Picasso Sells for Record $106 Million

Wednesday, May 05, 2010

Pablo Picasso's "Nude, Green Leaves and Bust" sold for $106 million at a Christie's auction in New York yesterday to an unidentified buyer. That's the highest price for a piece of art since Alberto Giacometti's “Walking Man I” sold for $104.3 million in February.

“The market is much stronger than we expected, with depth of buying from Russia, China and the Middle East,” Edward Dolman, Christie's chief executive told The New York Times. Picasso's top-selling work depicts his nude mistress, Marie-Thérèse Walter, and was completed in 1932.

The Times reports that the last time the Spanish artist's oil painting changed hands was in 1951 when it was purchased for $19,800.

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