merelygifted:

$70 Million Worth of Art That Hung in MoMA Is Hitting the Auction Block | Artnet News

Pablo Picasso’s Guitare sur une table (1919), carries an estimate of $20 million–$30 million

Pierre-Auguste Renoir’s Les Fraises (circa 1905), carries an estimate of $3 million–$4 million

Joan Miró’s Peinture (1949) carries an estimate of $700,000–$1 million

A trove of Modernist masterpieces from CBS founder William S. Paley’s art collection, including works by Picasso and Bacon, which have been on long-term loan to the Museum of Modern Art (MoMA) in New York, will be sold through Sotheby’s this fall. The proceeds from the sales, first reported in the Wall Street Journal on Tuesday evening, will help the museum raise an estimated $70 million for an endowment to expand its digital offerings.

The sales, spread across Sotheby’s Modern and contemporary art auctions held in London and New York, will feature 29 of the 81 pieces that Paley’s family foundation bequeathed to MoMA after his death in 1990.  …

…Picasso’s Guitar on a Table (1919)…is expected to fetch $20 million to $30 million when it hits the auction block in New York on November 14.  …