Picasso’s masterpieces fetch nearly $ 110 million at the Las Vegas auction

Eleven works by Pablo Picasso that have been on display in a Las Vegas hotel for more than two decades have been auctioned for nearly $ 110 million (£ 80 million).

The works, owned by MGM Resorts, were presented in the Picasso restaurant of the Bellagio Hotel.

But the company said Saturday’s auction will help improve the diversity of its fine art collection.

The auction included nine paintings and two ceramics by the Spanish artist, who died in 1973.

The collection spans more than 50 years of artistic production.

The 1938 painting Woman in a Red-Orange Beret, which features Picasso’s lover and muse Marie-Thérèse Walter, garnered the night’s highest price at $ 40.5 million.

It was initially expected to sell between $ 20 million and $ 30 million.

Another masterpiece – the large-scale portrait entitled Homme et Enfant (Man and Child) – sold for $ 24.4 million.

“Standing almost 2 meters (6.5 feet) high, the 1959 work is an extremely impressive example of Picasso’s successes during this important phase of his career,” said auction house Sotheby’s.

The sale also included Nature morte au panier defruits et aux fleurs (Still Life with Fruit Basket and Flowers), painted by Picasso during the Nazi occupation of Paris in 1942. Sold for $ 16.6 million.

“Despite the destruction and hardships of World War II, the years between 1940 and 44 led to one of Picasso’s richest periods,” Sotheby’s said.

The collection was started more than 20 years ago by American casino tycoon Steve Wynn, the former owner of the Bellagio Hotel.

He is also the former CEO of Wynn Resorts, but has since stepped down due to sexual misconduct allegations.