“It’s yours—sold!” announced the Christie’s auctioneer, slamming down his mallet. Following eleven minutes of bidding, Picasso’s Women of Algiers—version O sold for a record-breaking US $179 million at the New York auction.
The oil painting is part of a 15-work series that Picasso painted from 1954-1955; each is designated a letter from A to O. The painting is filled with merging shapes depicting four women and is inspired by Eugene Delacroix; the French artist painted the original Women of Algiers in 1834.
“The record sale of this beautiful painting by Picasso proves that the art market is flourishing more than ever due to the increase of high net worth collectors, the investment funds, and the creation of new museums in China and Qatar,” said Abdullah Qandeel, on the phone with Style.com/Arabia from his home in Jeddah.
“They all look for special paintings such as Les Femmes d’Alger, inspired by Eugene Delacroix and an homage to his friend and rival Henri Matisse,” he continued. “It is one of my personal favorites. It carries the scent of Arab culture in the colors, and if you look closely, it’s almost like you’re in Saudi Arabia.”
Qandeel, whose painting The Race recently set a record and sold for US $274,000 at Sotheby’s, went on to expound on the importance of diversifying one’s investment portfolio and how art can and should play an important role. “Investing in a Picasso is better than diamonds or gold because there’s actually a limited supply.” He went on to add that Picasso’s work inspires him. “I want to be greater than him,” wishfully proclaimed the controversial artist.
The auction brought in a total of US $706 million in sales and included the auction of Alberto Giacometti’s life-sized sculpture Pointing Man, which sold for US $141 million, making it the world’s most valued sculpture.
