10-11-2023 (NEW YORK) In a dazzling moment for the art world, a captivating blue-hued portrait by Pablo Picasso, depicting his iconic muse, Marie-Thérèse Walter, soared to new heights at Sotheby’s auction in New York, commanding a staggering $139.4 million, including buyer’s fees. Completed in 1932, during one of the most tumultuous periods in Picasso’s personal life, the masterpiece graced the auction block for four suspenseful minutes, witnessing a fierce bidding war among three collectors spanning the globe. Ultimately, an anonymous bidder clinched victory with a record-breaking telephone bid. However, the sale fell short of surpassing the artist’s previous auction high of $179.4 million set at Christie’s in 2015.
The evening auction, featuring blue-chip modern and contemporary art from the estate of Emily Fisher Landau, a distinguished arts patron with her private museum in Long Island City, Queens, achieved a remarkable total of $406.4 million. This sum surpassed the estimated range of $344.5 million to $430 million. Notably, Sotheby’s had mitigated market uncertainties by assuring the estate owners that it would acquire the Picasso and nearly 30 other artworks if buyers failed to surpass a predetermined minimum price.
PICASSO SELLS FOR $139M; 2ND-HIGHEST PRICE EVER
In a sign of the times last night @ Sotheby’s Pablo Picasso’s Femme à la montre sold for $139M after 4-minutes of bidding. 2nd-highest price EVER for a Picasso.The jet set are moving their wealth to fine art. Plan accordingly. pic.twitter.com/mTYcd9tmrF
— ResourceWars.com (@ResourceWars_) November 9, 2023
The auction showcased a notable milestone for artist Agnes Martin, with her 1961 piece “Grey Stone II” fetching an astonishing $18.7 million, well above the estimated range of $6 million to $8 million. The intense bidding war between gallerists and collectors in the room added an exhilarating element to the proceedings.
Benjamin Godsill, an art adviser observing the sale, remarked on the resilience of the art market, stating, “The headline for me is keep calm and carry on. There is still a market, even if there weren’t fireworks.”
Amid the bidding excitement, the Picasso stole the spotlight, creating a moment of hushed anticipation in the auction room. Sotheby’s staff worked diligently to engage bidders, and the winning bid was secured by Brooke Lampley, the company’s chairman and head of global fine art, who orchestrated the sale. The sale’s success underscored the enduring appeal and investment value of masterpieces by legendary artists like Picasso, reaffirming the art market’s resilience despite broader economic uncertainties.
