Art Auction

Picasso’s ‘The Rescue’ fetches US$31.5m in New York fine art auction

Picasso artworks fetch higher prices than predicted at Sotheby's and Christie's New York auctions

PUBLISHED : Thursday, 08 May, 2014, 11:55am
UPDATED : Thursday, 08 May, 2014, 5:18pm

Pablo Picasso’s The Rescue sold for US$31.5 million at auction in New York.

The colourful 1932 oil painting, known in French as Le Sauvetage, fetched far more on Wednesday than its US$14 million-to-US$18 million estimated price.

The Rescue led the bidding on Wednesday at a Sotheby’s sale of impressionist and modern art. The auction house sold 50 pieces, raising about US$219 million.

It was the second straight night a painting by the Spanish Cubist master changed hands for a big price. Picasso’s 1942 painting of his mistress in a purple dress titled Portrait of Dora Maar sold on Tuesday for US$22.5 million at Christie’s.

Henri Matisse’s Morning Session, a 1924 oil of the artist’s assistant, Henriette Darricarrere, sold for US$19.2 million. Claude Monet’s Japanese Bridge went for US$15.8 million. His On the Cliff at Pourville netted US$8.2 million.