Christie's puts record price tag on "key" Picasso

Wed Mar 17, 2010 8:30am EDT
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By Mike Collett-White

LONDON (Reuters) - Christie's has put a record price tag on an important Picasso painting from his celebrated Blue Period that will be offered for sale in London in June.

"Portrait of Angel Fernandez de Soto (The Absinthe Drinker)," dated 1903, is expected to fetch 30-40 million pounds ($45-60 million), the highest pre-sale estimate for any work of art offered at auction in Europe.

The June 23 auction follows a February sale at rival Sotheby's where a Giacometti sculpture went under the hammer for $104.3 million, just beating the previous record for another Picasso that sold for $104.2 million in New York in 2004.

Wednesday's announcement of the June sale underlines growing confidence in the art market after a sharp contraction during the financial crisis.

The Picasso, featuring a seated man with a glass of absinthe and a pipe, the smoke curling upwards, is being offered by composer Andrew Lloyd Webber, and the proceeds will go to his foundation which promotes arts and culture in Britain.

The same work was originally offered for auction at Christie's in November 2006, but it was withdrawn at the 11th hour after an individual challenged its true ownership and said it was effectively stolen from his family by the Nazis.

"This challenge has since been resolved by agreement and the claimants have withdrawn all claims to the painting, leaving the Foundation free to sell the work," Christie's said in a statement.

"HUGE" INTEREST   Continued...

<p>A man takes a photograph of the "Portrait of Angel Fernandez de Soto" - also known as The Absinthe Drinker by Pablo Picasso, at Christie's auction house in London March 17, 2010. REUTERS/Stefan Wermuth</p>