A collection of 11 works by Pablo Picasso sold for more than $110 million at a recent auction organized by Sotheby’s. The works had been on display at the Bellagio’s Michelin-starred restaurant Picasso, named for the Spanish artist.
According to CNN, the auction coincided with the artist’s 140th birthday, and according to MGM Resorts, was the “largest and most significant” fine art sale ever to take place in Las Vegas.
The star of the show was a 1938 portrait called “Femme au Béret Rouge-Orange,” which depicts Picasso’s lover and muse Marie-Thérèse Walter.
Initially pegged to sell for $20 million to $30 million by Sotheby’s, it was eventually auctioned off for more than $40 million.
“Homme et Enfant,” or “Man and Child,” which Sotheby’s said reflected his later spontaneous style and his role as a father, sold for just over $24 million.
The auction also included a sculpted white pitcher with three faces carved onto its surface. The work, produced by Picasso in 1954, was valued at between $60,000 and $80,000 but sold for $315,000.
In an August press release, MGM said the auction would help in “deepening diversity and inclusion” within its art collection. Some of the proceeds will be invested back into the art market, according to Sotheby’s.
An MGM spokesperson said via Sotheby’s that the group’s collection still contains 12 other Picasso artworks that will replace the auctioned items at the Bellagio’s “Picasso” restaurant.
