Helly Nahmad pointed out at Artelligence last month that he expected the prices for late works by masters like Picasso and Miró to continue to rise. Today, Katya Kazakina announces that Sotheby’s will be pushing the estimate range for a late Picasso work in November’s marquee auctions:
“L’Aubade,” which is more than 4 feet tall and 6 feet wide, could surpass the existing late-Picasso record of $18 million, paid for a gloomy 1964 canvas at Christie’s in New York last year.
“There’s still room for price appreciation, but in a more gradual, incremental manner,” said Todd Levin, director of New York-based Levin Art Group. “At around $30 million, one enters a new plateau where qualitatively better works by Picasso become available compared to works in the sub-$30 million range.”