A Pablo Picasso masterpiece held in a private collection for nearly four decades has sold for $31 million at an auction in Paris, underscoring the enduring strength of the global art market.
The oil painting, titled Femme au Béret Rouge et Blanc (Woman in Red and White Beret), was one of the headline works at the sale organized by Sotheby’s France. The artwork, completed in 1938, portrays Picasso’s muse and lover, Marie-Thérèse Walter, and is widely regarded as one of his most intimate and emotionally charged portraits.
Auctioneers said the bidding opened at $20 million and quickly rose amid strong interest from collectors in Europe, the United States, and Asia. The final hammer price, including fees, reached $31 million slightly above pre-sale estimates confirming Picasso’s continued dominance in the post-war and modern art market.
Art historians note that the painting reflects a turning point in Picasso’s life, painted during a period of personal tension as his relationship with Walter overlapped with that of photographer Dora Maar. The portrait’s contrasting colors and expressive brushwork are seen as symbolic of the emotional turmoil and artistic innovation that defined his late 1930s period.
Sotheby’s described the sale as one of the highlights of the autumn auction season, reflecting both investor confidence and revived demand for blue-chip artworks after a period of market uncertainty. “Masterpieces by Picasso rarely appear on the market, especially those with such a strong provenance and emotional resonance,” the auction house said in a statement.
The buyer’s identity was not disclosed, though insiders suggest it may have gone to a private European collector. The sale adds to a series of high-value Picasso auctions in recent years, including Femme à la Montre, which fetched $139 million in 2023 at Christie’s in New York.
Picasso remains one of the most sought-after artists in history, with global sales of his works regularly topping auction records. Experts say his paintings continue to attract both institutional and private collectors seeking stable long-term investments in the art world.
