Two Record-Breaking Sales at Karl Lagerfeld's Estate Auction

Two unprecedented sales occurred at Karl Lagerfeld’s residence near Paris. One was a black Chanel tote bag, while the other was a Martin Szekely.

Image: Chanel

Sotheby’s in Paris auctioned belongings valued at €6.2 million from the late Karl Lagerfeld. Two world records were established for a Chanel handbag and a piece of artwork by Martin Szekely. Digital bidding commenced on December 6 and concluded on December 9, while live auctions occurred on December 14 and 15 in Paris.

This constitutes the second installment in a three-part sales series occurring in the late designer's three residences: Monaco, Paris, and Cologne. The items being sold from Lagerfeld's estate including paintings, furniture, sketches, and garments.

The record-setting purse, a black Chanel crocodile tote from 2010 that the designer used daily, sold for €94,500, while the Szekely artwork, “Miroir Soleil Noir” from 2007, got €375,500.

Image: Sotheby’s

The foremost bid for a work of Lagerfeld's own creation was a picture of de Bascher, titled “Return From the Valley of Emeralds,” which fetched €163,800, in contrast to an estimated value of €400 to €600. A watercolor artwork depicting de Bascher and Anna Wintour at the Louvre, created in 1985, fetched €50,400.

A Dior black wool jacket from 2008 fetched €35,280, while a sequined Saint Laurent jacket from 2015 went for €5,292.

Approximately 1,500 bidders from over 60 countries participated in the Lagerfeld estate auctions. The sale of nearly 1,000 lots has generated €18.2 million, quadrupling the high expectation of €4.6 million.

Image: Sotheby’s

“Phase two of the Karl sale has fulfilled its expectations, following the remarkable success of the inaugural Monaco sale,” stated Pierre Mothes, vice president of Sotheby’s France, in a statement on Thursday evening. “Collectors globally, acquiring Karl Lagerfeld’s objects and designs, have solidified his status as a fashion icon. The 'Kaiser' would undoubtedly have been affected by this substantial public acclaim.

Image: Sotheby’s

Lagerfeld, who passed away in 2019, transformed the businesses he collaborated with, particularly Fendi and Chanel, while also managing his own line, Karl. The majority of lots surpassed their estimates through early online bids, while collectors present in the room, on the phone, and online endeavored to outbid one another for items embodying the designer's unmistakable aesthetic.