Picasso’s La Lecture Sells at Sotheby’s for £25.2 Million in Sale Totalling £68.8 Million

0
373

LONDON.- Tonight, Sotheby’s Impressionist & Modern Evening sale was led by Pablo Picasso’s iconic 1932 painting of Marie-Thérèse Walter, La Lecture, which sold to a round of applause for £25,241,250 /$40,711,612 / €29,744,296, more than double the low estimate (est. £12 – 18 million/$18.5-27.8 million). Following a heated bidding contest that lasted six minutes among at least seven bidders, both on the phone and in the saleroom, the work finally sold to an anonymous buyer bidding over the telephone. Achieving a strong total of £68,834,400 / $111,023,004 / €81,114,475, well within the pre-sale estimate of £55,630,000 – 79,250,000**, the sale was 84.5% sold by value. The average lot value for the works sold this evening was £2.15 million/ $3.5 million. Helena Newman, Chairman, Sotheby’s Impressionist & Modern Art Europe, said: “We were thrilled with the price achieved for Picasso’s La Le