On October 23rd – Pablo Picasso’s 140th birthday – MGM and Sotheby’s are holding an auction of the late Spanish artist’s works at the infamous Bellagio Hotel, reports Art Net News. The sale is expected to raise at least $ 100 million, thanks to the selection of 11 paintings, works on paper, and ceramics produced between 1919 and 1967.
The star of the show is undoubtedly a portrait of Picasso’s lover Marie Therese Walter. The work, titled Femme au Beret Rouge Orange, is valued at $ 20 million to $ 30 million. The pieces first came into the hands of MGM Resorts after they were acquired by Steven Wynn, an early power player in the casino world who was blacklisted by the industry on allegations of sexual misconduct.
MGM Resorts may be hoping to end ties with Mr. Wynn by selling the works, but there are other ambitions: the hotel group has high hopes of being a power player in contemporary art and their strategy is to Tap as a partner at Sotheby’s. The casino conglomerate’s interests are no secret, with the Bellagio’s Picasso-themed restaurant (where the work was once on display) as well as the Bellagio Gallery of Fine Arts, which has exhibited works by artists such as Andy Warhol and Roy Lichtenstein.
Sotheby’s and MGM describe the upcoming auction as “the largest and most important art auction that has ever taken place in Vegas”. In particular, the collection will travel to Sotheby’s New York and some pieces will continue to Tai Pei and Hong Kong. Both cities have developed into ever stronger players on the art market, especially in the wake of the pandemic. With the proceeds from the auction, MGM hopes to acquire additional works for their collection.
