Millions of pounds was raised for medical research when a Picasso masterpiece went under the hammer this week.
The Spanish artist’s portrait of his lover, Marie-Therese Walter, exceeded expectations when it was sold at Christie’s impressionist and modern art sale in London.
Last year, the painting, called Jeune fille endormie, was donated to the University of Sydney by an anonymous donor on the condition it was sold with the proceeds funding scientific research.
The rarely-seen piece, created in 1935, was estimated to raise between £9 million and £12 million but it was sold for £13,481,250 to an anonymous bidder.
Giovanna Bertazzoni, director of impressionist and modern art at the auction house, said it was “an absolute jewel of a painting by one of the great artistic geniuses of Western art”.
She said: “Bursting with colour and luring the viewer into the intimate sanctity of Picasso’s love for Marie-Therese.
“We are thrilled to have realised a strong price for Sydney University’s Picasso, especially knowing that the proceeds will benefit such a worthy cause.”
The university’s vice-chancellor, Michael Spence, said: “When they gave us this remarkable work our donor said ‘this painting is going to change the lives of many people’.
“They were right. We are grateful for their extraordinary generosity and delighted with the outcome of the auction.”
He said the money would go towards research into obesity, diabetes and cardiovascular disease. The Picasso portrait was one of 92 lots in the sale of impressionist and modern art, which made a total of £140 million. The top three prices of the auction were paid for portraits of three of Picasso’s lovers. A portrait of Dora Maar, who became his lover and muse at the expense of Marie-Therese Walter, sold for £17,961,250. Buste de Françoise, which depicts artist and author Francoise Gilot, sold for £10,681,250. Thirty-one of the works on auction sold for more than £1million. Other pieces on sale included work by French impressionist Claude Monet, Pierre-Auguste Renoir and Paul Gauguin.