The American hotel chain MGM Resorts today announced its plans to auction a group of works by Pablo Picasso at an auction in Las Vegas this year. The sale, hosted by Sotheby’s, will take place as a live-stream evening auction at the city’s iconic Bellagio hotel on October 23, with the Spanish modernist’s 11 works on offer expected to fetch $ 100 million.
The decision to sell its Picasso collection is a move by MGM to restructure its public art collection and focus on showcasing works by various artists. Ari Kastrati, MGM Resorts’ chief hospitality officer, said in a statement that the decision was part of a broader strategy to “give artists from underrepresented communities a bigger voice”.
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One of the highlights of the collection is Picasso’s portrait of his early muse Marie-Thérèse Walter. The painting, titled Femme au beret (1938), which depicts a young blonde Marie-Thérèse, is expected to fetch $ 20 million. It was last auctioned for $ 880,000 in 1987 and was acquired by Las Vegas casino tycoon and top collector Steven Wynn in 1998 and Hotel von Wynn, who had a world-class collection of 19th and 20th century art held at the Bellagio Gallery of Fine Art at his other hotel.)
MGM’s Picasso works range from paintings such as femme au beret to works on paper by the artist and ceramic experiments from 1917 to 1969. “It’s a relatively complete journey through the artist’s life,” says Brooke Lampley, chairwoman of Sotheby and a worldwide head of sales of global fine arts, said in an interview. “It gives an overview of the diversity of his life’s work.”
Other top examples from the range are two large-format late-period portraits Homme et enfant (1969–70) and Buste d’homme (1969–70). Together, the paintings are said to bring in at least $ 30 million. Both were included in the artist’s extensive exhibition at the Palais des Papes in Avignon, France, in 1973. A still life titled Nature morte au panier de fruit et aux fleurs (1942) is valued at $ 10 to 15 million.
The sale of the MGM collection will also mark the first time Sotheby’s ever host a sale of major works in the US outside of its New York headquarters, potentially signaling a wider shift in the overall market. Lampley said the decision to host the sale in Las Vegas is a way for the auction house to customize its listings to bring top customers luxury experiences outside of the traditional auction program. “One of our key revelations from the pandemic is that our clientele is welcoming changes and insights into the experience,” Lampley said.
The auction highlights will be on public display at the auction house’s York Avenue headquarters September 7-12, then travel to Taipei and Hong Kong before making their final stop at the Bellagio art gallery before the end of the year evening auction Hotels insert October. Lampley added that the auction will allow the public to focus on the Picassos in the hotel’s “intimate” exhibit.
