How Much Is Portrait of Paulette Jourdain Worth?

Painted circa 1919, Portrait of Paulette Jourdain is a late, mature-period Modigliani that encapsulates his hallmark elongation and introspective psychological tenor. The sitter—assistant to Léopold Zborowski—anchors the portrait in the artist’s immediate circle, and the work’s scale and fully resolved composition place it among his most emblematic non‑nude canvases. It is well published (Ceroni 217) and frequently exhibited, contributing to institutional familiarity and collector confidence. Within Modigliani’s oeuvre, it ranks in the upper tier of portraits below the market-defining nudes, making it both academically important and market-relevant.

Large, late Modigliani oil portraits are scarce, and supply is notably tight among works with unimpeachable provenance, literature, and exhibition histories. The painting’s substantial dimensions (100.3 × 65.4 cm) and completed, multi-element composition (seated figure with articulated background) are traits strongly preferred by top-tier buyers. This combination elevates demand relative to smaller busts, works on paper, or earlier, less canonical portraits. Scarcity at this quality level supports price resilience through market cycles and justifies a premium versus mid-tier portraits by the artist.

The lineage—Zborowski to Guillaume to Fleischmann to Thannhauser to Taubman—reads as a ‘who’s who’ of early collecting and postwar American stewardship. Extensive literature and exhibition records underpin the work’s status and mitigate authenticity or restitution concerns that can weigh on Modigliani valuations. Visibility via major sales (2015 Taubman; 2023 Hong Kong) and museum loans has reinforced its identity as a key late portrait, which typically widens the buyer pool and tightens pricing bands in real sales settings.

The most probative comp is the same painting’s 2023 result at ~$34.84m with fees in Hong Kong, followed by a near‑peer late portrait (Elvire en buste) at ~$31.1m in Paris (2025). These anchor a tight cluster for top late portraits in the low‑to‑mid $30ms, with upside for works offering superior scale, fame, and provenance. Execution matters: prime New York/London evening placement, strong presale marketing, and a competitive IRR/guarantee can deliver incrementally higher outcomes, whereas risk‑off seasons or thin bidding compress results toward the mid‑$30ms.

No adverse condition issues were publicly reported at the 2015 or 2023 auctions, and the painting’s repeated inclusion in high‑profile sales implies acceptable stability. Nonetheless, for a late Modigliani of this caliber, up‑to‑date conservation documentation (including UV/IR imaging) is critical. Clean surfaces, coherent varnish, and limited, well‑executed retouch typically support competitive bidding; conversely, material condition concerns can shift outcomes by several million dollars at this price level. This valuation assumes condition consistent with the two recent public offerings.