Picasso painting sells for 103 million dollars in New York

Pablo Picasso's "Woman Sitting Near a Window (Marie-Therese)" was sold for USD 103.4 million at Christie's in New York. Christie's said, the painting, completed in 1932, was sold after 19 minutes of bidding for USD 90 million, which rose to USD 103.4 million when fees and commissions were added. Christie's had estimated the painting would sell for USD 55 million. The sale confirms the vitality of the art market despite the COVID-19 pandemic -- but also the special status of Picasso, who was born in 1881 and died in 1973. It shows that Picasso's personal life, his aura and his love life still resonate today even though his work dates back more than 100 years.
Bonnie Brennan, president of Christie's America said, that, the generally good performance of auctions, totaling USD 481 million, signals a real return to normal and also a message that the art market is really back on track.The painting, depicting Picasso's young mistress and muse, Marie-Therese Walter, was acquired only eight years ago at a London sale for GBP 28.6 million (about USD 44.8 million), less than half the price offered Thursday.Five works by the Spanish painter have now crossed the symbolic threshold of USD 100 million.This is the first time in two years that a work has broken the USD 100 million mark since an 1890 Claude Monet "Meules" painting reached USD 110.7 million at Sotheby's, also in New York.