The initial minimum price for The Embrace was set at $20 million, but due to low interest from buyers, the price was repeatedly reduced.
Austrian businessman René Benko was forced to sell one of his most valuable paintings – The Embrace by Pablo Picasso – at a huge loss after the collapse of his construction company Signa. This was reported by the local publication Der Standard.
It is indicated that Benko bought this work of art in 2021 at a Christie’s auction for 18.32 million euros. And in November 2023, the painting, painted in 1969, was again sold at Sotheby’s. Its initial minimum price was set at $20 million, but due to low interest from buyers, the price was repeatedly reduced. As a result, the painting was sold for $11 million (about 10.86 million euros), a loss of more than 7 million euros.
“The situation in the international markets is difficult now. The emergency sale took place at the most inopportune moment,” the publication wrote and said that the Benko family was “happy with such a financial injection.”
Previously, a painting by Pablo Picasso was sold at a Sotheby’s auction in New York for $139 million. Woman with a watch. It became the second most valuable work by the artist sold at auction.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.