Picasso’s Granddaughter To Sell Inherited Art
When Marina Picasso was in her twenties, she inherited the 19th century villa, La Californie, and a vast trove of her Pablo Picasso’s art treasures. Now 64, Marina is preparing to sell many of her grandfather’s artworks to finance and broaden her philanthropy, which is aid for a pediatric hospital in Vietnam and projects in France and Switzerland benefiting the elderly and troubled teenagers.
Marina said she would sell works privately and would judge “one by one, based on need,” how many, and which of the remaining Picasso works she would sell—a strategy that worries auctioneers and dealers accustomed to playing key roles in the sale of renowned art. While bypassing dealers and auction houses in sales of major works is not uncommon, sellers doing it alone can be at a disadvantage in trying to estimate the value of the works and to vet the buyers and their source of funds.
“It’s better for me to sell my works and preserve the money to redistribute to humanitarian causes,” said Marina. Her timing seems to be right, as last year, auction sales of Picassos were second only to those of Andy Warhol: $449 million in a $16.1 billion international market.
See Doreen Carvajal, Picasso’s Granddaughter’s Plan To Sell Off Inherited Art Worries Market, The Seattle Times, Feb. 5, 2015.