Picasso’s Mistress is Worth More Than His Wife – At Auction, Anyway

It’s a good thing Picasso isn’t alive this week. On one hand, there would be immense pride in having a painting set a world record for the highest bid on a work of art. On the other, he’d have a helluva time explaining to his wife why her portrait was worth less than a 10th of the one of his mistress.

Don’t misunderstand us – $9.3 million, the amount Sotheby’s sold Woman with the Large Hat, Bust for at auction, is roughly $9.3 million dollars more than anyone’s ever paid for our portrait. But considering that Nude, Green Leaves and Bust, the painting inspired by Picasso’s mistress Marie-Thérèse Walter, broke records with its $106.5 million price tag at Christie’s, there could be some question of self worth. {ArtsBeat}

Fortunately, all involved are departed, so there won’t be any uncomfortable silences to worry about over dinner. Why the gap in price though? The $106.5 million painting is from 1932, considered one of the best periods of Picasso’s career. At more than 5 feet wide, it’s not at all understated and fairly identifiable. Woman with the Large Hat, Bust was created in 1965, and has a great history (Patricia Kennedy Lawford, President Kennedy’s sister, had the painting for more than 50 years), but doesn’t have the same instantly recognizable surrealist elements.

The record breaking painting, and even the more modest $9.3 million sale are seen as positive indications of the direction of the art market. Just last year, another Picasso painting expected to go for $24 million couldn’t find a buyer. While there are still hints of trepidation in the financial markets, many feel that art is set for a comeback, particularly as the collector’s market in Asia grows. {New York Times}