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November 23, 2019

Picasso sells for USD 40 million in austerity-proof art market

A 1932 painting by Picasso sold for USD 40 million at auction Tuesday – over USD 10 million more than the highest pre-sale estimate, CNN reports. Pablo Picasso’s “La Lecture,” was projected to sell for between USD 19 million and USD 29 million at Sotheby’s Impressionist and Modern Art Evening sale in London. Prior to the auction, the auction house said the positive estimate for the show’s star lot points to a robust market for modern art. Total sales at the auction topped USD 112 million.

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