Picasso painting fetches $31 million in NY auction

NEW YORK - Agence France-Presse

Christie's employees stand in front of an artwork titled "Portrait de femme (Dora Maar)" by artist Pablo Picasso during a Christie's auction in New York May 6, 2014. REUTERS Photo

Pablo Picasso's 1932 oil painting "Le Sauvetage" sold at auction for more than $31 million on Wednesday after a bidding war at Sotheby's in New York which saw it surge past its estimated pre-sale price.
      
The surrealist master's enigmatic work -- which was last sold a decade ago -- went under the hammer for $31.525 million following frenzied bidding over several minutes.
      
The painting had been expected to fetch between $14 million and $18 million.
      
The painting was part of 14 Picasso works offered by Sotheby's as part of its auction of Impressionist and Modern Art.
      
In total, eight lots were sold for an aggregate $62.088 million       

However one of the lots expected to generate most activity -- Picasso's "Tete de Marie-Therese" ("Head of Marie-Therese"), valued between $15 million and $20 million, failed to find a buyer.
      
Another important work "La Seance du Matin" by French master Henri Matisse, sold for $19.205 million, just below its lower estimate of $20 million.
      
A canvas by French impressionist Claude Monet, "Le Pont Japonais" ("The Japanese Bridge") meanwhile fetched $15.845 million, in line with its estimated range of between $12 million and $18 million.
      
Sotheby's reported total sales of just under $219 million.