Picasso painting set to reach new record price at auction of $140 million

Picasso painting set to reach new record price at auction of $140 million

'Women of Algiers'

Christie's auctioneers could make history this month when Picasso's 'Women of Algiers' painting hits the auction block. Experts predict the sale could reach as much as $140 million, which could make it the most expensive artwork ever sold...

This month Christie's New York is expected to make history when Picasso's Women of Algiers painting goes up for auction. Experts have valued the painting and predict that it could reach as much $140 million, which would make it the most expensive artwork ever sold at auction. 

The painting exhibits Picasso's signature graphic style, using vibrant colours, and it belongs to a series of 15 artworks, created by Picasso between 1954 and 1955. It was part of the legendary Victor and Sally Ganz auction that took place at Christie's in 1997, when it was bought for $31.9 million by a London dealer on behalf of a private client. The consignor to the upcoming Christie's sale is a European client has not been publicly identified. The painting has been included in several major museum retrospectives of the artist over the years. 

Even if this new record is set at the auction, it may well be surpassed before long. Experts predict that the value of these contemporary works are on the up and up: "I don't really see an end to it, unless interest rates drop sharply, which I don't see happening in the near future," said Richard Feigen a Manhattan based dealer. He went on to add, "Buyers will flock in from the Far East, the Gulf and Europe." We wait with anticipation to see what value the painting will fetch and who lands it...