VENERDÌ 20 GIUGNO 2025 
Never before seen on the market, the Gérard Lenoir collection offered a fresh and intimate insight into the work of Francis Picabia. A close friend of Olga Picabia, Gérard Lenoir assembled a strikingly coherent group of works that reflect the rich and eclectic trajectory of this unclassifiable artist.
The most impressive results were achieved by four works from Picabia’s Transparences period:
Two paintings by Sanyu, from the former collection of the Vicomte Bernard de Kergos, each fetched €621,120 – far exceeding their estimates of €40,000–60,000:
The sale’s top lot was Deux femmes, an exquisite ink on silk by Vietnamese modern painter Tran Binh Loc (1914–1941), which achieved €1,242,240 (lot 21, est. €20,000–40,000), setting a new world auction record for the artist.
The work, gifted around 1934 by the artist to Henri Edouard Virgitti, mayor-resident of Hanoi, remained in the same family ever since. A top graduate of the École des Beaux-Arts de l’Indochine in 1934, Tran Binh Loc went on to teach in Phnom Penh before his premature death. Deux femmes exemplifies the refined elegance and technical mastery of silk painting, in a style that blends modernist sensibilities with deeply rooted Vietnamese traditions.
"White Gloves" for Mirabaud Mercier
O n Friday 20 June at Drouot, the auction house Mirabaud-Mercier orchestrated an exceptional sale, bringing together a rare ensemble of 18 works by Francis Picabia from the Gérard Lenoir collection, two iconic canvases by Sanyu, and an unpublished ink on silk by Tran Binh Loc.The session concluded with an outstanding result: 100% of the lots sold for a total of €3.8 million, with several remarkable bidding battles.
Francis Picabia – Gérard Lenoir Collection
Never before seen on the market, the Gérard Lenoir collection offered a fresh and intimate insight into the work of Francis Picabia. A close friend of Olga Picabia, Gérard Lenoir assembled a strikingly coherent group of works that reflect the rich and eclectic trajectory of this unclassifiable artist.
The most impressive results were achieved by four works from Picabia’s Transparences period:
- Apollon, 1926, a large oil on cardboard inspired by the Apollo Belvedere and executed in several stages, soared to €323,500 (lot 14, est. €120,000–180,000).
- Dagelo, 1930–1932, a rare oil from the Transparences series, sold for €375,260 (lot 15, est. €100,000–150,000).
- Transparence, 1929, a watercolour combining classical references and Spanish influences, achieved €181,160 (lot 16, est. €30,000–50,000).
- Transparence, Nature morte, c. 1930, exceeded all expectations with €148,810 (lot 17, est. €20,000–30,000).
Sanyu – From the collection of the Vicomte Bernard de Kergos
Two paintings by Sanyu, from the former collection of the Vicomte Bernard de Kergos, each fetched €621,120 – far exceeding their estimates of €40,000–60,000:
- Deux dames, roses, 1930 (lot 19)
- Trois tulipes dans un pot, fond rose pâle (lot 20)
Both works were originally part of the collection of Henri-Pierre Roché, the patron and writer who played a central role in Sanyu’s career. Between 1929 and 1932, Roché assembled over 80 paintings and nearly 600 drawings by the artist. These two canvases were later acquired by the Vicomte Bernard de Kergos from Roché’s last wife, Denise, and remained in his collection by descent.
Tran Binh Loc – Auction record for the artist
The sale’s top lot was Deux femmes, an exquisite ink on silk by Vietnamese modern painter Tran Binh Loc (1914–1941), which achieved €1,242,240 (lot 21, est. €20,000–40,000), setting a new world auction record for the artist.
The work, gifted around 1934 by the artist to Henri Edouard Virgitti, mayor-resident of Hanoi, remained in the same family ever since. A top graduate of the École des Beaux-Arts de l’Indochine in 1934, Tran Binh Loc went on to teach in Phnom Penh before his premature death. Deux femmes exemplifies the refined elegance and technical mastery of silk painting, in a style that blends modernist sensibilities with deeply rooted Vietnamese traditions.
