Rare Picasso Painting Sells For $ 12 Million

What financial crisis are economists talking about? A painting of the famous Cubist and Impressionist Pablo Picasso has sold for $ 12.9 million, showing that demand for expensive artwork remains high despite the recession that has swept across the globe.

Auction house Christie’s said the painting Tete de Femme is a portrait of Picasso’s second wife Jacqueline. It was made by the Spanish master in 1963, about two years into his marriage with Jacqueline and ten years before his death. Jacqueline was a frequent subject of Picasso’s portraits, often showing her with exaggerated features. In Tete de Femme, Jacqueline is portrayed with elongated neck. The painting had never been auctioned before, and was last shown to the public in 1967.

Tete de Femme was one of several masterpieces sold during the auction, which earned Christie’s more than $ 121 million. Pieces from Renoir and Matisse were among those that were put under the hammer during the event in London.