The art market is a fairly transparent fishbowl behind the pro forma discretion. So when an artist who is a magnet for publicity sells a painting that’s been photographed in his much-publicized home, not to mention the squeeze now holding his equally well-publicized real estate adventures, it’s nice to see someone with the good publicity sense to get out ahead of the story.

Julian Schnabel is selling a late Picasso portrait. Carol Vogel has the story from Christie’s publicity department:

Until recently the painting hung in Mr. Schnabel’s living room in Palazzo Chupi, his much-publicized neo-Mediterranean development on West 11th Street in Greenwich Village, where he lives and works, surrounded by many of his own canvases.

But now Mr. Schnabel has decided to sell it at a Christie’s auction on May 6, when it is estimated to bring $8 million to $12 million.

Asked why he has decided to part with his beloved Picasso, Mr. Schnabel, who has made no secret of the fact that he has empty apartments to sell in Palazzo Chupi, said: “I’ve had it for 20 years. When I built this place, I put a lot of money into it, and I don’t want to be in a rush to sell the triplex or the other floor.” Mr. Schnabel also took out a loan with Commerce Bank, pledging part of his art collection, including the Picasso, as collateral.

“The sale of this painting will take care of that loan,” he said.

Inside Art: Schnabel’s Picasso Headed to Market (New York Times)