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Picasso artworks in Las Vegas fetch more than $100 million -Breaking

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© Reuters. A participant photographs the painting before the auction. The 11 Picasso works and paintings were sold at the Bellagio Hotel, Las Vegas, Nevada. It was taken on October 23, 2021. REUTERS/Bridget Bennett

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(Reuters] – Las Vegas became an unusual destination for art when eleven Picasso paintings were purchased at an auction Saturday. They sold for over $100 million.

It was held in Las Vegas at the Bellagio Hotel, two days prior to the 140th birthday celebration of the Spanish artist.

Picasso, a fine restaurant in Bellagio that serves excellent cuisine had five of these paintings hanging on its walls. Twelve other Picasso pieces will be displayed in the restaurant.

Picasso’s love and muse Marie Therese Walter sold the 1938 painting, “Femme au beret Rouge-orange”, for $40.5million, more than $10 million above the presale price.

The portraits “Homme et Enfant,” and “Buste d’homme”, large-scale, sold for $24.4 million each, and $9.5million, respectively. However, smaller ceramic works like “Le Dejeuner sur l’herbe”, sold for $3 million to $4 million more than their original estimate.

Names of buyers were not revealed.

MGM Resorts, a casino-hotel group (NYSE:), sought to diversify their vast collections to include art from people of color, emerging countries and LGBTQ artists.

American museums have begun to increase their collection in response to the cultural reckoning that took place in 2020 in America over all forms of racism.

An analysis by the Public Library of Science of 18 top U.S. museums revealed that white artists account for 85% and men make up 87% of them.

MGM Resorts Fine Arts Collection has approximately 900 artworks by over 200 artists. These include modern pieces by Bob Dylan or David Hockney. Steve Wynn was the former owner and chief executive of Wynn Resorts.

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