£43 million for Picasso sold at Sothebys

Described by Sothebys as “the greatest cubist painting to come to the market in decades”, the 1909 Femme Assise has been in a private collection since 1973.  It was bought then for £340,000.  Experts say it depicts Picasso’s lover, – model Fernande Olivier. It sold for £43 million in June this year at Sothebys.

Impressionist and modern paintings have made large amounts before.  Amedeo Modigliani’s portrait of his lover Jeanne Hebuterne fetched £38.5 million 30 years after it was originally sold for £1.94 million.

Annoymous buyers bought both paintings for private collections.