Picasso Brings $104,168,000 at Sotheby's
NEW YORK CITY - Sotheby's made history this past week as it
became the first auction house to sell a work of art for a price
in excess of $100 million. The painting by Pablo Picasso was
offered during Sotheby's May 5 sale featuring the collection of
the late Mr and Mrs John Hay Whitney, that was sold to benefit
the Greentree Foundation. The auction offered 34 paintings, 32 of
which sold, with a gross of $189,894,400 realized.
Leading the way was Pablo Picasso's "Garcon a la Pipe," a
monumental work from his Rose period that sold for not only a
world record price paid at auction for the artist, but also for
any work of art ever sold at auction as it realized $104,168,000,
including premium.
"It is the greatest possible privilege for Sotheby's to have been
the auction house to break the $100 million threshold," said Bill
Ruprecht, president and chief executive officer of Sotheby's. The
painting exceeded the previous record of $82.5 million set by
Christie's in May 1990 for Vincent van Gogh's "Portrait of Dr
Gachet." The previous record for a Picasso was established in
2000 at Christie's when "Femme aux bras croises" sold at
$55,006,000.
