Written by By Jeevan RavindranJacqui Palumbo, CNN
A selection of 11 works by Pablo Picasso were auctioned for a total value of more than $ 110 million after being exhibited in a Las Vegas restaurant for years. As part of the MGM Resorts Collection, the pieces were a hallmark of the Michelin-starred French and Spanish restaurant “Picasso” of the Bellagio Hotel, which is inspired by the life and work of the artist.
Just in time for the artist’s 140th birthday, MGM said the auction was the “largest and most important” art auction ever held in Las Vegas. Organized by Sotheby’s, it was the auction house’s first evening marquee auction outside of New York.
The main attraction of Saturday’s auction was “Femme au béret rouge-orange” or “Woman with a reddish-orange hat”, a 1938 portrait of Picasso’s lover and muse Marie-Thérèse Walter.
Pablo Picasso, “Woman with a red-orange beret” Credit: Courtesy of Sotheby’s and MGM Resorts
The Spanish artist’s affair with Walter lasted from the late 1920s to the 1930s, and in 1935 she gave birth to their daughter Maya. Picasso’s portraits of Walter are characterized by vivid colors and a sense of intimacy.
Originally valued at $ 20 million to $ 30 million by Sotheby’s, it was auctioned off for more than $ 40 million.
Picasso, who lived from 1881 to 1973 and spent much of his adult life in France, is often referred to as the founder of Cubist painting – and “Femme au béret rouge-orange” has some similarities with his famous later portraits of his lover Dora Maar.
The auction also included two Cubist-inspired still life paintings from the early 1940s during World War II – “Nature morte au panier de Fruits et aux fleurs” for $ 16.6 million, while “Nature morte aux fleurs et au compotier “for $ 8.3 million.
Pablo Picasso, “Still life with a basket full of fruits and flowers” Credit: Courtesy of Sotheby’s and MGM Resorts
Meanwhile, “Homme et enfant,” or “Man and Child,” which Sotheby’s said reflected his later spontaneous style and role as a father, has sold for just over $ 24 million.
However, it was the less high-profile works that far exceeded their estimates, with the 1962 terracotta “Le Déjeuner sur l’herbe” – inspired by Edouard Manet’s 1863 painting of the same name – selling more than four times its top price rating.
The auction also included a molded white jug with three faces carved on the surface. The work, produced by Picasso in 1954, was valued at $ 60,000 to $ 80,000 but sold for $ 315,000.
Some works also revealed intimate details about Picasso’s life and work – for example, a ceramic tile shows the window of his workshop “La Californie”, which overlooks the sea in the southern French city of Cannes.
Pablo Picasso, “Ewer – Face” Credit: Courtesy of Sotheby’s and MGM Resorts
In an August press release, MGM said the auction will help add diversity and inclusion to its art collection. According to Sotheby’s, part of the proceeds will be reinvested in the art market.
An MGM spokesman said on Sotheby’s that the group’s collection includes 12 other Picasso works of art that will replace the auctioned items in the Bellagio’s Picasso restaurant.
