Sotheby's to Auction 11 Picasso Works in Las Vegas, Estimated at $100M

Sotheby's will hold a live auction on October 23, 2021, at the Bellagio Hotel in Las Vegas, featuring 11 works by Pablo Picasso consigned by MGM Resorts. The collection includes paintings, works on paper, and ceramics created between 1917 and 1969, with a combined estimate of $100 million. The star lot is 'Femme au béret rouge-orange' (1938), a portrait of Marie-Thérèse Walter estimated at $20-30 million, last sold in 1987 for $880,000 and acquired by casino mogul Steve Wynn in 1998. Two late portraits, 'Homme et enfant' (1969-70) and 'Buste d’homme' (1969-70), are expected to fetch at least $30 million together; both were included in the 1973 retrospective at the Palais des Papes in Avignon. 'Nature morte au panier de fruits et aux fleurs' (1942) is estimated at $10-15 million. MGM Resorts plans to reinvest proceeds to diversify its collection and 'give greater voice to artists from underrepresented communities,' according to chief hospitality officer Ari Kastrati. The works will tour Sotheby's York Avenue galleries (September 7-12, 2021), then Taipei and Hong Kong, before the auction.