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Picasso masterpieces fetch nearly $110m at Las Vegas auction

Eleven Pablo Picasso artworks that have been on display at a Las Vegas hotel for more than two decades have sold at auction for nearly $110m, the BBC reports.

The works, which were owned by MGM Resorts, featured in the Picasso Restaurant at the Bellagio Hotel.

But the company said Saturday’s auction would help it improve the diversity of its fine art collection.

The auction featured nine paintings and two ceramic pieces by the Spanish artist, who died in 1973.

The collection spans more than 50 years of artistic output.

The 1938 painting Woman in a Red-Orange Beret, which features Picasso’s lover and muse Marie-Thérèse Walter, fetched the highest price of the evening at $40.5m.

It had initially been expected to sell for between $20m and $30m.

Another masterpiece – the large-scale portrait entitled Homme et Enfant (Man and Child) – sold for $24.4m.

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