Lebanon Businessnews News

$1 million Picasso on auction
Proceeds to finance projects in Beirut and Tyre
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The International Association to Save Tyre (IAST) and Pablo Picasso's grandson have launched an online raffle in association with Sotheby's, one of the largest international art auctions, giving art lovers a chance to win the 1914 ‘Man with Opera Hat’ gouache painting for 100 Euros, per ticket.

A total of 50,000 tickets are on sale at www.1picasso100euros.com. Collectors have until December 18 to place their bids. All proceeds from the sale will be donated to a charity working to develop two projects , in Lebanon.

The first one will fund an artisans’ village in Tyre. The second will launch an academic institute for higher and distant learning in Beirut, according to Maha Chalabi, Founder of the IAST. The painting was acquired by the IAST thanks to the help of an anonymous donor, who purchased the work from a New York gallery.

The painting is worth $1 million, and reflects the inspiration Picasso had before he designed the costumes for the 1916 surrealist show, Parade. The painting bears the artist’s signature, and has been authenticated by Picasso’s children, Maya Picasso and Claude Ruiz-Picasso.

“If the total number of issued tickets was sold, the net amount of money that we will get would be around four million Euros,” she said. The number of tickets sold will be announced on auction night.

According to her, Lebanon will benefit from both financial revenues, and media exposure. “Lebanese authorities must develop plans to benefit from big promotions on the economic and touristic levels,” she said.
Reported by Rana Freifer
Date Posted: Dec 10, 2013
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