Picasso’s “Woman sitting by a window (Marie-Therese)” sold for $103.4 million at Christie’s in New York on Thursday, according to the auction house.
After 19 minutes of bidding, the artwork, finished in 1932, was sold for $90 million, which increased to $103.4 million when fees and commissions were included, according to Christie’s.
The selling not only demonstrates the art market’s vitality in the face of the Covid-19 pandemic, but it also highlights Picasso’s unique position, having been born in 1881 and dying in 1973.
The same painting was acquired only eight years ago at a London sale for 28.6 million pounds, or about $44.8 million, less than half the price offered Thursday.
Five works by the Spanish painter have now crossed the symbolic threshold of $100 million.
And before this auction, he was alone at the top of this very exclusive club, with four paintings, including “Women of Algiers,” which set the record for a Picasso in 2015, at $179.4 million.
This is the first time a piece has surpassed the $100 million mark in two years, when a copy of Claude Monet’s “Meules” collection fetched $110.7 million at Sotheby’s in New York.
The artwork “In This Case” by American painter Jean-Michel Basquiat sold for $93.1 million at Christie’s on Tuesday, the first of the big spring sales and one of the two most significant events in the auction world.