Picasso Set For Auction at $140 Million Floor

Later this May, Christie’s Auction House will present one of Pablo Picasso’s seminal works titled, (“Women of Algiers (Version O)”). The auction is scheduled for May 11 and the auction house expects bids in excess of $140 Million Dollars for the work of art. The 1955 work of art is considered a safe haven investment for the winning bidder. Many pieces of art by the art masters have excelled in price and have drawn some of the more sophisticated bids to market. Christie’s Auction House expects a robust bid for the Picasso and security will be tight for the event. Picasso Set for Giant Sales Record

Ricardo Guimarães BMG reports the bidding process is not just open to anyone who walks through the door. Bidders have to submit an application form to registerer for the auction and establish proof of funds or credit which enables them to actively participate in the bidding process. All winning bids are binding contracts and false bids are prosecuted severely.

The final sale for the Picasso could be a record setter. It is hard to track the true final price paid for a number of pieces of art as many sales are conducted privately and out side of the public view. The Picasso has drawn significant attention however and a well financed group representing wealthy individuals to foundations and major corporations are expected to submit bids. Mnay winning bidders will remained unnamed and will work through a proxy.


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