Las Vegas auction sells Picasso paintings for over $ 100 million

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Picasso’s works sold for over $ 100 million in largest art auction ever to take place in Las Vegas.

Picasso’s rare auction of 11 works took place two days before his 140th birthday. MGM Resorts has worked with Sotheby’s, selling works as part of a move to better focus on a more diverse and inclusive portfolio.

“It is an honor to collaborate with Sotheby’s to bring this one-of-a-kind arts and entertainment experience to Las Vegas and to embark on this momentous auction,” said Ari Kastrati, Hospitality Manager, MGM Resorts , in a press release. “We welcome millions of visitors from all over the world to our resorts every year, which gives us a great platform to present diverse perspectives within the arts community. ”

Auctioneer Oliver Barker is issuing a call for tenders for 11 paintings and works by Picasso that will be auctioned at the Bellagio Hotel in Las Vegas, Nevada, United States on October 23, 2021. REUTERS / Bridget Bennett (Reuters)

The auction also marks the first time that Sotheby’s ‘Evening Sale’ marquee has taken place outside its iconic New York location. Sotheby’s broadcast the sale worldwide live flux.

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The works spanned 50 years of the Spanish master’s career and included paintings, works on paper, and ceramics.

Picasso Las Vegas Sotheby's auction

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

Five of the paintings hanging on the walls of the hotel’s gourmet restaurant, Picasso. The 1938 painting “Woman in a Red-Orange Beret” fetched the highest price at $ 40.5 million, beating the pre-sale estimate, Reuters reported.

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Even the artist’s small ceramic works sold for around $ 2 million, about three or four times their presale estimate.

Picasso Las Vegas Sotheby's auction

A Sotheby’s staff member prepares for the auction of 11 paintings and works by Picasso at the Bellagio Hotel in Las Vegas, Nevada, United States on October 23, 2021. REUTERS / Bridget Bennett

The names of the buyers were not disclosed.

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“It is a privilege to present this exemplary selection of works by Picasso from the MGM art collection at a special auction to help MGM Resorts evolve its collection to represent a larger group of artists and more diverse, ”said Brooke Lampley, President and President of Sotheby’s. Global Sales Manager for Global Fine art. “As one of the most famous, beloved and accomplished artists of all time, we couldn’t imagine anyone better than Picasso to usher in this unique artistic and cultural experience.”

The Bellagio will continue to present around ten paintings by Picasso in its restaurant after the auction. The Bellagio Fine Arts collection began in 1998 when the Bellagio opened and includes 900 works by 200 artists, including modern works by Bob Dylan and David Hockney.

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The collection will use the funds to purchase more work by women, people of color and emerging countries, as well as LGBTQ artists and artists with disabilities.


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