Picasso’s ‘Le Reve’ Sold For Record $155m
A Pablo Picasso painting has been bought by a hedge fund manager for a record \$155m (£102m) – making it the most expensive of the Spanish artist’s works.
Steve A Cohen bought the oil painting of Picasso’s mistress Marie-Therese Walter, titled Le Reve, from casino mogul Steve Wynn, The New York Post reported.
Mr Cohen and Mr Wynn, who are both billionaires and well-known art collectors, have a history with this particular Picasso painting.
In 2006, Mr Wynn put his elbow through the canvas while showing it to several friends, reportedly a day after agreeing to sell it to Mr Cohen for \$139m (£92m).
The portrait is said to have been completed in one afternoon in 1932 when Picasso was 50 years old.
The price tag is thought to make it the most expensive Picasso ever, according to reports.
It is the third of the artist’s works to sell for more than \$100m.
Nude, Green Leaves and Bust sold for \$106.5m in 2010 and Garcon a la Pipe for \$104.2m in 2004.
Thank you Yahoo
THTP view . . . .
tinhuttales questions the reason and value of such purchases in a world that see many children and families unable to survive due to starvation.
Yes this $100 million will not end world poverty, but if enough of these wealthy people, companies and countries got together surly they would save many thousands of lives.
Art should be recognised in the manner it was meant, and yes value added is part of our society and world economics, but lets not get crazy over it!