The sale of Picasso’s Dora Maar au Chat for $95.2m at Sotheby’s in New York last month, the second highest price ever paid for a work of art, is drawing top works by the artist to the market, a trend very much in evidence at the latest edition of Art Basel which opens to the public tomorrow. Many of these have never been seen publicly.
Dora Maar au Chat sold to an unknown Russian buyer. He outbid four major collectors to secure the purchase: Las Vegas casino mogul, Steve Wynn, retail tycoon Leslie Wexner, the Israeli shipping magnate Sammy Ofer, and possibly Microsoft co-founder Paul Allen. There are also rumours that the Russian buyer of Dora Maar is discussing the acquisition of several more Picasso paintings with a major European dealer.
The number of major Western collectors already prepared to pay large sums for Picasso paintings combined with the sudden influx of new money from Russia is turning the artist’s works into a distinct asset class.
At Art Basel, Thomas Gibson (J5) is today unveiling a large, 1969 Homme à la Pipe which has never been shown publicly before; he bought it back recently from the client to whom he originally sold it. “If you are a collector in your late 70s and you see these huge prices, inevitably you are going to be tempted to sell at the moment,” says Mr Gibson.
Gmurzynska (V1) is also unveiling an important late Picasso today, which has never been on the market; a reclining nude from 1971.
Robert Landau (J2) has a Tête de Femme (Jacqueline), 1957, which has never been published (priced between $4m and $5m).
Richard Gray (S1) has a 1965 Femme Assise at $5m which has sold at auction only once, in 1991, while Helly Nahmad (Q3) has a fine range of works including a 1922 Femme en Blanc at $25m which has never sold publicly.
Jan Krugier (B4), who represents the estate of Marina Picasso, is showing seven paintings, two sculptures, and several drawings by the artist. He says: “Prices have gone crazy. I don’t understand it anymore. Because of this, there are masses [of Picassos] coming out at the moment.”
“It seems there is no satisfying the appetite in today’s market for Picasso’s work,” says art dealer Nick Maclean.
The interest is nothing new. Over the last nine years, more money has been spent on Picasso than on any other artist. According to Artprice.com, the total amount spent on his works at auction last year was $148m.
“Picasso is a dream,” says Helly Nahmad whose family company has been assiduously stockpiling works by the artist for decades. “He painted with incredible diversity, he was hugely prolific, every turn he took created new waves in art history. And there is great liquidity in his work.” Indeed, every year over 1,500 Picassos change hands at auction, and an unknown number through dealers.
As well as the major paintings priced in the tens of millions, there is a rich offering of Picassos at many price levels this year at Art Basel, such as prints in the thousands of dollars with Cristea (L5).
“It is interesting how the focus of collecting has shifted,” says Matthias Rastofer of Gmurzynska. “Twenty years ago, cubist works were the most desirable. Then it was a Marie-Thérèse or nothing else. Today either Blue period or late works are heavily sought after,” he says.
As well as being the ultimate luxury brand, Picasso has also proved to be a good investment: according to Artprice.com, e100 invested in one of his works in 1997 had an average value of e165 in April this year.
Originally appeared in The Art Newspaper Art Basel Daily as '$95m Picasso sale draws out top works in Basel'