In a seemingly unprecedented collaboration, Sotheby’s is partnering with MGM Resorts in Las Vegas to auction a rare collection of Picasso works that is expected to raise around $ 100 million.
And instead of selling the lots at a marquee evening in an art capital like New York, Sotheby’s will hold the auction on October 23 at the Bellagio Hotel in Vegas.
The sale, which is also broadcast via livestream and with Picasso’s 140. is presented what Sotheby’s calls “a highly curated selection” of 11 paintings, works on paper and ceramics that were created between 1917 and 1969.
The star lot will be Femme au béret rouge-orange, one of the artist’s many portraits of his muse and lover Marie-Thérèse Walter. It is appreciated on $ 20 to 30 million. Another painting by Walter, 1932’s Femme assise près d’une fenêtre (Marie-Thérèse), sold at a premium at Christie’s New York in May for $ 103 million.
Pablo Picasso, Still Life with a Basket of Fruit and Flowers (1942). Image courtesy of Sotheby’s.
Another job, Homme et enfant (1969), one of the greatest paintings Picasso ever made, sums up the Dealing with his life and legacy later in his career, according to Sotheby’s. The presale estimate is also $ 20 to 30 million.
The sale is rounded off by several works on paper, including a portrait of the Commedia dell’arte character Pierrot, valued at $ 2.5 to $ 3.5 million; a war still life painted in Paris in 1943, Nature morte aux fleurs et au compotier, valued at $ 6 million to $ 8 million; and Aiguière – Visage, a ceramic mug valued at $ 60,000 to $ 80,000.
The collection also carries a guarantee.
Pablo Picasso, Woman with a Red-Orange Beret (1938). Image courtesy of Sotheby’s.
Sotheby’s and MGM said the sale was “the largest and most important art auction ever held in Las Vegas”.
For a while, the Picasso works were all on view in the Bellagio restaurant of the same name, and before they go on sale they will be traveling to the galleries of Sotheby’s New York for an autumn exhibition at the end of next month (September 7-13). From October 21 to 23, they will return to the exhibition at the Bellagio Gallery of Fine Art.
Some highlights will also travel to Taipei and Hong Kong, reflecting the increasing importance of new wealthy Asian customers to the growth of the art market, especially since the pandemic.
Pablo Picasso, Pierrot (1917). Image courtesy of Sotheby’s.
MGM Resorts said the decision to sell the works was motivated for reasons of equity and inclusion.
Ari Kastrati, the company’s chief hospitality officer, said in a statement that the resort “can be a great platform to showcase different perspectives within the art scene. 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 adding a greater voice to artists from underrepresented artists Municipalities. “
MGM Resorts will use part of the sales proceeds to purchase new works of art by various artists.
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