Picasso’s La Lecture sells for over $40 million in a record-breaking auction

When Picasso painted Marie-Thérèse Walter in the painting named La Lecture in 1932, little did he know the amount of enthusiasm it would cause across 11 countries almost 80 years later! Pablo Picasso’s iconic 1932 painting blew away Sotheby’s art auction amidst rigours bidding went for a massive $40,711,612 over double its initial estimate of $18.5-27.8 million.

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The entire lot fetched the auction house as much as $111,023,004 which translated to 84.5% sales by value with an average price of $3.5 million per lot. The sale saw bidding for phone and personal bidders from countries from Asia, Russia, the US and Europe.