Picasso Art Work Receives Hefty US$142.2 Million Auction Bid

By Acsilyn Miyazaki | 3 years ago
Picasso Art Work Receives Hefty US$142.2 Million Auction Bid
A Picasso sculpture in Plaza de la Merced, Malaga.

Pablo Picasso has set a record after his 1955 painting “Women of Algiers (Version O)” was sold at US$179.4 million at an art auction. The painting showed women dressed colorfully in a harem. The art work has focused more on scantily dressed women with faces resembling Françoise Gilot, Picasso’s former lover.

The report from The Wall Street Journal said the painting has surpassed the price of “Three Studies of Lucian Freud,” done by Francis Bacon two years ago after selling at US$142.2 million. It also surpassed “Scream”, a painting done by Edvard Munch which sold at US$120 million.

The bidding for the art work of Picasso started at US$100 million and was held at Christie’s New York salesroom. The bid went up really fast with at least four bidders competing to get hold of the priced painting of women lounging at odd angles inside a room.

The price of the Picasso painting fetched a total of US$145 million after 11 minutes of the bidding war. The winning bid was from the global head of postwar art, Brett Gorvy.

Aside from the hefty priced Picasso painting, Christie’s also hit the record after selling “Pointing Man” bronze done by Alberto Giacometti at US$141.2 million. This was US$11.2 million higher compared to its original estimated price to fetch during the bidding war. The price also topped another Giacometti sculpture which sold at US$104.3 million five years ago, reported WSJ.

Despite that, the Picasso art remained to be on the spotlight for the night. It was almost 18 years ago when the art work was sold in an auction house by U.S. collectors Victor and Sally Ganz. The London dealer who won the bid at that time was able to buy the painting for US$31.9 million. However, the seller for the Picasso painting was not disclosed at the auction held Monday.

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Photo Source: Wikimedia Commons/Llecco

About the author

Acsilyn has been a part of the online publishing industry for more than 3 years. Aside from being an online news correspondent, Asha, as she is otherwise known, is also a blogger and an e-book author. She hails from the Philippines where everyday is usually bright and sunny.