Nearly a dozen Pablo Picasso paintings have been auctioned off in Las Vegas and the collection fetched over USD$100 million (AU$130 million). Casino and hotel group, MGM Resorts, which boast a collection of 900 works from 200 artists, worked with The Sotherby’s to offload 11 Picasso pieces to diversify its expansive collection.
Taking place at the Bellagio hotel last Saturday, the “first-of-its-kind” marquee coincided with the iconic artists 140th birthday celebration. The 1938 painting “Femme au beret rouge-orange”, translated to “Woman in a reddish-orange hat”, from Marie-Therese Walter, Picasso’s lover and muse, was sold for USD$40.5 million and claimed the highest winning bid of the night. Smashing expectations, the estimated price for the painting was estimated to sell between USD$20 and $30 million.
The large scale portraits “Homme et Enfant” and “Buste d’homme” sold for USD$24.4 million and USD$9.5 million respectively. The smaller works on ceramic, like “Le Dejeuner sur l’herbe”, which was inspired by Edouard Manet’s painting by the same name sold for USD$2.1 million, over four times its estimate. A sculpted white pitcher named “Aiguière – Visage” was originally valued somewhere between USD$60,000 and USD$80,000, but ended up going for a whopping USD$315,000. Turns out this Pablo Picasso guy was pretty good…The buyers’ names were not disclosed.