Picasso paintings in Las Vegas brings in additional than $ 100 million


© Reuters. A participant photographs a painting prior to the auction of 11 Picasso paintings and works at the Bellagio Hotel in Las Vegas, Nevada, the United States, October 23, 2021. REUTERS / Bridget Bennett


(Reuters) – Eleven Picasso paintings and other works that helped turn Las Vegas into an unlikely art destination were auctioned for more than $ 100 million on Saturday.

The Sotheby & # 39; s auction took place at the Bellagio Hotel in Las Vegas, where the work had been on display for years, and was held two days before the Spanish artist's 140th birthday on October 25th.

Five of the paintings hung on the walls of the Bellagio's fine dining restaurant, Picasso. The restaurant will continue to exhibit 12 more Picasso works.

The highest price was achieved in 1938 for the painting "Femme au beret rouge-orange" by Picasso's lover and muse Marie-Therese Walter, which sold for $ 40.5 million, about $ 10 million above the high pre-sale estimate.

The large-format portraits "Homme et Enfant" and "Buste d & # 39; homme" sold for $ 24.4 million and $ 9.5 million, respectively, while smaller works on ceramics such as "Le Dejeuner sur l & # 39; herbe" sold for $ 2 , $ 1 million for three were sold, or four times their pre-sale estimate.

The names of the buyers were not disclosed.

The sale on Saturday was part of an offer from casino and hotel group MGM Resorts (NYSE 🙂 to further diversify its extensive collection to include more art by women, colored and emerging countries, as well as LGBTQ and disabled artists.

American museums and art galleries have worked to expand their collections in the wake of widespread cultural settlement in 2020 on racism at all levels of US society.

A 2019 study by the Public Library of Science of 18 leading U.S. 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 works by Bob Dylan and David Hockney. It was founded more than 20 years ago by Steve Wynn, the former owner of the Bellagio and former managing director of Wynn Resorts (NASDAQ :).

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