Record-Breaking Auction: Picasso's Captivating Portrait of Young Mistress Sells for $139 Million
Picasso's captivating masterpiece, 'Femme à la montre,' achieves a staggering $139 million at auction, solidifying its position as the artist's second most valuable work ever sold
The final sale price and additional details following the conclusion of the auction have been included in this updated article.
On Wednesday, a Picasso masterpiece titled "Femme à la montre" was sold for over $139 million, making it the second most valuable artwork by the artist ever auctioned.
The 1932 oil painting took center-stage at a two-day event at Sothebys in New York, at the sale of late philanthropist Emily Fisher Landaus private collection.
Art collector Emily Fisher Landau died earlier this year, aged 102. She is pictured here in front of Fernand Léger's "Ãtude pour Les Constructeurs" in her home in Manhattan in 2002.
Sotheby's
Measuring 51¼ x 38 inches (130 x 96.5 centimeters), the artwork portrays Marie-Thérèse Walter, Picasso's beloved "golden muse," who frequently appeared in his portraits. The auction house states that the portrait was created during one of the artist's most productive years, which was showcased in a dedicated exhibition by the Musée Picasso in Paris and London's Tate Modern in 2018.
Julian Dawes, Head of Impressionist & Modern Art for the Americas at Sothebys, described the sale of Picasso's artwork, "Femme à la Montre," in September. He praised the painting as a masterpiece, created during Picasso's impressive year of 1932. The artwork exudes both exuberance and thoughtfulness, with its vibrant primary colors that resonate from the large canvas. The portrait, depicting Picasso's lover Marie-Thérèse Walter as a sea creature, was sold for a remarkable $67.5 million.
Picasso initially encountered Walter in Paris in 1927 when she was 17 years old, while he was still wedded to his first wife, Olga Khokhlova, a ballet dancer hailing from Russia and Ukraine. Walter eventually became the muse behind several of his highly coveted paintings, sketches, and sculptures.
With the passage of time, Picasso struggled more and more to conceal his affection for Walter through his artwork. This became evident during his inaugural comprehensive exhibition, ultimately leading to the dissolution of his marriage.
The painting "Femme à la montre" was created by the artist in August 1932, shortly after the conclusion of the retrospective at the Galerie Georges Petit in Paris.
According to Sothebys, this remarkable canvas appears to reflect the artist's liberation from hiding his affair, as evident in the vibrant primary colors and captivating forms that saturate the artwork. Additionally, the artist's meticulous attention to detail is evident, resulting in a composition that is intricately complex yet harmoniously balanced.
Picasso passed away in 1973, and Walter followed in 1977.
According to The Art Newspaper, the painting comes from the collection of Fisher Landau, a globally acclaimed contemporary art collector who sadly passed away earlier this year at the age of 102. The collection includes approximately 120 pieces.
Andy Warhol's 1986 self portrait will also be auctioned as part of Fisher Landau's collection.
The two-part auction at Sotheby's is coming to an end on Thursday. In addition to Mark Rothko, Andy Warhol, Willem de Kooning, and Georgia O'Keeffe, the collection also features their works. The estimated total sale value of the collection is over $400 million. Notable items that were auctioned on Wednesday include Jasper Johns' iconic American flag painting, which sold for $41 million, and an oil painting by Ed Ruscha with the word "Boss" printed on it, fetching over $39.4 million.
Fisher Landau embarked on serious collecting after she received an insurance payout as a result of an armed robbery at her New York residence in 1969. In an interview for an exhibition catalog, referenced in the Sothebys statement, she expressed her feelings about the incident, stating, "Although Lloyds of London compensated me, there was no way to replicate that magnificent collection. It was taken from me all at once... I was utterly devastated. However, it was then that I made the decision to let go of the jewelry and use the compensation as a starting point for my own collection."
Picasso's intriguing painting of Walter, depicting her as a creature of the sea with tentacles, fetched an impressive $67.5 million at Sotheby's auction in New York last year.
The demand for Picasso's portraits of Walter has been remarkable, as exemplified by the sale of his other works from 1932. "Femme assise près d'une fenêtre (Marie-Thérèse)" sold for a staggering $103.41 million in 2021, while "Nude, Green Leaves and Bust" fetched a remarkable $106.5 million in 2010.
In May 2015, Picassos "Les femmes dAlger (Version "O") sold at Christies in New York for $179.4 millionat that time, the highest price ever paid for a work of art at auction.
