The auction of Surrealism and Its Legacy closed at Sotheby’s on March 16, 2022 to the million dollar sales estimated. Surrealism is a broad art landscape that includes many high-profile artists. Pablo Picasso, Salvador Dali, Rene Magritte, Frida Kalo, Max Ernst, Man Ray are a few artists that first come to mind. These are all artists whose works routinely sell in the millions of dollars for their artwork. Other lesser known names joined in million dollar sales for March, 2022.

Paris is known to be the art capital of the universe, and Collectors Dashboard wanted to explore the high-end sales that closed there through the lens of a world renowned auction house. Here are the top sales from the art capital of the world as well as updates to the million dollar pieces we first covered.

Collectors Dashboard evaluates high-end collectibles as an alternative asset class. Competition to own million dollar works of are fierce and attracting the same capital that could have been invested into stocks or bonds. Many famous works now cost several million (or much more). Collectors with a passion to own a collectible for years frequently have to compete directly against investors whose only desire is to make a profit in the future.

Here are the top 5 sales from the auction followed by the updates to the original 12 pieces we covered:

Lot 5. Francis Picabia, Pavonia. Estimated 6,000,000 – 8,000,000 EUR sold for 9,996,700 EUR which is $11,067,998.30 USD. (Image below by Sotheby’s)

Lot 4. Hans Arp, L’O et l’U de l’oiseau. Estimated 3,000,000 – 5,000,000 EUR sold for 3,423,000 EUR which is $3,794,545.35 USD.

Lot 8. Francis Picabia, Nu de dos. Estimated 3,000,000 – 5,000,000 EUR sold for 3,302,000 EUR which is $3,660,852.72 USD.

Lot 6. René Magritte, Le palais de la courtisane. Estimated 2,000,000 – 3,000,000 EUR sold for 1,971,000 EUR which is $2,185,203.12 USD.

Lot 22. René Magritte, La Joconde (Mona Lisa). Estimated 1,500,000 – 2,500,000 EUR sold for 1,729,000 EUR which is $1,916,903.19 USD.

Here are the original 12 works of surrealist art that we covered on March 9:

• Lot 5. Francis Picabia, Pavonia, had an estimate of 6,000,000 – 8,000,000 EUR which is $6,642,282.11 to $8,856,376.14 USD and was the high sale of the auction at 9,996,700 EUR which is $11,067,998.30 USD.
• Lot 4. Hans Arp, L’O et l’U de l’oiseau, had an estimate of 3,000,000 – 5,000,000 EUR which is $3,321,141.05 to $5,535,235.09 USD. The lot sold for 3,423,000 EUR which is $3,794,410.13 USD.
• Lot 8. Francis Picabia, Nude back, had an estimate of 3,000,000 – 5,000,000 EUR which is $3,321,141.05 to $5,535,235.09 USD. The lot sold for 3,302,000 EUR which is $3,660,281.11 USD.
• Lot 10. Wifredo Lam, The light of the jungle, had an estimate of 2,500,000 – 3,500,000 EUR which is $2,767,617.54 to $3,874,664.56 USD. The lot did not sell or was pulled from the auction.
• Lot 6. René Magritte, The courtesan’s palace, had an estimate of 2,000,000 – 3,000,000 EUR which is $2,214,094.03 to $3,321,141.05 USD. The lot sold for 1,971,000 EUR which is $2,184,861.92 USD.
• Lot 15. Yves Klein, Untitled anthropometry (ANT 20), had an estimate of 1,600,000 – 2,200,000 EUR which is $1,771,275.22 to $2,435,503.44 USD. The lot sold for 1,971,000 EUR which is $2,184,861.92 USD.
• Lot 22. René Magritte, The Mona Lisa (Mona Lisa), had an estimate of 1,500,000 – 2,500,000 EUR which is $1,660,570.52 to $2,767,617.54 USD. The lot sold for 1,729,000 EUR which is $1,916,603.89 USD.
• Lot 18. Lucio Fontana, Concetto Spaziale, had an estimate of 1,000,000 – 1,500,000 EUR which is $1,107,047.01 to $1,660,570.52 USD. The lot sold for 1,245,000 EUR which is $1,379,743.07 USD.
• Lot 23. Balthus, Sleeping nude, had an estimate of 900,000 – 1,200,000 EUR which is $996,342.31 to $1,328,456.42 USD. The lot sold for 1,087,700 EUR which is $1,205,418.91 USD.

The auction stayed within estimates with the exception of the high sale Lot 5. Francis Picabia, Pavonia. It’s hard to determine the factors that influence bidding but it can be reasoned that this was the face of the auction. Using its image to highlight the surrealist art Sotheby’s had for bid in Paris could have been the determining factor that allowed it to sell for $11,067,998.30 USD which was $2,211,622.16 total above estimate.