New Delhi: A painting named 'Woman sitting by a window (Marie-Therese)' by prominent artist Pablo Picasso was sold at a whopping price of $103.4 million at the British auction house Christie's in New York, as per an AFP report.
The British auction house stated the 1932 painting was sold for $90 million in 19 minutes of bidding, plus fees and commissions which took to amount up to $103.4 million.
Picasso, who was born in 1881, still reserves a high position in the art market and it appears as if the COVID-19 pandemic has not deterred buyers from making exorbitant art purchases.
Surprisingly, the 'Woman sitting by a window (Marie-Therese)' was valued at less than half its current price about 8 years ago when it was acquired at a London sale for $44.8 million.
Historically, Picasso's works have always been highly valued as before this painting, four of his works were valued at around $100 million.
However, in the past two years, it's the first time that an artwork crossed the $100 million mark. The previous artwork to do so was a copy of Claude Monet's "Meules" series which reached a bid price of $110.7 million at another New York art auction house - Sotheby's.
(With AFP inputs)