Pablo Picasso’s “Woman Sitting Near a Window (Marie-Therese)” sold on May 13 for $103.4 million, Christie’s auction house in New York said.
The painting, completed in 1932, was sold after 19 minutes of bidding for $90 million, which rose to $103.4 million when fees and commissions were added, Christie’s said. The auction house had estimated the painting would sell for $55m, he added.
The generally good performance of Thursday’s auctions, totalling $481 million, “signals a real return to normal and also a message that the art market is really back on track,” said Bonnie Brennan, president of Christie’s America.
The painting, which depicts Picasso’s young mistress and muse, Marie-Therese Walter, was acquired only eight years ago at a London sale for £28.6m ($44.8m), less than half the price it sold for on the same day.
The auction on May 13 marked the fifth work by Picasso to have sold for more than $100m.