On October 23, MGM Resorts will sell 11 Picassos worth up to $104 million. The sale will be conducted by Sotheby’s and take place live at the Bellagio in Las Vegas. It includes original paintings, works on paper and ceramics, according to Bloomberg.
A 1938 painting, “Femme au Béret Rouge-Orange,” which depicts the artist’s lover Marie-Thérèse Walter, should fetch the highest price, up to $30 million. Like many of the other artworks for sale, the painting was acquired by gaming titan Steve Wynn, who built the Bellagio in the 1990s.
The Bellagio’s parent company, Mirage Resorts, merged with MGM Grand in 2000 and became MGM Resorts International in 2010. In 2019, MGM sold the Bellagio to the Blackstone Group for $4.25 billion, though MGM Resorts continues to operate the property.
The Picassos hung on the walls of the Bellagio’s Picasso restaurant. A 1969 painting Buste d’Homme, worth up to $15 million, hung behind the restaurant’s bar. Another painting from that era, Homme et Enfant, estimated to sell between US$20 million and US$30 million, graced the restaurant’s lounge.
The restaurant will continue to display a dozen Picasso originals. MGM Resorts said it intends to diversify its collection with art from underrepresented communities.
The art gallery at Bellagio also includes pieces from Wynn’s collection from Henri Matisse, Vincent van Gogh and others. Wynn and Mirage Resorts each owned half of the $400 million art collection. The billionaire took his art with him and bought additional pieces from Mirage following the sale to MGM. MGM sold several pieces to pay down debt accompanying the Mirage acquisition.
The Bellagio Gallery of Fine Art now displays contemporary art and rotating exhibitions, while Wynn continues to collect and deal art through Wynn Fine Art.
The public can view all 11 pieces free at Sotheby’s New York galleries September 7-13 and the Bellagio Gallery of Fine Art October 21-23. International exhibitions are scheduled for Taipei, Taiwan September 17-18 and Hong Kong October 7-11.
Brooke Lampley, Sotheby’s chair and worldwide head of sales for global fine art, said it was a “privilege” to help MGM diversify its collection of artists and works through the Picasso auction.
“We couldn’t imagine anyone better than Picasso to inaugurate this unique art and culture experience,” she said in the announcement.
