Sotheby’s London briefly transformed into a Surrealist salon last week, as the auction house opened its doors to the wildly eclectic and deeply personal art and design collection of British socialite and arts patron Pauline Karpidas.
Spread across online, day, and evening sessions, the series of auctions achieved a combined £100.9 million (US$136 million) with all 345 lots sold – soaring past the £69 million high estimate. The Evening Sale on 17 September alone brought in £73 million (US$100 million) from 55 works – the highest total ever recorded for a single-owner auction in Europe. The top lot was René Magritte’s La Statue volante, held in Karpidas’s collection for four decades, which sold for £10.1 million (US$13 million).
Though the entire collection was backed by guarantees, spirited bidding erupted across categories. Several works were pursued by seven or more collectors, and 70 percent of lots far exceeded their high estimates – including custom-designed furniture by the French artist duo Les Lalanne and Munch-inspired paintings by Andy Warhol.
Sotheby’s London transformed into a Surrealist salon last week
The auction room was styled with Karpidas’ signature leopard print
Where the Story Begins: from Iolas to Hydra
Often compared to Peggy Guggenheim, Pauline Karpidas is a grande dame in the 20th-century tradition – a collector-patron who built her collection through close relationships with artists and dealers. Born in working-class Manchester, she later moved to Athens, where she met her future husband, Constantine "Dinos" Karpidas – a construction magnate and earnest collector of Impressionist art.
In 1974, Dinos introduced her to Alexander Iolas, the legendary Greek gallerist known for championing the Surrealists and launching Andy Warhol’s career. After touring Iolas’ home – filled with Surrealist masterpieces – Karpidas asked for advice on starting her own collection. Iolas agreed to help, but only after she placed $500,000 in escrow “as a sign of your intent.” She returned with the money – and for the next decade, acquired major Surrealist works from him.
After Iolas’ death in 1987, Karpidas pivoted toward contemporary art, collecting from leading galleries in London and New York. She also began hosting artists at her summer home on the Greek island of Hydra, where her legendary gatherings helped shape her reputation as both a serious collector and a generous patron of institutions including Tate and the Sir John Soane’s Museum.
Pauline Karpidas
Surrealism at the Core
At the heart of the evening sale were 23 Surrealist works, together realizing £30.2 million (US$41.1 million). The star lot, Magritte’s La Statue volante (1940–41), was one of the last works Karpidas acquired from Iolas, who had represented the artist throughout his career.
An enigmatic painting that revisits Magritte’s iconic Venus de Milo motif, it had featured in two landmark exhibitions that helped cement the artist’s international reputation: at Iolas’s New York gallery in 1959, and in Magritte’s first U.S. museum retrospective at the Dallas Museum of Art in 1960.
Lot 19 | René Magritte (1898-1967) | La Statue volante, oil on canvas
Executed in 1958
96.7 x 129.7 cm
Provenance:
- Alexander Iolas, New York (acquired from the artist in 1958)
- Brooks Jackson, New York (acquired from the above and until at least 1962)
- Alexander Iolas, New York (acquired from the above)
- Acquired from the above on 15 January 1985 by the present owner
Estimate: £9,000,000 - 12,000,000
Hammer Price: £8,400,000
Sold: £10,120,000 (US$13.8 million)
Ten additional works by Magritte were offered, including La Race blanche (1937), previously owned by Belgian poet E. L. T. Mesens and philosopher Dmitri Mitrinović. Last sold at auction in 1985 for just US$48,820, the painting attracted four bidders and achieved £1.8 million (US$2.5 million).
Another standout was Tête (1960) – a plaster sculpture acquired by Karpidas in 1987 from the estate of Magritte’s widow, and long displayed among books in her London home. It fetched £914,000 (US$1.2 million), more than double its high estimate and the highest price ever paid at auction for a Magritte plaster.
The strong results further underscore the momentum behind Surrealism in today's market. According to the newly released Sotheby’s x ArtTactic Insight Report on Surrealism, the category grew at a compound annual growth rate of 22.8% between 2018 and 2024 – outpacing much of the broader market during a volatile period.
Lot 5 | René Magritte (1898-1967) | La Race blanche, gouache on paper
Executed in 1937
26.3 x 26.4 cm
Provenance:
- E. L. T. Mesens, Brussels (acquired from the artist in July 1938)
- Dimitrije Mitrinovic, London (acquired as a gift from the above)
- New Atlantis Foundation, London (acquired from the above by 1953)
- Sotheby’s, London, 5 April 1978, lot 141 (consigned by the above)
- Galerie Isy Brachot, Brussels (acquired at the above sale)
- Sotheby's, New York, 14 November 1985, lot 168
- Acquired from the above sale by the present owner
Estimate: £1,000,000 - 1,500,000
Hammer Price: £1,450,000
Sold: £1,809,000 (US$2.5 million)
Lot 6 | René Magritte (1898-1967) | Tête, painted plaster
Executed circa 1960; this example is 1 of 2 unique variants
Height: 32 cm
Provenance:
- Georgette Magritte, Paris (the artist's widow; acquired by descent from the artist and until 1986)
- Estate of Georgette Magritte, Paris
- Sotheby's, London, The Remaining Contents of the Studio of René Magritte, 2 July 1987, lot 865 (consigned by the above)
- Acquired from the above sale by the present owner
Estimate: £300,000 - 500,000
Hammer Price: £720,000
Sold: £914,400 (US$1.2 million)
Les Lalanne Mania Continues
Beyond the Surrealist realm, the market’s appetite for design was evident in the lineup of Lalanne pieces that crossed the million-pound mark.
Today synonymous with the finest interiors and collectors, Claude and François‑Xavier Lalanne – known as Les Lalanne – were among Karpidas’ closest artist friends. She first visited their workshop in Ury, outside Paris, in 1978, and quickly became one of their most devoted patrons, commissioning works that would come to define the interiors of her London home.
Interest in Les Lalanne has surged in recent years, particularly following Claude’s death in 2019. Their works have become a rare bright spot in an otherwise cautious market – as of 2024, François-Xavier’s sculptures alone have generated more than US$100 million in global auction sales.
Lot 12 | Claude Lalanne (1925 - 2019) | Unique Structure Végétale Mirror and Wall Light
Executed in 1995. This work is number 1 from an edition of 1.
Mirror: 297 x 149 x 15 cm
Wall light: 126 x 49 cm
Provenance:
- Commissioned directly from Claude Lalanne in 1995 by the present owner
Estimate: £350,000 - 450,000
Hammer Price: £2,900,000
Sold: £3,578,000 (US$4.9 million)
Confirming that momentum, all nine Lalanne pieces in the sale attracted intense bidding and achieved a combined £13.6 million (US$17.6 million), more than five times their total high estimate.
A dramatic copper-leaf Unique Structure Végétale mirror and wall light, previously hung in Karpidas’ bedroom, sold for £3.58 million (US$4.8 million) – nearly eight times its high estimate – after a 10-minute bidding war between seven bidders.
Two Console Végétale designs, each estimated at £180,000–250,000, together realized £3.8 million (US$5.2 million) – more than 15 times their combined high estimate.
Claude's iconic Unique Choupette fetched £1.87 million (US$2.5 million), far exceeding its £300,000–400,000 estimate. Notably, another version from Karpidas’ collection on Hydra Island, Très grand choupatte, set an auction record for the artist at over €4.97 million (US$5.3 million) in 2023.
Lot 13 | François-Xavier Lalanne (1927 - 2008) | Console Végétale, gold patinated bronze
Executed in 2011. This work is number 1B from an edition of 8.
84 x 184 x 51.5 cm
Provenance:
- Acquired directly from Claude Lalanne in 2012 by the present owner
Estimate: £180,000 - 250,000
Hammer Price: £1,600,000
Sold: £1,992,000 (US$2.7 million)
Lot 9 | Claude Lalanne (1925 - 2019) | Unique Choupatte, patinated and galvanized copper
Executed in 2003. This work is number 1 from an edition of 1.
32.5 x 36 x 32.5 cm
Provenance:
- Commissioned directly from the artist in 2003 by the present owner
Estimate: £300,000 - 400,000
Hammer Price: £1,500,000
Sold: £1,870,000 (US$2.5 million)
Lot 27 | Claude Lalanne (1925 - 2019) | Unique Entrelacs Bench
Executed in 2013. This work is number 1 from an edition of 1.
46 x 180 x 30 cm
Provenance:
- Commissioned directly from Claude Lalanne in 2013 by the present owner
Estimate: £150,000 - 200,000
Hammer Price: £850,000
Sold: £1,077,000 (US$3.9 million)
Two Warhols Go to the Same Buyer
Another close artist friend was Andy Warhol, whom Iolas introduced to Karpidas in 1978 when he brought her to Warhol’s New York studio to commission a portrait. Their friendship was cemented by shared passions – including a love of ostentatious jewelry, particularly pieces by Belperron and JAR.
Two of Warhol’s works from his Art from Art series – inspired by Edvard Munch, Warhol’s favorite artist alongside Henri Matisse – were fiercely contested and sold above estimate. Both had previously hung in Karpidas’ London residence and were sold to the same buyer with paddle number 899.
Lot 11 | Andy Warhol (1928-1987) | The Scream (After Munch), acrylic and silkscreen ink on canvas
Executed in 1984
132.4 x 97 cm
Provenance:
- O.K. Harris, New York
- Magnus Bromander, Gothenburg
- Sotheby’s, London, 27 June 1996, lot 247 (consigned by the above)
- Acquired from the above sale by the present owner
Estimate: £2,000,000 - 3,000,000
Hammer Price: £5,400,000
Sold: £6,628,000 (US$9 million)
The iconic image The Scream (After Munch) sparked a 10-minute bidding battle between at least six collectors, ultimately selling for £6.6 million (US$8.5 million) against a £3 million estimate.
Madonna and Self-Portrait with Skeleton Arm (After Munch), estimated at £1.5–2 million, achieved £2.84 million. When it was last offered at auction in 1990, it sold for just £82,500 (US$158,562).
Lot 27 | Andy Warhol (1928-1987) | Madonna and Self-Portrait with Skeleton's Arm (After Munch), acrylic and silkscreen ink on canvas
Executed in 1984
129.7 x 180.4 cm
Provenance:
- Estate of Rupert Jasen Smith, New York
- Christie’s, New York, 8 May 1997, lot 282 (consigned by the above)
- Acquired from the above by the present owner
Estimate: £1,500,000 - 2,000,000
Hammer Price: £2,300,000
Sold: £2,846,000 (US$3.9 million)
More of the Greats: Other Highlight Lots
Lot 17 | Francis Picabia (1879-1953) | Deux amies, oil on board
Executed circa 1940-41
75.6 x 105.9 cm
Provenance:
- Succession Picabia, Paris (the artist's estate)
- Olga Mohler Picabia, Paris (the artist's wife; acquired from the above in 1979)
- Private Collection, Paris
- Sotheby’s, London, 29 June 1988, lot 205 (consigned by the above)
- Professor Oswald Oberhuber, Vienna (acquired from the above sale and until at least 2003)
- Galerie nächst St. Stephan Rosemarie Schwarzwälder, Vienna
- Acquired from the above on 24 November 2003 by the present owner
Estimate: £2,200,000 - 2,800,000
Hammer Price: £2,700,000
Sold: £3,334,000
Lot 7 | Yves Tanguy (1900-1955) | Titre inconnu, oil on canvas
Executed in 1928
91.6 x 73 cm
Provenance:
- Raymond Queneau, Paris
- Georges Hugnet, Paris
- Galerie Furstenberg (Simone Collinet), Paris (acquired by 1958)
- William N. Copley, Paris and New York
- Sotheby's, New York, The William N. Copley Collection, 5 November 1979, lot 38 (consigned by the above)
- Acquired from the above sale by the present owner
Estimate: £1,000,000 - 1,500,000
Hammer Price: £2,000,000
Sold: £2,480,000
Lot 39 | Pablo Picasso (1881-1973) | Buste d'homme, oil and Ripolin on canvas
Executed on 6 February 1968
81 x 64.8 cm
Provenance:
- Alexander Iolas, New York
- Acquired from the above on 14 June 1984 by the present owner
Estimate: £1,500,000 - 2,500,000
Hammer Price: £2,000,000
Sold: £2,480,000
Lot 15 | Jeff Koons (b.1955) | Poodle, polychromed wood
Executed in 1991; Number 3 from an edition of 3 plus 1 artist's proof
58.4 x 100.3 x 52.1 cm
Provenance:
- Anthony d'Offay Gallery, London (acquired from the artist)
- Acquired from the above in 2001 by the present owner
Estimate: £1,000,000 - 1,500,000
Hammer Price: £1,900,000
Sold: £2,358,000
Lot 40 | Alberto Giacometti (1901 - 1966) | Femme, épaule cassée [troisième version], bronze
Conceived circa 1958-59; this example cast by Susse Fondeur, Paris in 1964. This work is number 5 from an edition of 6.
Height: 68.5 cm
Provenance:
- Pierre Matisse Gallery, New York (acquired from the artist in March 1964)
- Robert Elkon, New York
- Galerie Beyeler, Basel (acquired from the above on 2 February 1966)
- Josef and Lea Steegmann, Vaduz (acquired from the above on 14 December 1967)
- Private Collection, Europe (acquired by descent from the above)
- Christie's, London, 27 November 1989, lot 30 (consigned by the above)
- Acquired from the above sale by the present owner
Estimate: £1,500,000 - 2,000,000
Hammer Price: £1,800,000
Sold: £2,236,000
Auction Details:
Auction House: Sotheby's London
Sale: Pauline Karpidas: The London Collection Evening Auction
Date: 17 September 2025
Number of Lots: 55
Sold: 55
Sale Rate: 100%
Sale Total: £73,328,850 (US$98.4 million)