NewsLas Vegas gambling mogul to auction 11 Picasso works...

Las Vegas gambling mogul to auction 11 Picasso works for more than $ 100 million

Gambling mogul Steve Wynn is auctioning eleven works by Pablo Picasso from Malaga, which until now have adorned the walls of his hotel. The works will reach the figure of almost 110 million dollars (more than 94 million euros). The paintings have been on display in a Las Vegas hotel for more than two decades.

Specifically, they were in the Picasso Restaurant of the Bellagio Hotel in Las Vegas and were owned by MGM Resorts. The company has announced the auction to give more diversity to its art collection.

The lot included nine paintings and two pieces of ceramic dating from different periods of the artist, including the work ‘ Woman with an orange beret ‘, it has been the most expensive after selling for 40.5 million dollars (almost 35 million euros) . The painting, dated 1938, depicts Picasso’s lover and muse Marie-Thérèse Walter and its previously estimated price was between $ 20 million and $ 30 million.

The ‘Man and Boy’ portrait has been sold for $ 24.4 million . “This 1959, nearly six-foot-tall work is an impressive example of Picasso’s accomplishments at this important phase in his career,” reported auction houses Sotheby’s.

It has also sold ‘Still life with fruit bowl and flowers’, painted during the Nazi occupation of Paris in 1942. It has fetched a price of 16.6 million dollars. “Despite the destruction and hardships of World War II, the years between 1940 and 1944 were one of the richest for Picasso’s work,” Sotheby’s highlighted.

The auctioned collection was started more than 20 years ago by casino owner Steve Wynn, former owner of the Bellagio Hotel . Now the hotel wants to buy more works by women, minority artists and emerging countries.

The sale record for a Picaso painting is 179.4 million dollars (154 million euros), which was paid for ‘The Woman of Algiers’ in 2015.

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