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Latino Daily News

Friday June 25, 2010

Picasso’s “Portrait of Angel Fernandez de Soto”  Sells for Record $52 Million

Renowned Spanish painter, Pablo Picasso’s “Portrait of Angel Fernandez de Soto” has sold for nearly $52 million dollars at a London auction, the highest price on record for this painting. The winning bid came from an anonymous bidder, at the middle of the estimated sale price.

The Picasso was sold by Andrew Lloyd-Webber, the musical theatrical composer of such hits as Cats & Phantom of the Opera, to benefit his music education charity. Lloyd-Weber, tried to sell the painting in New York in 2006 but had to withdraw the piece due to issues of provenance. The heir of a Berlin banker who owned the painting in the 1930s claimed his family was forced to sell by the Nazis.

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