MGM Resorts auctions off its Picasso’s
Revenue from the auction will go toward diversifying the group’s art collection.
Eleven Pablo Picasso paintings have been sold for $110m at an auction in Las Vegas after being on display there for over two decades. The paintings, created by the Spanish-born artist over the span of 50 years, represent a remarkable cross section of his career.
The works had been on display in the aptly named Picasso Restaurant at the Bellagio Hotel, the jewel in the crown of the MGM Resorts empire. MGM is hoping that, by selling these paintings, they will raise capital that can be put toward diversifying its art collection, with an emphasis on acquiring women and minority artists.
The painting that sold for the highest price was Femme Au Beret Rouge-Orange (Woman in A Reddish-Orange Beret). This 1938 portrait of the painter’s mistress and muse, Marie-Thérèse Walter, went for $40m, doubling pre-auction estimates of $20m.
Another milestone painting sold was Homme et Enfant (Man and Child), a 6.5-foot-tall portrait painted in 1959. This piece fetched $24.4m.
None of the buyers’ identities has been revealed.
This collection had been started decades ago by Steve Wynn, when he was the owner of the Bellagio. Wynn is noted for his affection for the Spanish painter, who died in 1973. Indeed, the casino mogul’s life as a collector of Picasso has on occasion brought him international attention, such as when he accidentally punctured the masterpiece Le Rêve with his elbow at an unveiling ceremony, unwittingly thwarting the painting’s sale for $139m. Wynn. After a $90,000 repair, was able to recoup his losses, selling the painting several years later for even more money.
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