Picasso painting won

Works on Tyre projects to kick off soon

Picasso's one million dollar painting ‘Man with Opera Hat’, dated 1914, was won yesterday at Sotheby’s auction. The winner is 25-year-old American, Jeffrey Gonano.

All proceeds from the auction will be given to a charity working to develop two projects. The first one will be to fund an artisans’ village in Tyre. The second project will be launching an academic institute for higher education and a distant learning center in Beiurt, said Maha Chalabi, Founder of the International Association to Save Tyre. The painting was already acquired by the IAST, with the help of an anonymous donor, who purchased the work from a New York gallery.

Participants were able to buy tickets for 100 Euros each to participate in an online raffle. A total of 50,000 tickets were for sale on www.1picasso100euros.com. Art lovers and collectors had until 18 December to place their bids. The auction sold 45,000 tickets, which decreased the anticipated amount to 4.5 million Euros.

According to Chalabi, the auction was successful, and they will proceed with the works and studies for both projects as soon as the French Ministry of Finance releases the funds, which hover at $3.5 million, after repaying the original buyer of the painting.