MGM Resorts Is Auctioning 11 Picassos worth as much as $104 Million.


Picasso’s works will be auctioned in Las Vegas on 23rd October by MGM resorts at the Bellagio. Sotheby’s has announced that the sale of 11 Picasso works owned by MGM Resorts is of a total value of US$104 million. Steve Wynn, the former casino mogul and former CEO of Wynn Resorts, was the first collector of the 11 Picasso paintings, sculptures, and drawings. In the Bellagio Hotel & Casino’s Picasso-themed restaurant, the Picassos initially purchased by Wynn are on exhibit.

Picasso Restaurant In-Situ, Homme et enfant .jpg

MGM Resorts’ chief hospitality officer, Ari Kastrati, said it would be a “momentous auction.” He explained that it was being sold to buy more, more diversified art.  “Our goal with our collection has always been to evolve it further, and focus on diversity, and give voice to underrepresented artists. We’ve done a great job with that over the years, and we believe now is a time to double down on it.”

Femme au beret rouge-orange, one of Picasso’s final works depicting his muse and lover Marie-Therese Walter, will be one of the auction’s highlights. It was painted in 1938 and is one of the auction’s highlights. It’s anticipated to cost $20-$30 million when it’s sold.

Picasso Restaurant In-Situ, Buste d’homme .jpg

The paintings will go to New York from Sept. 7 to 13, before being sold; a smaller selection will be sent to Taipei and Hong Kong later in the month. According to a press release from Sotheby’s, the auction would take place in a “recreated version of the auction house’s storied salesroom” in the Bellagio.

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