Why Surrealism Is Time and Crisis Resistant
When Sotheby’s London achieved a white-glove sale for Pauline Karpidas’s collection — raising about £73 million far above estimates — it forced a question: was this just a one-off spectacle, or proof that surrealism is time-and-crisis-resistant? In this article I explore that question. I believe surrealism endures, largely because of how collectors like Karpidas lived with the art, commissioned it, supported artists, and kept work visible, not in storage.
The Karpidas Sale: A Statement
The Karpidas auction in September 2025 included ~ 250 works and design pieces. Sotheby’s publicly exhibited many items ahead of auction.
The presale estimate was over £60 million, the highest estimate ever for a single-owner collection in Europe by Sotheby’s.
The evening sale alone raised £73 million (~$100 million), well above its estimate and all 55 evening lots sold (a “white-glove” result).
Highlights included stunning Surrealist works — Magritte’s La Statue Volante, Carrington, Tanning, etc. Also Lalanne furniture and small bespoke pieces.
This sale is impressive, especially given the wider context: many segments of the art market have shown flat or falling prices, fewer big sales, more caution among collectors. Whereas, the bidding at current auctions both evening and day ones lasted forever.
Surrealism’s Recent Market Performance
To see whether surrealism is exceptional:
From 2018 to 2024, auction sales for Surrealism rose from approx. US$726 million to US$800.7 million, and its share of the global art market nearly doubled, from ~9.3% to ~16.8%.
Works by women Surrealists have surged particularly fast. Leonora Carrington, Dorothea Tanning etc. Auction sales for women Surrealists increased significantly in value in 2024.
Some works smashed estimates multiple times in the Karpidas sale: several lots went more than double their presale estimates.
So the trend is strong: Surrealism is not just performing, it is outperforming many other categories.
Is This Just a One-Off?
Arguments for “just a one-off”:
Karpidas collection was exceptional—not just for the quality of works, but for its provenance, unique commissions, design integration, and the network around Karpidas. That gives it an edge.
The exhibition was immersive, showing how she lived with her art. Display, condition, provenance all favoured high value.
Some lots were very rare, which always leads to competitive bidding. That doesn’t always generalise to more modest pieces.
But there are solid counterarguments:
The growth in sales for Surrealism (especially women Surrealists) suggests broader demand.
Collectors seem drawn to Surrealism’s ability to express psychological tension, dream imagery, paradox—and these feel relevant in times of global uncertainty.
Younger collectors and markets in Asia are increasingly participating.
The Contemporary fair art scene has become extremely monotonous and very few works catch our eye nowadays.
Sotheby’s Pauline Karpidas preview September, 2025
Why Surrealism Actually Is Crisis Resistant
Surrealism seems to hold particular strength during downturns not only because of its visual impact or rarity, but also because of the way it has historically been collected and lived with. The Karpidas collection illustrates this. Several key factors contribute to its resilience.
Commissioned work & bespoke pieces
Rather than simply buying existing works, collectors like Pauline Karpidas often commissioned artists and designers to create unique objects — from furniture to smaller items such as Lalanne’s whimsical egg holders. These one-of-a-kind pieces combine art, design, and provenance, layering value beyond the artwork itself. Their personalised nature makes them less vulnerable to swings in general market interest.
Visibility and networking
Surrealist collections that are actively shared tend to retain stronger visibility and demand. Karpidas was known for hosting, entertaining, and showing works to friends, curators, and peers. This circulation kept the works present in cultural conversations, raising both familiarity and prestige.
Provenance & relationships
Strong provenance, often rooted in direct connections between collectors and artists, enhances value. Early acquisitions, personal relationships, and mentorships add trust and narrative depth. Buyers are often willing to pay more when the story of ownership and support is compelling.
Avoiding storage
A recurring challenge of contemporary collecting is the tendency to keep art in storage, unseen. Works that remain hidden risk losing cultural presence and emotional resonance. By contrast, collections that are lived with —displayed in homes, shared in social spaces, or loaned to institutions — build recognition and attachment, which can reinforce long-term market value.
Taken together, these practices suggest that surrealism’s resilience is not only about subject matter or scarcity. It is also about the way collectors have historically integrated Surrealist art into daily life and cultural networks, ensuring continued visibility and relevance.
What Makes Surrealism Particularly Valuable in Uncertain Times
Psychological resonance: surrealism deals in dreams, contradictions, the unconscious. In crises, people often turn toward art that reflects anxiety, imagination, escape.
Scarcity of masters: works by Magritte, Dalí, Tanguy, Ernst etc., are limited. High competition for them persists.
Women and underrepresented artists gaining ground: the market is expanding beyond the canonical male names; more recognition means growth potential.
Cross-category appeal: design, furniture, objets d’art (e.g. Lalanne furniture-sculptures) give more entry points to collectors with different tastes or budgets.
Risks and What to Watch
That said, surrealism is not immune to risk:
If macroeconomic conditions deteriorate sharply (credit, interest rates, inflation), luxury spending dips. Even high-end art can suffer.
If provenance is weak, condition poor, or if works have been in storage for very long (and not well maintained, or not exhibited), value can suffer.
Tastes shift: new movements, new media (digital art, etc.) compete for attention and funds.
Beyond Rarity: Why Surrealism Endures in Crisis
The spectacular result of the Karpidas sale isn’t just a headline, it’s evidence: surrealism has strong momentum and shows qualities that help it withstand crises. But that momentum matters only when collectors, artists and patrons do more than acquire — they show, commission, live with the art, keep it visible. The story matters. The small details (egg holders, commissions, interior design, hosting, displaying) count more than many realise.
In short, surrealism is time and crisis resistant — but more because of the human practices around it, than purely its iconography or rarity. Collectors who treat works as living parts of a culture (not just assets) help make that resilience real.
