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Picasso oil painting sells for over US$100 million at New York auction

After an intense bidding war, the Picasso was snapped up by an online bidder in California, Christie's said. The price of the sale smashed its presale estimate of US$55 million.

Picasso oil painting sells for over US$100 million at New York auction

FILE PHOTO: Artworks go on show ahead of Christie's New York spring season of evening sales, in London

An oil painting by Pablo Picasso sold for US$103.4 million (S$137.70 million) at a Christie's auction in New York, smashing its presale estimate of US$55 million.

The portrait of Picasso's French lover Marie-Therese, Femme assise pres d'une fenetre (Marie-Therese), or Woman sitting near a window, led the '20th Century Evening Sale' on Thursday (May 13).

Keith Gill, head of the Impressionist and Modern Art department at Christie's London, said the work may be familiar to art lovers from its appearance at a landmark Picasso 1932 exhibition at the Tate Modern in 2018.

"It's an incredibly iconic image. It hasn't been seen up at auction since 2013. And the appreciation of Marie-Therese portraits, particularly from 1932, has very much grown since that time. So this will be a stand-out price for the artist," said Gill.

After an intense bidding war, the Picasso was snapped up by an online bidder in California, Christie's said.

Thursday's auction, which was streamed live from the Rockefeller Center, marked the fifth work by the Spanish painter to have sold for more than US$100 million.

(Reporting by Reuters TV, Writing by Rosalba O'Brien; Editing by Marguerita Choy)

Source: Reuters

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