Artist Pablo Picasso's "Guitar on a Table" painting sold at an auction Monday for $37.1 million after spending 30 years at the New York Museum of Modern Art.
The cubist, which was sold at Sotheby's, had been in the private collection of CBS founder William S. Paley since 1946.
The painting was lent to the Museum of Modern Art after Paley died in 1990.
Sotheby's started selling off several masterpieces long lent to the Museum of Modern Art to fund an expansion of the museum’s digital footprint.
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The yellow, pink and teal Picasso painting, which Paley purchased as a young collector, was expected to sell for at least $20 million. Two bidders competing for the painting increased its price even further before a telephone bidder won the artwork.
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Other pieces from Paley’s estate up for auction on Monday included Joan Miró’s 1949 abstract "Painting," which sold for $1.4 million. The figure exceeded its estimate of $700,000 to $1 million.
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Sotheby's helped a foundation for Paley sell his 1963 painting "Three Studies for Portrait of Henrietta Moraes" by Francis Bacon for $27 million last month in London.
Sales at Sotheby’s on Monday also included the estate of former Whitney Museum of American Art President David Solinger, which surpassed $138 million and was led by a swirling 1950 untitled collage by Dutch painter Willem de Kooning that sold for $33.6 million.
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Another Picasso work, Solinger’s 1927 red-and-black view of a "Woman in an Armchair," sold for $10 million, a figure that failed to reach its $15 million estimate.
The Wall Street Journal contributed to this report.
WASHINGTON (Reuters) -Alphabet's Google will pay $391.5 million to settle allegations by 40 states that the search and advertising giant illegally tracked users' locations, the Michigan attorney general's office said Monday. In addition to the payment, Google must be more transparent with consumers about when location tracking is occurring and give users detailed information about location-tracking data on a special web page, the Iowa attorney general's office said. "When consumers make the decision to not share location data on their devices, they should be able to trust that a company will no longer track their every move," Iowa Attorney General Tom Miller said in a statement.
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STORY: Location: New YorkStep inside the ‘Museum of Broadway’ which shows the history and making of Broadway shows From ‘The Phantom of the Opera’ to ‘The Lion King’ or ‘Wicked’[Diane Nicoletti, Co-founder / Museum of Broadway]“So, it took us five years to create the museum and it took several of those years coming up with the concept."[Julie Boardman, Co-founder / Museum of Broadway]“It's sort of one of those hidden obvious is like, why does it (Museum of Broadway) not exist? Broadway's been around, you know, since the 1700s. And so we just are really wanting to bring that to life, to show people to, you know, a lot of the timeline as you're walking through this immersive timeline of Broadway, you're getting this sense of, you know, basically the art that we have today wouldn't be possible had all of these other people not paved the way and broken ground and pioneered and really changed the landscape of Broadway. It's a very uniquely American art form that's developed here. And so, you know, it should be here, and it should be in Times Square. And, you know, we kind of pinch ourselves that we're the ones doing it, but no one ever did. So here we are.”The Museum is situated in the middle of Times Square and consists of three parts[Diane Nicoletti, Co-founder / Museum of Broadway]“Three parts, we have the map room that tells the history of how the theater district came to be. And so, it used to actually be in the financial district, and it migrated north to present day Times Square. We have the timeline of Broadway, where we have exhibits of game changing and groundbreaking shows, as well as the actual timeline of Broadway. And then we have the making of a Broadway show, which is all of the behind-the-scenes roles that actually make a show come to life.”The Museum of Broadway opens on November 15, 2022
Are CryptoPunks modern art? Yuga Labs believes so, and aims to solidify their historical legacy by placing the Ethereum PFPs within art museums.
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The donation is the first in the company’s Punks Legacy Project which aims to install CryptoPunks in contemporary art museums worldwide.
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SYDNEY (Reuters) -Australian wages boasted the largest rise in a decade last quarter as a super-tight labour market finally made itself felt, though pay still lags far behind inflation in a squeeze on real incomes. Figures from the Australian Bureau of Statistics out on Wednesday showed its wage price index rose 1.0% in the September quarter from the previous quarter, topping forecasts of a 0.9% increase and the largest gain since early 2012. The Reserve Bank of Australia (RBA) has aggressively tightened policy to try and restrain inflation, lifting rates by 275 basis points since May to a nine-year high of 2.85%.
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Softbank Group Corp's (OTC: SFTBF) (OTC: SFTBY) shares plunged as much as 12% Monday in its most significant intraday drop since the outbreak of the pandemic in early 2020, following a lack of widely-expected stock buyback, Bloomberg reports. The Vision Fund segment posted a $7.2 billion loss in the July-September quarter, following a record 2.33 trillion yen ($17 billion) loss in the preceding period. The sliding startup valuations forced the biggest technology investor into defensive mode and
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U.S. stocks trimmed earlier gains, with the Dow turning negative, after a news report indicated Russian missiles crossed into Poland, a NATO member. The Dow Jones Industrial Average fell 137 points, or 0.4%, to trade near 33,388, a decline from its near 34,000 intraday trading peak, according to FactSet data. The S&P 500 index was up 0.1%, while the Nasdaq Composite was 0.7% higher, both well off the session's best levels. Stocks appeared to be reacting to a news report that a senior U.S. intell

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