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$41 Million Picasso Sells at Sotheby's Auction

Travelers Today       By    Lena Vazifdar

Updated: Nov 09, 2012 01:25 PM EST

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Famed artist, Pablo Picasso's art has gone for millions in the past and at Sotheby's on Thursday Nov. 8 one piece sold for $41.5 million.

A portrait of Picasso's mistress, "Nature morte aux tulipes." ,was sold for $41.5 million. Reuters reported that the total ins sales for the Impressionist and modern art sale was $163 million in total.

The Sotheby's auction featured nine works in total by Picasso.

Reuters reported that the auction had nine works for sale. Two Picasso portraits of Marie-Therese Walter, his muse were sold. "Nature morte" and "Femme a la Fentre" were the two pieces, "Femme a la Fentre" selling for $17.2 million.

Reuters reported that some of his work sold within the range it was estimated but others went higher while a few went for significantly lower than anticipated. Picasso's "Plant de tomate" which was estimated at $10 million to $15 did not even sell for $9 million. Picasso's "Le Viol" which is a work on paper was estimated at $5 million, but sold to $13.6 million.

His "Femme a la robe verte," which was estimated at $6 to $8 million went unsold.

Simon Shaww, Sotheby's head of Impressionist and modern art in New York said that the sale showed  "that in this market there continues to be a search for quality."

Sotheby's co-chairman of Impressionist and modern art said to Reuters that participation from South American, Russian and Asian bidders were a big part of the sale.

The auction continues next week. Reuters reported that both Sotheby's and Christies will hold a post-war and contemporary art sale.

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