Two hidden Modigliani portraits to lead Paris auction

Two Amedeo Modigliani portraits, unseen for 50 years, will headline Sotheby's Paris auction on October 24 with estimates of $6.4 million to $8.7 million each, marking the highest estimates ever placed on the house's October marquee auctions.news.artnet
The star lots include "Elvire en buste" (1918), one of four known paintings of the sitter and one of two remaining in private hands, and "Raymond" (1915), believed to depict novelist Raymond Radiguet at age 12.news.artnet+1
The "Modernités" sale, featuring works by Alberto Giacometti, Roy Lichtenstein, Joan Mitchell, and Andy Warhol, takes place as major players convene for Art Basel Paris, with combined sales estimated to exceed €50 million ($58.1 million).news.artnet
Modigliani is an auction powerhouse with more than 40 results above $10 million and a record of $170.4 million for "Nu couché" (1917-18) sold at Christie's New York in 2015.news.artnet
Both portraits passed through the collections of Modigliani's dealer Léopold Zborowski, with "Elvire en buste" painted in the South of France the year before the artist died at age 35, and "Raymond" last exhibited publicly at the 1963 Tate retrospective.news.artnet+1

Two previously unseen Amedeo Modigliani portraits, hidden from public view for half a century, will headline Sotheby's Paris auction on October 24 with estimates reaching $8.7 million each. The works anchor the house's "Modernités" sale, which carries the highest estimates ever placed on Sotheby's October marquee auctions in Paris.heni+2

The star lots include "Bust of Elvira" (1919), painted the year before the Italian master died at age 35, and "Raymond" (1915), believed to depict novelist Raymond Radiguet when he was just 12 years old. Both carry estimates of €5.5 million to €7.5 million ($6.4 million to $8.7 million).heni+4

Rare Glimpse of Hidden Masterpieces

The timing coincides strategically with Art Basel Paris, where major Modigliani works are drawing international attention. Pace Gallery is showcasing a 1918 canvas "Young Woman with Hair in Side Buns," estimated at approximately $10 million, as part of a collaboration with the Institut Restellini on a forthcoming Modigliani catalogue raisonné.news.artnet+2

"It's one of our best sales in Paris," said Aurélie Vandevoorde, vice president and co-head of Sotheby's France Modern and contemporary art department. The dual sales, including a companion "Surrealism and its Legacy" auction, are estimated to total over €50 million ($58.1 million).heni+1

"Bust of Elvira" passed through the collections of Modigliani's dealer Léopold Zborowski and his model Lunia Czechowska. The work depicts a woman described by contemporaries as a "child of the people" and "living doll," whom the artist met in the South of France. Meanwhile, "Raymond" was last exhibited publicly at the 1963 Tate retrospective and relies on attribution information from French poets Jean Cocteau and André Salmon.sothebys+2

Market Momentum for Modigliani

The auction reflects Modigliani's sustained market strength, with the artist commanding more than 40 results above $10 million and holding an auction record of $170.4 million for "Nu couché" (1917-18), sold at Christie's New York in 2015. According to Sotheby's Mei Moses data, Modigliani shows a compound annual return of 8.2%, with 91.7% of works increasing in value.news.artnet+2

The works will be displayed free of charge from October 17-23 at Sotheby's Paris gallery on rue du Faubourg Saint-Honoré, providing collectors and art enthusiasts a rare opportunity to view the paintings before they enter the market after five decades in private hands.sayart+1

Sources (30)