Pablo Picasso's 'Women of Algiers' now the most expensive auctioned painting

'Women of Algiers' sold for 179.3 million dollars.

Pablo Picasso's "Women of Algiers" has exceeded its pre-sale estimate of $140 billion, now holding the world record for the highest priced sale at an auction for a painting. Sold at $179.3 million, including the 12 percent commission, Picasso's work defeated the price record of Francis Bacon's "Three Studies of Lucian Freud," which was sold at $142.4 million in 2013. The auction hosted by Christie's in New York also became the venue for the new record of the most expensive sculpture.

MUNTINLUPA, PHILIPPINES (Catholic Online) - "This is an absolutely blockbuster picture - it's one of the most exciting pictures that we've seen on the market for 10 years," said the founder and CEO of the Fine Art Fund Group, Philip Hoffman as cited in the BBC report.

He added that there are other pieces by the renowned artist that could also beat the world record, yet the "Women of Algiers" has a "huge wall presence." The painting is part of Picasso's 15-work series created from 1954-55, each with designations from letter A to O.

Arts editor Will Gompertz gave an analysis of the Picasso painting. The cubic art depicting nude courtesans was made after the death of his friend and competitor, Henri Matisse. For Picasso, Matisse was the master of Odalisque which, according to Gompertz, are exotic paintings of Turkish women in harems, according to BBC.

Influenced by various artists, the famous painter reflected his admiration for the woman form through this remake of French romantic painter Eugene Delacroix' original "Women of Algiers" made in 1834.

Alberto Giacometti's life-size sculpture "Pointing Man" also set a new world record for the highest price on sculptures, selling at $141.3 million.

"I don't really see an end to it, unless interest rates drop sharply, which I don't see happening in the near future," said Manhattan dealer Richard Feigen on the investment value of the arts.

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