Picasso’s works on display in Las Vegas restaurant could fetch more than $ 100 million

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Written by Jacqui Palumbo, CNN

Eleven works of art by Pablo Picasso that were on display in a Las Vegas restaurant for more than 20 years will go up for auction in October, just two days before what would have been the artist’s 140th birthday.

Part of MGM Resorts’ significant art collection, the pieces had long been a staple of Picasso, a Michelin-starred French and Spanish restaurant in the Bellagio that is inspired by the life and work of its namesake. .

The collection – which includes paintings, works on paper and one ceramic work – has a combined maximum estimate of $ 104.2 million, according to auction house Sotheby’s, which is hosting the sale.

that of Picasso "Woman in red-orange beret" represents the Marie-Thérèse Walter model. They started an affair in the late 1920s and had a child together.

Picasso’s “Woman with a Red-Orange Beret” represents the Marie-Thérèse Walter model. They started an affair in the late 1920s and had a child together. Credit: Courtesy of Sotheby’s and MGM Resorts

“It’s an encyclopedic collection of Picasso’s work, featuring works from 1917 to 1969 – so practically the span of his entire career,” Brooke Lampley, president of Sotheby’s and head of global sales for fine art, said by telephone. – global arts. “It gives a beautifully comprehensive view of the incredible diversity and richness of his career.”

This will be the first time that Las Vegas has hosted one of Sotheby’s renowned evening sales, which usually takes place at the auction house’s headquarters in New York City.

A varied collection

Among the 11 works is “Woman with a red-orange beret”, an oil painting by Marie-Thérèse Walter, a young French model with whom the artist had an affair for several years in the late 1920s and 1930. The many portraits of Walter, who was the mother of his daughter Maya, are marked by vivid colors and a sense of intimacy.

“I love the Maria Theresa period because it is the most unusually heartfelt and romantic period of Picasso’s career,” Lampley said. She noted that some of the artist’s stylistic choices, most notably the cubist-style double face and Walter’s beret, are reminiscent of his famous paintings by another romantic partner, photographer Dora Maar.

“You can see the built-in influences of both muses right now,” Lampley added.

"Still life with a basket of fruits and flowers," a painting from 1942. During this period Picasso "painted with a very heavy application of paint, almost reminiscent of Van Gogh," Sotheby's Brooke Lampley said.

“Still Life with a Basket of Fruits and Flowers”, a 1942 painting. During this period, Picasso “painted with a very heavy application of paint, almost reminiscent of Van Gogh,” said Brooke Lampley of Sotheby’s. Credit: Courtesy of Sotheby’s and MGM Resorts

Other works on sale include the 1969 “Bust of a Man”, a late-period painting by Picasso that once hung behind the Las Vegas restaurant bar; “Still life with a basket of fruits and flowers”, a still life painted during the Nazi occupation of Paris; and “Ewer – Face”, a white terracotta vase he made in 1954.

A new location

The Picasso auction will be the “biggest and most important” art sale ever to be held in Las Vegas, according to Sotheby’s. The move is part of MGM’s attempts to reposition the city – known for gaming and entertainment – as a “wider arts destination,” Lampley said.

It comes at a time when the ongoing pandemic is radically changing both the art market and the hospitality and travel sectors. Last August, MGM Resorts laid off 18,000 employees – a quarter of its workforce – amid a 61% drop in visitors to Las Vegas in July 2020 from the previous year. This month, MGM Resorts International reported a rebound in second-quarter profits due to an increase in travel.

The sale, from MGM Resorts’ corporate art collection, includes paintings, works on paper and this terracotta vessel. Credit: Courtesy of Sotheby’s and MGM Resorts

In a press release, MGM said the auction of Picasso’s works would contribute to its goal of “deepening diversity and inclusion” within its art collection. Part of the profits will be reinvested in the art market, according to Sotheby’s.

Resort group hospitality manager Ari Kastrati said in a statement, “We are committed to creating an even more inclusive collection that maintains the breadth of our existing portfolio while giving a greater voice to artists from under-represented communities. “

MGM declined to provide a timeline for the initiative. “We want to be thoughtful and reflective on how we move forward,” said a spokesperson via Sotheby’s, who confirmed that the group’s collection still contains 12 other works of art by Picasso that will replace items auctioned at the restaurant.

Above: “Bust of a man” hanging behind the Picasso bar, opened in 1998.

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