Picasso artworks in Las Vegas fetch more than $100 million

LAS VEGAS, Oct 24 (US): Eleven Picasso paintings and other works that helped turn Las Vegas into an unlikely destination for art sold at auction on Saturday for more than $100 million.

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

Five of the paintings hung on the walls of the Picasso fine dining restaurant in Bellagio. The restaurant will continue to display 12 more Picasso works.

The highest price was earned by the 1938 “Femme au beret rouge-orange” by Picasso’s mistress and muse Marie-Therese Walter, which sold for $40.5 million, $10 million more than the highest pre-sale estimate, according to Reuters.

Large paintings “Homme et Enfant” and “Buste d’homme” sold for $24.4 million and $9.5 million respectively, while smaller works on ceramics, such as “Le Dejeuner sur l’herbe” sold for $2.1 million, Three or four times the pre-sale estimate.

The names of the buyers were not disclosed.

Saturday’s sale was part of an effort by casino and hotel group MGM Resorts to diversify its vast collection to include more artwork from women, people of color and artists with disabilities.

American museums and art galleries are expanding their collections in the wake of the 2020’s widespread cultural account of racism at all levels of American society.

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

The MGM Resorts Fine Arts Collection includes approximately 900 works by 200 artists, including modern pieces by Bob Dylan and David Hockney. It was started over 20 years ago by Steve Wynn, former owner of Bellagio and former CEO of Wynn Resorts.

HF