Sotheby’s and MGM Resorts team up for a major art auction in Las Vegas featuring 11 original works by Pablo Picasso valued at more than $ 100 million.
The event takes place at the Bellagio on October 23rd and is the largest auction ever to take place in Las Vegas. This is the first time Sotheby’s has held a marquee night sale in North America outside of its New York headquarters.
“It is an honor to work with Sotheby’s to bring this unique art and entertainment experience to Las Vegas and to participate in this momentous auction,” said Ari Kastrati, Chief Hospitality Officer of MGM Resorts, when announcing the event.
The artwork comes from the MGM Resorts art collection.
One of the centerpieces of the auction is Femme au béret rouge-orange, a 1938 portrait of Picasso’s muse Marie-Therese Walter that art experts believe could cost between $ 20 million and $ 30 million. Another painting by Walter sold for $ 103 million in May, according to artnet, a website that tracks art purchases.
The other centerpiece, Homme et enfant, is one of the largest paintings Picasso ever created. The 1969 work is expected to raise between $ 20 million and $ 30 million. A second large painting from the same period, Buste d’homme, is estimated at $ 10 to 15 million.
Both are among the last great works by Picasso, the Spanish artist who is considered the founder of the Cubist movement, the invention of constructed sculpture and a co-creator of the collage.
The auction comprises a total of 11 paintings, works on paper and ceramics that were created between 1917 and 1969.
The works have been exhibited at the Bellagio since the hotel opened on the Las Vegas Strip in 1998. MGM Resorts officials said now is the time to put them up for auction.
“We welcome millions of visitors from all over the world to our resorts every year and offer us an excellent platform to present different perspectives within the art scene,” said Kastrati. “While diversity has long been in the DNA of MGM Resorts, we are committed to creating an even broader collection that maintains the breadth of our existing portfolio while giving artists from underrepresented communities a greater voice.”
Presale displays of the full selection from the auction will be held at Sotheby’s New York Galleries (September 7-13) and the Bellagio Gallery of Fine Art (October 21-23) in Las Vegas. Traveling exhibitions of selected highlights are planned in Taipei (September 17-18) and Hong Kong (October 7-11). All exhibitions are complementary and open to the public.
Potential bidders can visit the auction in person at the Bellagio or follow it via livestream.
“We can’t wait to work together to bring the magic of a Sotheby’s evening sale to Las Vegas for the first time,” said Brooke Lampley, chairman of Sotheby’s. “As one of the most famous, popular and accomplished artists of all time, we cannot think of anyone better than Picasso to inaugurate this unique art and cultural experience.”
In addition to the Picasso auction, a four-day exhibition of luxury properties, curated by Sotheby’s, will be on view at the neighboring Aria Resort and Casino from October 21 to 24. It will include cars, jewelry, handbags, sneakers, and more.
