Picasso painting sold for $1.8 mn in China

Updated: Sep 28, 2013, 08:47 AM IST

Beijing: Spanish artiste Pablo Picasso` first-ever painting auctioned in China has been sold for $1.8 million.

The oil painting ‘Homme Assis,’ signed by the Andalusian artist April 21, 1969, was knocked down for almost double of its expected maximum amount, Christie`s said in a communique.

In all, the 42 works of art and jewellery put up for auction were initially valued at some 100 million yuan (over $16 million), though the final take soared to a staggering 154 million yuan ($25 million) in Shanghai.

All but 2 percent of the pieces on offer found buyers and 96 percent went for as much or more than the value estimated by the company before its first-ever auction in mainland China.

"The response to our sale and events has been extraordinary," Christie`s CEO Steven Murphy said in a statement.

"Bringing international art, including Picasso, to mainland China for the first time is the realisation of a long held dream for Christie`s. We are delighted to have welcomed several thousand members of the public and clients over the course of our three-day gala of exhibitions, forums and lectures," he said.

The record set at Christie`s first auction in China was for a necklace of rubies that sold for 18 million yuan ($2.9 million).