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Picasso Sold in Charity Raffle for $150

Posted: December 23rd, 2013 | Author: | Filed under: ART, Art News, Artist, Pablo Picasso | Tags: , , , , , | Comments Off on Picasso Sold in Charity Raffle for $150

Million-dollar drawing by Pablo Picasso

A million-dollar drawing by Pablo Picasso was snapped up on Wednesday by a 25 year-old American art lover at a online charity raffle for a mere 100 euros, $AU150 ::::

Jeffrey Gonano said he’d been looking for a picture to hang on his living room wall when he read a news article about a Picasso painting,  L’Homme au Gibus – Man with Opera Hat – being raffled by Sotheby’s in Paris.

Despite the enormous value of his new acquisition, Mr Gonano has vowed not to sell the artwork, at least for the time being.

His winning ticket 747815 – picked by a computer system on Wednesday – was one of 50,000 put up for sale online at 100 euros each to raise funds for an association working to preserve the ancient city of Tyre, in modern day Lebanon. Organisers said that buyers from around the globe had taken part.

The small drawing dates from 1914, during the artist’s Cubist phase, and was purchased by the Association to Save Tyre from a New York gallery with the help of a large bank loan. Organizers say they paid slightly less for the work than the one million dollar estimate given by Sotheby’s experts.

Olivier Picasso, Pablo Picasso's Grandson

The sale was given the green light by Picasso’s grandson Olivier Picasso who said his grandfather would have been thrilled that his work was being put to good use.

“My grandfather was a pioneer in everything, in his love life, in his artwork, so tonight I’m sure he would have helped the cause,” Mr Picasso said.

source: reuters