Not A Pretty Picture

This Picasso painting of his mistress was sold for more than USD106.5 million by Christie's last week, shattering the record for the most expensive artwork ever sold at an auction. The 1932 Picasso, Nude, Green Leaves and Bust, 5X4-foot, 'depicts' Marie-Therese Walter, the artist's lover. The painting had been expected to go for $70 to $90 million. The previous record for a piece of art sold at auction was set in February, when an anonymous bidder paid $104.3 million for an Alberto Giacometti bronze sculpture at Sotheby's in London.
People obviously have a lot of money and very little taste. Reuters's Felix Salmon sniffs: "At these levels, buying art becomes trophy-hunting, a silly competition to see who can spend the most money," he sniffs. "The main reason for the price is not quality but size: the painting is a good 20 square feet, much larger than any of Picasso's cubist masterworks. The painting is instantly recognizable as a big Picasso, and it will surely make its buyer feel very rich and powerful every time he sees it. But the price has nothing to do with quality."