How Much Is Madame Cézanne in a Red Armchair Worth?

Conclusion: If deaccessioned and offered at auction today, Paul Cézanne’s Madame Cézanne in a Red Armchair (c. 1877; 72.4 × 55.9 cm) would most likely realize $95–135 million. The picture is among the most widely reproduced portraits of Hortense Fiquet, central to the approximately two‑dozen‑work Madame Cézanne series, and long held by the Museum of Fine Arts, Boston—contributing to its stature as a museum‑grade, scholarly touchstone [1].

Market anchors and how they map to this work: The current auction ceiling for Cézanne is $137.79 million for La Montagne Sainte‑Victoire (Paul G. Allen Collection, Christie’s, 2022), which establishes an upper bound for even the finest portraits in typical market conditions [2]. A widely reported private sale of The Card Players at $250+ million underscores the theoretical apex for the artist’s most coveted series [3]. Recent public benchmarks include a top still life, Fruits et pot de gingembre, at $38.94 million in 2023 [4], and, within the same portrait subject, a small bust‑length Portrait de Madame Cézanne at $7.37 million in 2025, illustrating how scale and icon status drive valuation within the series [6]. Historically, a closely related variant—Madame Cézanne in a Yellow Chair—made $23.1 million in 1997 (roughly mid‑eight figures in today’s dollars), demonstrating the long-standing demand for first‑class examples from this cycle [5].

Positioning this painting: Red Armchair is one of the signature images of Hortense and a frequent reference point in Cézanne literature. Its three‑quarter seated format, period (c. 1877), and pictorial authority place it at the top tier of the portrait corpus. While market peaks for Cézanne typically favor late landscapes and a handful of still lifes, this painting’s art‑historical importance and image recognition justify a valuation well above routine portraits and plausibly into the lower nine figures, yet still below the artist’s top landscape record in most scenarios. The $95–135 million band respects those category dynamics, with the high end contingent on pristine condition, first‑rate marketing, and competitive third‑party guarantees.

Market climate and execution risk: The high end of the Impressionist/Post‑Impressionist market has shown resilient demand for blue‑chip trophies, aided by selective supply and strong guarantee frameworks; results since late 2022 confirm willingness to pay for best‑of‑category material [2][4][7]. Upside catalysts include fresh condition, compelling scholarly/loan history, and optimal timing within a marquee New York season. Downside risks include material condition issues (lining, overpaint), supply of competing trophies in the same week, or macro volatility that reduces risk appetite. Overall, given the painting’s canonical status, scarcity, and series‑defining profile, the proposed range reflects the most likely outcome in today’s market.