Picasso art sale windfall for ex-owner
Print Edition
A Picasso picture of a cabaret artist, which carries a second painting on the reverse, sold for US$67.45 million in New York on Thursday, scoring a windfall for American billionaire Bill Koch.
It was the top lot of the season so far, proving a savvy investment for the Republican party donor who paid just US$3 million for the canvas in 1984 and later discovered he got two for the price of one.
Sotheby’s had valued the canvas, “La Gommeuse,” at US$60 million. It was painted in Paris in 1901 when the artist was just 19 years old and grieving the suicide of a close friend.
In 2000, during restoration work, Koch discovered that there was another painting on the reverse — a mocking depiction of Picasso’s art dealer — that had been hidden under the lining for a century.
It was a lucrative night for Koch. Sotheby’s also sold his Monet “Nympheas” study in oil for US$33.85 million, clearing its minimum pre-sale estimate of US$30-$50 million.
A Vincent van Gogh sold for US$54 million.
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