Many of Picasso’s paintings have set record prices in the art world. Currently, his works still hold the record for “the highest-priced painting in auction history,” valued at nearly 4 trillion VND.
Why are Picasso’s paintings so expensive?
Imagine the horror of casino owner Steve Wynn in Las Vegas when, nine years ago, he accidentally elbowed Picasso’s “Le Rêve” (The Dream), tearing the canvas. The most painful part for Steve was that this accident occurred just as he was preparing to sell the painting for $139 million.
Picasso
The painting is part of a series depicting the sensual portrait of Picasso’s young lover, Marie-Thérèse Walter. It was painted in 1932 when the two were deeply in love. Picasso’s works are consistently among the most sought after in the art market. Over time, Picasso’s artworks have continued to break price records.
The painting “Le Rêve” itself once set a record for the highest price ever paid for a Picasso work. This $100 million treasure collapsed in an instant due to an unintentional “destructive” nudge to such a fragile piece of art. Immediately after news of “Le Rêve”‘s accident spread, the buyer halted the purchase.
In 2013, after art experts meticulously repaired the painting, making the tear nearly invisible to the naked eye, the buyer resumed the acquisition process.
This time, an accident that added intrigue to the surrounding stories caused the price of “Le Rêve” to rise to $155 million. Generally, the reasons behind high painting prices can seem quite “random.”
Those unfamiliar with art and business often find it ridiculous that a piece of art could command such “sky-high” prices. In fact, increasingly, these “sky-high” prices are reaching levels that seem “unimaginable.”
However, this absurdity turns out to be quite rational, as all businesses carry risks, and the global economy is not in a golden age of prosperity, making the market for artworks increasingly vibrant.
Valuable paintings are never “unsold.” When purchasing valuable art, there are always many buyers eager to acquire it. A transaction involving valuable art can reach tens or hundreds of millions of dollars, rivaling any business deal, with significantly reduced risks.
Millionaires and billionaires from emerging economies are now entering the art business, further driving up art prices. Art trading has become a trendy, elite category among the ultra-rich. Owning a coveted artwork is “a win-win situation.”
In the art world, few artists have significantly influenced popular culture on an international scale. Even fewer are those whose names are recognized by people who are not art-savvy. Picasso is one such rare artist. Naturally, his works will always command the highest prices.
For a long time, millionaires and billionaires have competed to showcase their status through supercars, yachts, and mansions. Collecting “high-priced” artworks has now become a “new sport” filled with competition while yielding significant profits.
Over the past 25 years, the market for artworks has continuously expanded. In 1990, the total value of artworks for sale was approximately $27.2 billion. By 2007, this figure rose to $65.8 billion, marking a golden era for art trading. Later, collector activity slowed, with the figure dropping to $56 billion in 2012.
Picasso’s paintings have always contributed to these billion-dollar figures. During his lifetime, Picasso created around 50,000 works, including nearly 2,000 paintings, over 1,200 sculptures, close to 3,000 ceramics, 12,000 drawings, and thousands of prints from engravings. Each of Picasso’s works that appears on the market commands a price from millions to hundreds of millions of dollars.
Today, when collecting art is no longer solely for artistic appreciation; when the collector community comprises some of the wealthiest millionaires and billionaires in the world; owning a valuable artwork is akin to having a first-class ticket to confidently enter the collector’s realm, which includes many prominent figures from the global economy.
Within the collector community, there is a clear polarization; only a small group of ultra-wealthy individuals dominate the art market, pushing the prices of renowned artists’ works to “unimaginable” levels. Meanwhile, medium and small collectors can never compete in the price race surrounding great works.
Below are some of Picasso’s most valuable paintings, some of which have set price records in the art market:
The painting ‘Buste de femme/Femme à la résille’ (Woman’s Bust/Woman with a Net – 1938) sold on May 11, 2015, for $67.4 million (nearly 1.5 trillion VND).
The painting ‘Femme assise dans un jardin’ (Woman Sitting in a Garden – 1938) sold on November 10, 1999, for $49.5 million (equivalent to $70.1 million today, about 1.56 trillion VND).
The painting ‘Femme aux Bras Croisés’ (Woman with Crossed Arms – 1902) sold on November 8, 2000, for $55 million (equivalent to $75.3 million today, about 1.67 trillion VND).
The painting ‘Acrobate et jeune arlequin’ (Acrobat and Young Harlequin – 1905) sold on November 28, 1988, for $38.5 million (equivalent to $76.9 million today, about 1.71 trillion VND).
The painting ‘Au Lapin Agile’ (At the Lapin Agile Tavern – 1904) sold on November 27, 1989, for $40.7 million (equivalent to $77.4 million today, about 1.72 trillion VND).
The self-portrait ‘Yo Picasso’ (1901) sold on May 9, 1989, for $47.8 million (equivalent to $91 million today, about 2.02 trillion VND).
The painting “Les Noces de Pierrette” (The Wedding of Pierrette – 1905) was sold on November 30, 1989, for $49.3 million (equivalent to $93.8 million today, or 2.084 trillion VND).
The painting “Dora Maar au Chat” (Dora Maar and Cat – 1941) was sold on May 3, 2006, for $95.2 million (equivalent to 2.115 trillion VND).
The painting “Nu au Plateau de Sculpteur” (Nude, Green Leaves and Bust – 1932) was sold on May 4, 2010, for $106.5 million (equivalent to 2.366 trillion VND). At this time, the painting set a record for the highest price paid for a painting at auction.
The painting “Garçon à la Pipe” (Boy with a Pipe – 1905) was sold on May 4, 2004, for $104.2 million (equivalent to $130.1 million today, or 2.890 trillion VND). This work previously set a record for the highest price paid for a painting at auction.
The painting “Le Rêve” (The Dream – 1932) was sold on March 26, 2013, for $155 million (equivalent to 3.444 trillion VND). This work previously set a record for the highest price paid for a Picasso painting.
The painting “Les Femmes d’Alger” (The Women of Algiers – 1955) was sold on May 11, 2015, for $179.4 million (equivalent to 3.986 trillion VND). This work currently holds the record for the highest price paid for a painting at auction.
