A remarkable painting by Pablo Picasso, valued at $40 million, is scheduled to be auctioned at Sotheby's this May as part of their prestigious New York sales. This artwork, titled Arlequin (Buste), dates back to 1909 and is a prime example of Picasso's Cubist style, depicting a harlequin emerging from a myriad of geometric forms.
Belonging to the late Surrealist artist Enrico Donati and his wife Adele, who passed away last year, this piece is anticipated to be one of the most significant sales of the season. Donati originally acquired it for approximately $12,000 in the 1940s from renowned dealer Daniel-Henry Kahnweiler, after being captivated by it at the Musée National d'Art Moderne in Paris.
In a previous attempt in 2008, Sotheby's tried to auction Arlequin shortly after Donati's passing. At that time, the painting was valued at over $30 million but was withdrawn just days before the auction due to unspecified "private reasons." Reports indicated that Sotheby's was offering the piece without a guarantee, unlike its competitor Christie's, which had proposed a guaranteed sale along with additional financing options.
This time around, it remains unclear if Arlequin will be guaranteed. Sotheby's is set to present the painting during its modern art auction on May 19, alongside thirteen other works from the Donati collection. Among them are two additional paintings: a 1925 abstract by Wassily Kandinsky, estimated at $12 million to $18 million, and a 1939 piece by Yves Tanguy, valued between $800,000 and $1.2 million.
Additionally, an untitled stabile by Alexander Calder, estimated at $1 million, will feature in a day sale on May 20. Two historic masks from 19th-century artists, one Yup'ik or Inupiaq and the other by a Bete-Guro artist, are slated for auction on June 18, highlighting the diversity of artistic expression from Africa, Oceania, and the Americas.
This upcoming auction not only showcases the enduring value of Picasso's work but also reflects the evolving landscape of art collection and investment, potentially influencing future trends in the art market.