Picasso Painting Fetches $106.5 Million At Christie's Auction
Picasso paintings are valued highly in art world and now a painting made by Picasso in 1964 has been sold for $106.5 million, becoming the most expensive work of art ever sold at an auction.
The auction was done by Christopher Burge, Christie’s premier auctioneer, and Burge took just eight long minutes to raise the picture, dubbed “Nude, Green Leaves and Bust,” above the $100 million barrier. Burge started the bidding at $58 million and kept on raising the stakes by $1 million increments. When the bidding reached $77 million, four new bidders, jumped into the fray.
From $86 million on, only two telephone bidders remained in the fray. They kept raising the stakes until Burge brought down his hammer on a $95 million bid made under the paddle number 1709. The picture was finally sold for $106.48 million including the sale charge.
Although the price seems a little unexpected, Christie’s specialists were estimating the picture to fetch around $70 million to $90 million. The fact that the painting fetched such a huge amount clearly shows that art lovers are still willing to spend money for laying their hands of masterpieces.
