Often compared to Peggy Guggenheim, Pauline Karpidas is a grande dame in the 20th‑century tradition – a collector-patron who surrounded herself with artists and built an extraordinary collection through friendship and collaboration. Best known for assembling one of the most significant private collections of Surrealism, she has also championed Young British Artists including Damien Hirst, Tracey Emin, and Sarah Lucas.
This September, from 17 to 19, more than 250 works of art and design from Karpidas’ private collection will be offered at Sotheby’s London, with a combined estimate of £60 million (around US$81 million) – the highest estimate ever placed on a single-owner collection in Europe by the house.
All works come from her London home and include masterpieces by René Magritte, Salvador Dalí, Pablo Picasso, Andy Warhol, and Jeff Koons, alongside unique design pieces conceived for Karpidas by Les Lalanne – artists she befriended and supported early in their careers. Many works once passed through the hands of legendary early collectors, including Surrealism’s founding figure André Breton and poet Paul Éluard.
Pauline Karpidas
Pauline Karpidas’ salon in her London home
Pauline Karpidas’ salon in her London home
Pauline Karpidas’ salon in her London home
Pauline Karpidas’ London home
Pauline Karpidas’ London home
A Life in Art
Born in working-class Manchester, Karpidas trained as a secretary and moved to London in her early twenties before relocating to Athens, where she opened a clothing boutique.
There, she met her future husband, Constantine “Dinos” Karpidas – a construction and shipping magnate and accomplished collector of 19th‑century and Impressionist art, who acquired works by Renoir and Monet at auction. It was Dinos, she later reflected, who first helped her understand “the beauty of wonderful things.”
Pauline and her husband Constantine “Dinos” Karpidas
Alexander Iolas at his home in Athens in 1983
A pivotal moment came in 1974, when she visited the Athenian home of legendary Greek-American gallerist Alexander Iolas, best known for discovering Andy Warhol and championing the Surrealists. His roster included Picasso, Ernst, Magritte, Dalí, Les Lalanne, Fontana, Ruscha, Rauschenberg, and Warhol.
Confronted with exceptional Surrealist paintings, Karpidas returned the next day and persuaded Iolas to come out of retirement to advise her, pledging to build an outstanding collection. It marked the start of her serious art education: reading artist biographies, visiting galleries and museums, and honing her eye. With Iolas’s expert guidance, she assembled the core of what would become a renowned Surrealist collection.
Magritte Highlights
Among the standout works in the sale is Magritte’s La Statue volante (1940-41), an enigmatic painting from the final decade of the artist’s career that revisits his iconic Venus de Milo theme. The waves in the composition reference the marine painter Vartan Makhokhian, whose Sea View postcard Magritte kept in his studio.
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
The painting was first acquired directly from the artist by Iolas, who represented Magritte throughout his lifetime.
Before entering Karpidas’ collection in 1985, it was featured in two major exhibitions that helped cement Magritte’s international reputation: at Iolas’s New York gallery in 1959, and in Magritte’s first-ever U.S. museum retrospective at the Dallas Museum of Art in 1960. The work is expected to fetch £9-12 million (US$11.9-15.9 million) – the highest estimate in the sale.
Ten additional works by Magritte will appear in the evening auction, including La Race blanche (1937), estimated at £1-1.5 million, previously owned by Belgian poet E. L. T. Mesens and philosopher Dmitri Mitrinović; Tête (1960), a sculpture Karpidas acquired in 1987 from the artist’s widow’s estate, which long rested among books in her home; and Les Menottes de Cuivre, a reproduction of the Venus de Milo likely created for the seminal Surrealist Exhibition of Objects held in 1936.
Lot 5 | René Magritte (1898-1967) | La Race blanche, gouache on paper | Formerly in the collections of E. L. T. Mesens and Dimitrije Mitrinovic
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
Lot 6 | René Magritte (1898-1967) | Tête, painted plaster | Formerly in the collection of Georgette Magritte
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
Lot 26 | René Magritte (1898-1967) | Les Menottes de cuivre, painted plaster | Formerly in the collection of Charles Ratton
Executed in 1936; this work is unique
Height: 37 cm
Provenance:
- Charles Ratton, Paris (acquired in 1936)
- Private Collection (acquired by 1986)
- Sotheby’s, London, 5 December 1990, lot 163 (consigned by the above)
- Acquired from the above sale by the present owner
Estimate: £300,000 - 500,000
Warhol: Art from Art
Over the decades, Karpidas forged close friendships with a glittering circle of artists, gallerists, intellectuals, and collectors. Since 1996, she has shaped the summer art calendar with the Hydra Workshops, transforming an old boat‑repair garage on the Greek island into a gallery and gathering space.
These workshops became legendary for their informal intimacy, bringing together artists, curators, writers, and museum directors. The only itinerary, famously, was to “engage with art and guests: sunbathe, gossip, and swim.”
Long before Hydra, however, one of the earliest and most formative relationships in Pauline’s collecting life was with Andy Warhol – an artist who would become a close personal friend.
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
Lot 27 | Andy Warhol (1928-1987) | Madonna and Self-Portrait with Skeleton's Arm (After Munch), acrylic and silkscreen ink on canvas | Formerly in the collection of Rupert Jasen Smith
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
Their first meeting was arranged by Iolas in 1978, when he took the Karpidas to Warhol’s New York studio to commission a portrait. A shared love of ostentatious jewellery – particularly pieces by Belperron and JAR – helped cement the bond.
The auction offers four major paintings by the artist. Among the top lots are two works inspired by Edvard Munch, his favourite artist alongside Henri Matisse: Madonna and Self-Portrait with Skeleton’s Arm (After Munch) and The Scream (After Munch).
These works come from Warhol’s Art from Art series, in which he reimagined iconic images from art history – from Botticelli’s Birth of Venus to Leonardo da Vinci’s Last Supper – through his unmistakable Pop lens. Also on offer are The Poet and His Muse (After de Chirico) and Man Ray.
Lot 49 | Andy Warhol (1928-1987) | The Poet and His Muse (After de Chirico), acrylic and silkscreen ink on canvas
Executed in 1982
127 x 106.5 cm
Provenance:
- Private Collection, New York
- Richard Gray Gallery, New York
- Acquired from the above in 1998 by the present owner
Estimate: £600,000 - 800,000
Lot 50 | Andy Warhol (1928-1987) | Man Ray, acrylic and silkscreen ink on canvas
Executed in 1974
101 x 101 cm
Provenance:
- Galleria Il Fauno and Alexandre Iolas, Milan
- Maria Tognoli, Turin
- Sotheby’s, London, 23 June 1999, lot 36 (consigned by the above)
- Acquired from the above by the present owner
Estimate: £400,000 - 600,000
Living with Les Lalanne
Among Karpidas’s closest artist friends were Claude and François‑Xavier Lalanne, the French duo today synonymous with the finest interiors and collectors. She first visited their workshop in Ury, outside Paris, in 1978 and became one of their earliest collectors, commissioning bespoke pieces over decades.
Throughout her London home, Lalanne works infused the décor with wit and wonder – from an extraordinary bed featuring Karpidas’ signature owl motif, to a unique serpents table that took center stage in her salon, to a dramatic copper‑leaf Structure Végétale mirror in her bedroom.
One of the most unique commissions was Claude’s Crocodile Stools, estimated at £180,000-250,000, a model not previously seen on the market. As the story goes, in 1972, under a full moon, Lalanne visited a local zoo to collect the body of a recently deceased crocodile – thanks to artist Niki de Saint Phalle’s connection with the zoo director. Claude had long envisioned incorporating crocodiles into her work, and this allowed her to do so with stunning anatomical fidelity.
Lot 46 | Claude Lalanne (1925-2019) | Two Unique Crocodile Stools, gold patinated bronze
Executed in 1999; this work is number 1K and 2K from an edition of 2
Height: 46 cm; diameter: 33 cm
Provenance:
- Commissioned directly from the artist in 1999 by the present owner
Estimate: £180,000 - 250,000
Lot 36 | Claude Lalanne (1925-2019) | Unique Structure Végétale Bed, gold patinated bronze
Executed in 2012; this work is number 1 from an edition of 1
230 x 183 x 198 cm
Provenance:
- Commissioned directly from Claude Lalanne in 2012 by the present owner
Estimate: £200,000 - 300,000
Lot 45 | Claude Lalanne (1925-2019) | Unique Table Aux Serpents, gold patinated bronze and galvanized copper
Executed in 2017; this work is number 1M from an edition of 1
49 x 93 x 91 cm
Provenance:
- Commissioned directly from Claude Lalanne in 2017 by the present owner
Estimate: £180,000 - 250,000
From Collector to Custodian
Beyond collecting, Karpidas has been a long-time benefactor of institutions including the Tate and the Sir John Soane's Museum in London, as well as the New Museum’s education center in New York. In 2012, she made a major donation to the University of Manchester, which included funding for student access programs and a gift of 90 contemporary artworks to the university’s Whitworth Art Gallery.
“I have always seen myself as a temporary custodian for their creations, and it feels like the right moment for the pieces that make up my London home to find their next generation of custodians,” Karpidas said. “This is by no means an ending, as I will continue to live among art, read books, collect new works, and support artists.”
It’s not the first time Sotheby’s has sold works from Karpidas’s holdings. In October 2023, the house held two days of auctions in Paris dedicated to works from her Hydra home. The total of nearly €35.6 million across 242 lots – more than double the presale estimate – marked the highest‑value single‑owner sale in France that year. Among the highlights, Claude Lalanne’s bronze Très grand choupatte set an auction record for the artist at over €4.97 million (US$5.3 million).
Claude Lalanne | Très grand choupatte, pièce unique | Sold: €4,972,400, Sotheby's Paris, 2023 (Auction recrod for the artist)
Other Highlight Lots from the Evening Sale:
Lot 17 | Francis Picabia (1879-1953) | Deux amies, oil on board | Formerly in the collection of Oswald Oberhuber
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
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
Lot 22 | Giorgio de Chirico (1888-1978) | La Guerra (The War), oil on canvas | Formerly in the collections of André Breton, Gordon Onslow Ford and William N. Copley
Executed in 1916-17
34.1 x 26.8 cm
Provenance:
- Paul Guillaume, Paris
- (possibly) André Breton, Paris
- Pierre Matisse Gallery, New York
- Gordon Onslow Ford, Mill Valley, California and New York (acquired from the above in 1940-41 and until at least 1955)
- Sidney Janis Gallery, New York (acquired by 1957)
- William N. Copley, Paris and New York
- Sotheby's, New York, The William N. Copley Collection, 5 November 1979, lot 8 (consigned by the above)
- Alexander Iolas, New York (acquired from the above sale)
- Acquired from the above in 1979 by the present owner
Estimate: £1,000,000 - 1,500,000
Lot 7 | Yves Tanguy (1900-1955) | Titre inconnu, oil on canvas | Formerly in the collections of Raymond Queneau, Georges Hugnet, Simone Collinet, and William N. Copley
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
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
Lot 35 | Francis Picabia (1879-1953) | Untitled (Espagnole), oil and ink on board | Formerly in the collection of Renée Albouy-Moore
Executed circa 1925-26
104.3 x 75.1 cm
Provenance:
- Renée Albouy-Moore, Paris
- Estate of Renée Albouy-Moore, Paris (acquired from the above by 2003)
- Libert, Paris, 12 March 2003, lot 157 (consigned by the above)
- Helly Nahmad Gallery, London
- Acquired from the above on 28 June 2005 by the present owner
Estimate: £600,000 - 800,000
Lot 32 | Salvador Dalí (1904-1989) | Cannibalisme des objets, tête de femme avec soulier, gouache, brush and pen and ink on paper | Formerly in the collection of Edward James
Executed in 1937
63 x 47.8 cm
Provenance:
- Edward James, West Dean (acquired by 1963)
- Edward James Foundation, West Dean (acquired from the above by 1972)
- The Mayor Gallery, London (acquired by 1983)
- Robert Fraser Gallery, London
- Acquired from the above on 24 October 1983 by the present owner
Estimate: £350,000 - 450,000
Lot 9 | Claude Lalanne (1925-2019) | Unique Choupatte, patinated and galvanized copper
Executed in 2003; 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
Auction Details:
Auction House: Sotheby's London
Sale: Pauline Karpidas: The London Collection Evening Auction
Date: 17 September 2025
Sale: Pauline Karpidas: The London Collection Day Auction
Date: 18 September 2025
Sale: Pauline Karpidas: The London Collection Online Auction
Date: 8 - 19 September 2025