In a record-breaking art auction at Sotheby’s in New York on Wednesday, Pablo Picasso’s 1932 masterpiece “Femme à la montre” (“Woman with a Watch”) achieved a staggering price of over $139 million, making it the highest-priced artwork sold at auction worldwide this year.

This iconic painting took centre stage in the autumn art auction scene in New York, serving as a barometer for the broader art market. The artwork was part of the late philanthropist Emily Fisher Landau’s collection, valued at around $400 million.

Julian Dawes, Sotheby’s head of impressionist and modern art, hailed Picasso’s canvas as “a masterpiece by every measure.” He noted that it was created in 1932, often referred to as Picasso’s “annus mirabilis,” characterized by exuberance and meticulous craftsmanship.

The sale of “Femme à la montre” established it as the second-highest auction price ever paid for a Picasso, falling short of “Les femmes d’Alger (Version ‘O’),” which fetched $179.3 million at a 2015 Christie’s auction, including the buyer’s premium.

The painting, translating to “Woman with a Watch,” portrays Marie-Thérèse Walter, Picasso’s mistress, seated in a regal chair against a blue backdrop. The recurring motif of the watch in Picasso’s depictions symbolizes his wife, the Russian-Ukrainian ballerina Olga Khokhlova.

Walter’s clandestine affair with the 45-year-old Picasso, while he was married to Khokhlova, served as a muse for many of his works, including the 1932 “Femme nue couchée,” which itself sold for $67.5 million at a 2022 auction.

1932 marked a pivotal year for Picasso, who, at the age of 50, sought to silence critics who questioned whether his best work was behind him. Institutions like the Tate Modern Museum contradicted such scepticism.

Emily Fisher Landau acquired the painting in 1968 from the Pace Gallery in New York, where it adorned her Manhattan apartment, as noted by Sotheby’s.

The masterpiece found its new owner through an anonymous bidder who outpaced two other contenders in a heated auction, securing the prized artwork.

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