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Art Auction Painting receives record breaking price tag

On May 11, 2015, the World’s largest auction house, Christie’s, will attempt to make history by placing the highest ever starting price tag of $140 Mio. on an artwork to date.

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Pablo Picasso, Women of Algiers (Version O), 1995 play

Pablo Picasso, Women of Algiers (Version O), 1995

Christie’s is confident that Pablo Picasso’s reputable 1955 “Women of Algiers (Version O)” has the potential to become the first auctioned artwork to bid for over $140million plus a 12% commission charged by the auction house.

According to an article released in The Wall Street Journal, the artwork comes from a 15 work series, designated by letters of the alphabet that Picasso painted between late 1954 and early 1955.

The entire group was originally sold to the Ganz family for $212,500 were later resold separately for far more.

Christie’s plans to offer the exclusive Picasso as part of a group of a few dozen pieces spanning the 20th century that the house deems of the highest quality.

The artworks will be offered in a stand alone evening sale, called “Looking Forward to the Past,” to coincide with New York’s two week series of major spring auctions in May.

The art piece with the highest selling price from a private transaction is Paul Gauguin’s masterpiece “Nafea Faa Ipoipo” (“when will you marry”), which changed ownership for an estimated price of $300 Mio according to New York Times.

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