A portrait of Picasso’s muse was sold over the phone for a record price

A painting by a Spanish artist hung for 50 years in the philanthropist’s estate

The art market is in decline. A work by Pablo Picasso, sold for a record nearly $140 million, has given hope for a revival in the popularity of paintings at auction. “Woman with a Clock” became the second most expensive painting by the artist in the list of his works sold.

Pablo Picasso’s painting of his beloved Marie-Therese Walter was the top lot of the auction season. It sold at Sotheby’s New York for $139.4 million on November 8.

After this, the painting became the second most expensive work by Pablo Picasso sold at auction, after “Women of Algeria”. This painting was bought at Christie’s in 2015 for $179 million.

The purchase of Picasso’s muse portrait lasted only four minutes, while three collectors raised the price over the phone. According to Bloomberg, the name of the new owner remains a mystery. It is reported that an anonymous bidder named a record amount that beat all previous bids. Auctioneer Oliver Barker opened the bidding for the Picasso at $95 million, which quickly rose to $110 million in $5 million increments. After three phone bidders raised the price for about four minutes, it reached $139.3 million, including taxes and auction house fees.

“When it’s hard to get someone to sell something, you need to put money on the table,” art consultant Benjamin Godsill revealed the secret of auctions. He also added that the art market has ceased to be popular, but the main thing is to “stay calm and carry on with business.”

The painting “Woman with a Clock” was purchased in 1968 by philanthropist Emily Fischer-Landau. She has become one of the world’s preeminent collectors, exhibiting works from her collection of 1,500 works in her private museum on Long Island. The philanthropist died at the age of 102 in early 2023. Shortly before this, the collector announced a sale of works of art. With this decision, Fischer-Landau wanted to support a new generation: “I want to continue the tradition of supporting young emerging artists. It’s a thought and I’m looking forward to it.”

The philanthropist’s daughter, Candia Fisher, remembers when Emily Fisher-Landau bought Picasso’s work: “She was so excited about it. It was an absolutely original work, one and only.” As Candia tells Bloomberg, the painting hung above the fireplace: “For her, it was a real reward. She loved art and we all enjoyed it over the years.”

It is known that Emily Fischer-Landau began collecting art seriously after her jewelry was stolen; Using insurance proceeds, she acquired works by such modernist masters as Rothko, de Kooning, Leger and Picasso. She collaborated with several art dealers, including Pace Gallery founder Arne Glimcher, who, according to her daughter, “lived in the same apartment building on the Upper East Side of Manhattan. They met in the elevator and immediately became friends.”

The sale of contemporary art from the estate of art patron Emily Fischer-Landau was somewhat protected from market volatility because Sotheby’s assured owners that it would not be possible to buy the Picasso – and nearly 30 other items from the estate – unless buyers bid above the minimum price . “Woman with a Watch” had an irrevocable bid, guaranteeing the sale of the lot.

“Items from the Fischer-Landau Collection have not been seen on the market for 50 years and represent truly outstanding examples of the artist’s work—and simply outstanding works of art,” said Brooke Lampley, international director of fine art at Sotheby’s.

In total, the philanthropist’s collection should bring Sotheby’s a profit of more than $400 million. In total, approximately 120 works of art from the Fischer-Lanau estate will be exhibited. Several works, including two of the top lot – the 1964 painting by the American pop art artist Ed Ruscha “Defense of the Last Letter (Boss)” and an untitled painting by Mark Rothko from 1958 – also received an “estimate on request”, as did the painting Picasso.

Auction representatives have previously expressed concerns about the future of the art market. Brooke Lampley noted that “the market is not as strong for works that are boring or similar to those that appear frequently. But what we see now is that demand continues to grow for works that truly provide a unique acquisition opportunity.”