Sotheby’s prestigious auction was held at MGM casino
The MGM Bellagio, a luxurious casino resort in Las Vegas, hosted an elite auction of fine art by Sotheby’s (Sotheby’s). At it found their owners 11 famous works of the legendary Spaniard Pablo Picasso. The total price of the paintings was $110 million. All of them were exhibited at the Picasso restaurant.
There were nine canvases and two ceramic exhibits for sale, including works from 1942 and 1962. They all span some six decades and carry enormous world heritage value.
Some of them were purchased by previous casino owner and high art connoisseur Steve Wynn. The billionaire amassed a collection of works from two past centuries, which he regularly exhibited in the art gallery of the Bellagio Hotel.
Brooke Lampley, chairman of Sotheby’s and head of global sales for World Fine Art, said: “When we announced this unique collaboration with MGM Resorts a few months ago, the auction received a ton of positive comments.”
She added: “The terrific bidding results only underscore the exceptional nature of this event and the importance of creating personalized experiences that strengthen our commitment to our existing customers, as well as open the door to a whole new audience to interact with Sotheby’s.”
The company has indicated that the auction’s initial estimate was substantially exceeded. This will help it improve the diversity of its collection. Thus, the most expensive lot was a 1938 portrait, “Woman in a Red and Orange Beret.” It depicts the beloved Picasso Marie-Thérèse Walter. The cost of the work was 35 million dollars. This amount exceeded its estimated price tag by about $8 million.
According to MGM Resorts hospitality director Ari Castrati, the sale was a move by MGM to restructure its exhibition art collection and focus on works by other artists.
Recall that PepsiCo has become the official beverage supplier for Bally’s Casino Resorts.