A $100 Million Picasso Auction Is Set to Take Place in Las Vegas
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On October 23—which will mark what would be Pablo Picasso’s 140th birthday—MGM and Sotheby’s will host an auction of the works by the late Spanish artist at the infamous Bellagio Hotel, Art Net Newsreports. The sale is expected to fetch at least $100 million, thanks to its selection of 11 paintings, works on paper, and ceramics made between 1919 and 1967.
The star of the show is without a doubt a portrait of Picasso’s lover, Marie Therese Walter. The work, titled Femme au Beret Rouge Orange, has an estimate of $20–30 million. The pieces initially came into the hands of MGM Resorts after they were acquired by Steven Wynn, an early power player in the casino world who was blacklisted from the industry after allegations of sexual misconduct.
MGM Resorts may be hoping to cut ties with Mr. Wynn by selling off the works, but there are other ambitions at play as well: The hotel group has high hopes of being a power player within the contemporary art field, and its strategy is to tap Sotheby’s as a partner. The interests of the casino conglomerate are no secret, with the Bellagio’s Picasso-themed restaurant (where the works were once displayed), as well as the Bellagio Gallery of Fine Arts, which has exhibited works by the likes of Andy Warhol and Roy Lichtenstein.
Sotheby’s and MGM have referred to the forthcoming auction as the “largest and most significant fine arts auction to ever take place in Vegas.” Notably, the collection will travel to Sotheby’s New York, and a few pieces will continue onto Tai Pei and Hong Kong. Both cities have become increasingly strong players within the art market, particularly over the course of the pandemic. With the profits from the auction, MGM hopes to acquire more works for their collection.
