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Picasso painting fetches €22 million in NY auction

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Picasso painting fetches €22 million in NY auction
"Le Sauvetage" by Pablo Picasso is on display during a preview of Sotheby's impressionist and modern art evening sale in New York. Photo: Emmanuel Dunand
08:31 CEST+02:00
Pablo Picasso's 1932 oil painting "Le Sauvetage" sold at auction for more than €22 million($31 million) on Wednesday after a bidding war at Sotheby's in New York which saw it surge past its estimated pre-sale price.

The surrealist master's enigmatic work - which was last sold a decade ago - went under the hammer for $31.525 million following frenzied bidding over several minutes.

The painting had been expected to fetch between $14 million and $18 million.

The painting was part of 14 Picasso works offered by Sotheby's as part of its auction of Impressionist and Modern Art.

In total, eight lots were sold for an aggregate $62.088 million.

However one of the lots expected to generate most activity - Picasso's "Tete de Marie-Therese" ("Head of Marie-Therese"), valued between $15 million and $20 million, failed to find a buyer.

Another important work "La Seance du Matin" by French master Henri Matisse, sold for $19.205 million, just below its lower estimate of $20 million.

A canvas by French impressionist Claude Monet, "Le Pont Japonais" ("The Japanese Bridge") meanwhile fetched $15.845 million, in line with its estimated range of between $12 million and $18 million.

Sotheby's reported total sales of just under €157 million ($219 million).

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