Picasso Painting Breaks Sale Record in Australia

Courtesy Menzies Art Brands Pty Ltd

Pablo Picasso's "Sylvette" (1954) sold for a record A$6.9 million (U.S. $6.1 million) at Menzies Art Brands in Sydney.

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The sitter of the brightly-colored abstract portrait Sylvette painting is Sylvette David, who was Picasso's muse in the early 50s. She began sitting for him at age 17, and is featured in more than 40 pieces. Her tall frame and long, blond ponytail fascinated the late Spanish cubist painter. David later became a successful artist, painting under the name Lydia Corbett. 

Rodney Menzies, chairman of Menzies Art Brands, bought the Picasso two years ago for $4,608,000. It received strong interest from collectors in Asia and Europe.

"Sydney is the New York of the art market in the southern hemisphere," said Marie Geissler, spokeswoman for Deutscher-Menzies Galleries. She added that the sale proved Australian galleries could sell works internationally.

Australia has been experiencing a boom in art sales, owing to the recent wealth of collectors involved in the country's China-driven mining boom.