{"id":1299,"date":"2021-10-28T08:42:08","date_gmt":"2021-10-28T00:42:08","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=1299"},"modified":"2021-10-27T10:13:18","modified_gmt":"2021-10-27T02:13:18","slug":"picasso-auction-at-mgm-casino-brings-in-more-than-100-m","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/picasso-auction-at-mgm-casino-brings-in-more-than-100-m\/","title":{"rendered":"Picasso Auction at MGM Casino Brings in More Than $100 M."},"content":{"rendered":"<p>Against the backdrop of a buzzing Las Vegas, 11 works by\u00a0<a id=\"auto-tag_pablo-picasso\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" data-tag=\"pablo-picasso\">Pablo Picasso<\/a>\u00a0auctioned by Sotheby\u2019s at the MGM Bellagio resort on Saturday evening brought in a total of $108 million.<\/p>\n<p>The works sold in the Nevada city had been on display for nearly two decades years, with five of the sale\u2019s lots long showcased at the casino\u2019s restaurant, which is named for the Spanish modernist. The works entered the Bellagio\u2019s collection via the hotel\u2019s previous owner, mega-collector\u00a0<a id=\"auto-tag_steve-wynn\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" data-tag=\"steve-wynn\">Steve Wynn<\/a>, who amassed a collection of blue-chip 19th- and 20th-century art housed at the Bellagio\u2019s art gallery. The art and hotel changed hands when the MGM franchise purchased the resort in 2000.<\/p>\n<p>The entire grouping was backed by the auction house with a guarantee, with each lot sold by the sale\u2019s end. Three lots\u2014a portrait of Picasso\u2019s early muse Marie-Th\u00e9r\u00e8se Walter, another of a man produced in 1969, and a 1948 still life\u2014came to the sale with irrevocable bids. The 11 works were expected to fetch a low estimate of $100 million.<\/p>\n<p>Sotheby\u2019s veteran auctioneer Oliver Barker took to the rostrum on Saturday to lead the sale, which lasted only 45 minutes. Taking place in a Bellagio ballroom converted to the auction house\u2019s redesigned stage, a packed room full of VIP onlookers attended as seated dinner guests. The setting was more intimate and the energy more relaxed than that of a New York marquee sale. For those viewing by livestream it felt like happening upon a private show.<\/p>\n<div class=\"post-content-image \/\/ \" style=\"text-align: center;\">\n<figure class=\"o-figure   alignnone size-horizontal wp-image-1234607894 lrv-u-max-width-100p\">\n<div class=\"c-lazy-image  \">\n<div class=\"lrv-a-crop-16x9\"><img loading=\"lazy\" decoding=\"async\" class=\"c-lazy-image__img lrv-u-background-color-grey-lightest lrv-u-width-100p lrv-u-display-block lrv-u-height-auto\" src=\"https:\/\/www.artnews.com\/wp-content\/uploads\/2021\/10\/1348342515-e1635079143579.jpg?w=1024\" sizes=\"auto, (min-width: 87.5rem) 1000px, (min-width: 78.75rem) 681px, (min-width: 48rem) 450px, (max-width: 48rem) 250px\" srcset=\"https:\/\/www.artnews.com\/wp-content\/uploads\/2021\/10\/1348342515-e1635079143579.jpg 1200w, https:\/\/www.artnews.com\/wp-content\/uploads\/2021\/10\/1348342515-e1635079143579.jpg?resize=400,280 400w\" alt=\"LAS VEGAS, NEVADA - OCTOBER 23: Sotheby's chairman Gregoire Billault during the auction of Picasso: Masterworks from the MGM Resorts Fine Art Collection on October 23, 2021 in Las Vegas, Nevada. (Photo by Denise Truscello\/Getty Images for Sotheby's)\" width=\"1024\" height=\"716\" data-lazy-loaded=\"true\" \/><\/div>\n<\/div><figcaption class=\"c-figcaption  lrv-u-font-size-12 lrv-u-flex lrv-u-flex-direction-column lrv-u-padding-tb-025\"><span class=\"lrv-u-font-size-14@desktop\">Sotheby\u2019s chairman Gregoire Billault during the auction of Picasso: Masterworks from the\u00a0<a id=\"auto-tag_mgm-resorts\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/\" data-tag=\"mgm-resorts\">MGM Resorts<\/a>\u00a0Fine Art Collection on October 23, 2021 in Las Vegas, Nevada.<\/span><cite class=\"lrv-u-text-transform-uppercase lrv-u-color-grey\">DENISE TRUSCELLO\/COURTESY SOTHEBY&#8217;S<\/cite><\/figcaption><\/figure>\n<\/div>\n<p>The work which fetched the highest price was the 1938 portrait\u00a0<em>Femme au B\u00e9ret Rouge-Orange<\/em>, which depicts Picasso\u2019s muse Marie-Th\u00e9r\u00e8se Walter. Four bidders wrestled for the work. One intent bidder in the room whose paddle number was not revealed went up against clients on the phone with Sotheby\u2019s chairman Brooke Lampley, global head of contemporary art Gregoire Billaut, and Sotheby\u2019s Houston office head Aliyaa Stude. It eventually hammered with Stude\u2019s client at $35 million, going for a final price of $40.5 million premium. The hammer price was well over the pre-sale estimate of $30 million and presumably above the irrevocable bid. More than 30 years ago, it sold at auction for $880,000; Wynn purchased it a decade later.<\/p>\n<p>Steep estimates typically come with private third-party deals like the one secured for\u00a0<em>Femme au B\u00e9ret.<\/em>\u00a0Often, bidding competition is low when a lot with an irrevocable bid hits the auction block; many times it sells on a single bid to the backer. Here, this wasn\u2019t the case, with the portrait seeing a spirited bidding spar that drove the hammer up well past its expectation.<\/p>\n<p>A large-scale vibrant portrait\u00a0<em>Homme et Enfant<\/em>\u00a0(1969) sold for $24.4 million to a bidder on the phone with Billaut, who triumphed over Lampley\u2019s bidder to win it. Another big-ticket item was\u00a0<em>Buste d\u2019Homme\u00a0<\/em>(1969), which had long been displayed over the Picasso\u2019s bar. It went for $9.5 million, below its estimate of $10 million. One of two still lifes on offer,\u00a0<em>Nature morte au panier de fruits et aux fleurs\u00a0<\/em>(1942), exceeded its $15 million high estimate, selling for $16.6 million and going to a bidder on the phone with Sotheby\u2019s head of private sales David Schrader.<\/p>\n<p>It was one of the smaller works painted on ceramic that saw one of the night\u2019s longest bidding periods.\u00a0<em><a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\">Le Dejeuner<\/a> sur l\u2019herbe<\/em>\u00a0(1962), featuring four nude figures in yellow and blue tones, takes as its inspiration a Manet work of the same title. It sold for $2.1 million, going for for more than four times its $500,000 high estimate. It hammered at $1.1 million after a bidding spar between Sotheby\u2019s Miami correspondent Alexandra Rossetti, who won it against three other bidders, including a man in the room. Another bidder on the phone with Schrader won a 1917 ink drawing of clown titled\u00a0<em>Pierrot,\u00a0<\/em>which sold for $4.4 million, against an estimate of $2.5 million.<\/p>\n<p>Saturday\u2019s sale was part of a move on MGM\u2019s part to restructure its public-facing art collection and focus on presenting works by more diverse artists, according to <a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\">Ari Kastrati<\/a>, MGM Resorts\u2019 chief hospitality officer. The restaurant will keep 12 other Picasso works on view.<\/p>\n<p>Sales of valuable corporate collections are nothing new to major auction houses like Sotheby\u2019s and Christie\u2019s, but staging an auction at the space that selling the works is rare. The tactic\u2014transforming an evening sale into a bespoke event\u2014is one which one Sotheby\u2019s specialist described to\u00a0<em>ARTnews<\/em>\u00a0before the sale as being \u201c<a href=\"https:\/\/www.facebook.com\/AtelierAuctionsg\">mutually beneficial<\/a>\u201d to both the house and the hotel.\u00a0 The change in atmosphere was felt in Barker\u2019s opening description of the transported stage. He called the auction \u201cour signature evening sale, on the road.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Source\uff1ahttps:\/\/www.artnews.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Against the backdrop of a buzzing Las Vegas, 11 works by\u00a0Pablo Picasso\u00a0auctioned by Sotheby\u2019s at the MGM Bellagio resort on Saturday evening brought in a total of $108 million. The works sold in the Nevada city had been on display for nearly two decades years, with five of the sale\u2019s lots long showcased at the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[5,13,7,4,3],"tags":[],"class_list":["post-1299","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artist","category-auction","category-events","category-gallery","category-latest-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Picasso Auction at MGM Casino Brings in More Than $100 M. - Investable Art Auctioneer<\/title>\n<meta name=\"description\" content=\"Against the backdrop of a buzzing Las Vegas, 11 works by\u00a0Pablo Picasso\u00a0auctioned by Sotheby\u2019s at the MGM Bellagio resort on Saturday evening brought in a total of $108 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.atelierauction.com\/globalupdates\/artist\/picasso-auction-at-mgm-casino-brings-in-more-than-100-m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Picasso Auction at MGM Casino Brings in More Than $100 M. - 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