Saturday, December 4, 2021

Picasso paintings in Las Vegas brought in over $ 100 million

Eleven Picasso paintings and other works that helped turn Las Vegas into an unlikely art destination were sold at Saturday auction for more than $ 100 million.

The Sotheby’s auction was held at the Bellagio Hotel in Las Vegas, where the work has been exhibited for many years, and took place two days before the Spanish artist’s 140th birthday on October 25.

Five paintings hung on the walls of the Bellagio Picasso gourmet restaurant. The restaurant will continue to display 12 other works by Picasso.

The highest selling price was for the 1938 painting “Femme au beret rouge-orange” by Picasso’s lover and muse Marie-Theresa Walter, which sold for $ 40.5 million, about $ 10 million more than the high pre-sale estimate.

The large-scale portraits of “Homme et Enfant” and “Buste d’homme” were sold for $ 24.4 million and $ 9.5 million, respectively, while smaller ceramic works such as Le Dejeuner sur l’herbe sold for $ 2.1 million, were sold for three. or four times the presale estimate.

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The buyers’ names were not disclosed.

The Saturday sale was part of an offer by the MGM Resorts casino and hotel group to further diversify their vast collection to include more art from women, people of color and developing countries, as well as LGBTQ and disabled artists.

American museums and art galleries are working to expand their collections in response to the widespread cultural appreciation of racism across all levels of US society in 2020.

A 2019 Public Science Library study of 18 top US museums found that 85% of the artists on display were white and 87% were men.

MGM Resorts’ Fine Arts Collection boasts nearly 900 artworks by 200 artists, including contemporary art by Bob Dylan and David Hockney. It was founded over 20 years ago by Steve Wynn, former owner of Bellagio and former CEO of Wynn Resorts.

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