Category: Media & Culture / February 6, 2013 9:43 AM EST
Pablo Picasso's portrait of his muse Marie-Thérèse Walter painted in 1932 sold for 28.6 million pounds ($45 million) at an Impressionist and Modern Art auction at Sotheby's London on Tuesday (February 5).
While that is number is at the lower end of the pre-sale estimates of 25-35 million pounds, it was still the top lot of the evening.
The sale was just the first of a string of auctions held in London this month including Sotheby’s, Christie’s, and small auction houses.
Despite poor economic conditions, the prices of high end art have soared in recent years, as collectors in Russia, China, and the Middle East join more established patrons in Europe and the U.S.
Helena Newman, an art specialist for Sotheby's, was pleased with the sale.
"We were delighted with the result of the beautiful painting by Pablo Picasso of Marie-Therese from 1932. It sold 28.6 million pounds which is 45 million dollars tonight. It was the highest price of the auction tonight and a great result for such a beautiful painting of Picasso's golden muse", she said.
The combined sale total for the impressionist and modern art sale was 121 million GBP (190.5 million USD), the second highest total from an equivalent sale in London Sotheby's said.
Christie's, the world's largest auction house, holds its sale in London on Wednesday (February 6).
Video Source: Reuters