picasso, MGM Resorts, auction

MGM Resorts is planning to auction off 11 Picasso paintings as it seeks to further diversify its art collection.

The auction is set to take place on October 23rd in the Bellagio hotel in Las Vegas, the same place that the artwork was displayed. The auction is expected to fetch some $100 million, one of the most valuable auctions of the author’s work.

The  company’s fine art collection currently includes 900 works by 200 artists. A company spokesperson said the sale is aimed at maintaining “the breadth of our existing portfolio while giving a greater voice to artists from under-represented community”. The collection was started by Steve Wynn over 20 years ago.