Flowers’ series in response to the assassination of President John F. Kennedy in 1964, ‘juxtaposing vibrant floral imagery with the somber realities of mortality’, noted artsy.net.
This work, measuring 7 feet on each side, combines acrylic, fluorescent paint and silkscreen ink on linen and features hand- painted petals. It was originally sold via Leo Castelli Gallery in New York to collector Frederick R. Weisman; subsequently it was sold before the 1990s by Thomas Ammann Fine Art in Zurich to Search Investment Ltd in London.
Highlighting the increasing demand for Warhol’s ‘Flowers’, this sale more than doubled the US$15.8m paid at Christie’s in 2022 for another work from the same series.
Alex Rotter, chair of Christie’s 20/21 Art Departments, ‘who brought in the consignment after chasing it for 15 years’, told theartnewspaper.com: ‘For a flower painting to achieve $35 million is unheard of, in any market.’
Rotter noted the large canvas’s ‘monumental scale and use of fluorescent paint’ which ‘fuses bold aesthetics and Day-Glo colour, epitomising Warhol’s vision of Pop Art’ and summed up: ‘This painting was special, and I think the market recognises this.’
Warhol’s auction record remains the US$195m paid by dealer Larry Gagosian at Christie’s in 2022 for ‘Shot Sage Blue Marilyn’ (1964) – the most expensive artwork by an American artist ever sold at auction.
7. Claude Monet, ‘Meules à Giverny’ (1893) US $34.805m
French Impressionist Claude Monet’s 1893 painting ‘Meules à Giverny’ sold for US$34.805m at Sotheby’s modern evening auction in New York.
It is one of the last works in Monet’s ‘Haystacks’ series of approximately 25 paintings, each capturing haystacks under different lighting and atmospheric conditions across the changing seasons.
The painting is a prime example of the artist’s deep exploration of colour, light and texture. Sotheby’s deputy chairman of Impressionist and modern art Sharon Kim highlighted the work’s pivotal role in Monet’s evolution: ‘In revisiting scenes at different times of day and seasons, he carefully detailed the subtle changes in the landscape caused by the varying light and atmosphere to create a subtle and harmonious vision across his works.’
The work was first brought to the US by American landscape painter Dwight Blaney in 1895 and lent to Boston’s Museum of Fine Arts.
This latest sale follows the 2019 auction of another work from the series ‘Meules’ (1890) at Sotheby’s for US$110m – a record at auction for both an individual Monet painting and an Impressionist artwork.
8. Vincent van Gogh, ‘Coin de Jardin avec papillons’ (1887) US $33.185m
Dutch Post-Impressionist painter Vincent van Gogh’s 1887 work ‘Coin de Jardin avec papillons’ (Corner of a garden with butterflies) sold for US$33.185m at Christie’s 20th Century sale in New York.
Vincent Willem van Gogh (1853- 90) is among the most famous and influential figures in the history of Western art; in just over a decade, he created 2,100 artworks including 860 oil paintings (most in the last two years of his life).
Van Gogh painted this work during his second year in Paris, capturing luminous flower beds in the public gardens of Asnières, a suburban town along the Seine.
The painting debuted at Christie’s New York in 2018, but failed to sell and was ‘bought in’ by the auction house for US$30m. This 2024 sale broke the record for a Van Gogh painting from the artist’s Paris period (1886-88); the previous mark was US$23m paid for 1887 painting ‘Garden in front of the Debray Farm’ at Sotheby’s in 2023. Van Gogh’s overall auction record is US$115.2m for 1888’s ‘Orchard with Cypresses’ at Christie’s in 2022.
9. Mark Rothko ‘Untitled (Yellow and Blue)’ (1954) US $32.475m
American abstract painter Mark Rothko’s 1954 work ‘Untitled (Yellow and Blue)’ sold for US$32.475 at Sotheby’s Hong Kong.
The price was ‘30 percent less than a decade ago’, reported news.artnet.com, which noted ‘the last time it appeared at auction, at Sotheby’s New York in 2015, it fetched US$46.5 million, according to the Artnet Price Database’.
Mark Rothko (1903-70) is best known for his colour field paintings depicting irregular and painterly rectangular regions of colour, which he produced from 1949 to 1970.
This work – the first Rothko oil painting to appear at auction in Asia – is one of his simpler compositions, featuring two main blocks of colour (yellow on top and blue beneath) with a narrow line of yellow at the bottom of the canvas; it went viral in 2022 for resembling an inverted Ukrainian flag amid the beginning of the Russian-Ukrainian war.
The painting – bought by Art adviser Patti Wong on behalf of a client – ‘has passed through the hands of many high-profile collector’, commented news.artnet.com.
It was first acquired by American philanthropists Paul and Bunny Mellon around 1970-71, then later sold privately to French luxury mogul Francois Pinault (billionaire owner of Christie’s) before its acquisition in 2013 by fugitive Malaysian financier Jho Low. It last appeared at auction in 2015, when sold for US$46.5m at Sotheby’s New York to Azerbaijani-Russian billionaire Farkhad Akhmedov, but was subsequently among the assets contested by his ex-wife in a court case over a US$579 million divorce payout in 2017; the identity of its most recent consignor is unknown.
10. Vincent Van Gogh, ‘Les canots amarres’ (1887) US $32.189m
Dutch Post-Impressionist Vincent van Gogh’s 1887 painting ‘Les canots amarres’ (The moored boats) ‘was the centerpiece of an inaugural evening sale held to celebrate the opening of auction house Christie’s new Asia Pacific headquarters’ in Hong Kong, reported Le Monde.
The painting ‘displays the artist’s shift from dark realism to vibrant impressionism’ and sold for US$32.189m – a ‘record for a Van Gogh in Asia’, noted Cristian Albu, deputy chairman and head of 20th/21st-century art at Christie’s Asia Pacific.
Owned by the Italian royal family of Bourbon-Two Sicilies, ‘Les canots amarres’ is ‘the most important painting by the artist ever to be offered in Asia’ and ‘marks a vital stepping stone in his career’.
The painting is one of about 40 works Van Gogh developed around the scenic French town of Asnieres, a boating hub on the outskirts of Paris, during the summer of 1887. With those paintings, ‘he left behind for good the dark, earthy tones of his realist pictures of old. He now adopted a vibrant palette and loose expressive brush instead.’
In a letter to his sister Willemien in October 1887, the artist wrote: ‘When I painted landscape in Asnieres this summer, I saw more colour… than ever before.’
Princess Camilla of the House of Bourbon-Two Sicilies called it a painting ‘of incredible history in the very particular moment of the artist’s [career],’ according to The South China Morning Post. She said she chose the Chinese city for the sale to tap into the Asian market’s ‘strong and expanding base of collectors who are increasingly interested in Western art.’
The work is part of a rare trio of paintings made during the artist’s time in Asnieres on the left bank of the river Seine, 8km from the centre of Paris, where he frequently travelled from his home in Montmartre.
It depicts a line of docked boats along the Seine’s banks, set against an expansive blue backdrop, with Paris barely visible in the distant background.
It was sold ‘to a Chinese collector’, according to The Art Newspaper, which noted ‘many of the finest Van Goghs now go to East Asian buyers’.
According to Christie’s, the other two paintings believed to make up the trio – ‘Ponts sur la Seine a Asnieres’ and ‘Restaurant de la Sirene’ (both 1887) – share ‘a similar palette and horizontal perspective; together the paintings give as rounded as possible a vision of the landscape that lay before him’.
After many decades within the Van Gogh family collection, this painting sold at Sotheby’s London in 1991 for US$2.5m. The other two canvases from the ‘Bord de la Seine a Asnieres’ triptych are preserved in the Emil Buhrle Collection in Zurich and England’s Ashmolean Museum in Oxford.
