Picasso Artwork Valued at $1 Million Sold for Only $117
A remarkable event unfolded recently as a Picasso artwork, valued at over $1 million, was sold for just $117. Ari Hodara, an art enthusiast from Paris, won the “1 Picasso for 100 euros” raffle, which offered a rare opportunity to own the 1941 gouache titled “Tête de Femme.”
Details of the Raffle
The raffle charged participants €100, equivalent to about $117, for a chance to claim the prized painting. There were a total of 120,000 tickets available for purchase, with proceeds going to the Alzheimer’s Research Foundation. This foundation supports clinical research on Alzheimer’s disease throughout Europe.
Winning the Auction
Hodara secured his winning ticket number 94715 last weekend. He expressed his astonishment upon learning he had won a Picasso artwork. “How can I check this isn’t a hoax?” he questioned upon receiving the news from Péri Cochin, one of the raffle’s organizers. Their conversation transitioned to a video call to confirm the win.
The History of “1 Picasso for 100 euros”
This raffle marks the third edition of the initiative. The first took place in 2013 and primarily benefited the preservation of Tyre, a historic city in Southern Lebanon. The second edition, held in 2020, supported clean water and hygiene programs amid the Covid-19 pandemic.
Insights from Olivier Widmaier Picasso
Olivier Widmaier Picasso, the grandson of the iconic artist, remarked that “Tête de Femme” was painted during World War II in the same studio where his grandfather created “Guernica.” Widmaier believes the work is undervalued, stating it is worth significantly more than the auction price.
Art Significance and Cubist Style
The gouache measures approximately 15 inches in height and 10 inches in width. It features an abstract representation of a woman’s face in Picasso’s distinctive Cubist style, showcasing a mix of gray tones. The painting reflects a period of introspection and intense focus for the artist.
Modern Philanthropy
This raffle concept originated from a friend of Widmaier Picasso, aiming to combine art ownership with charitable efforts. Widmaier expressed confidence that his grandfather would have supported such modern philanthropic endeavors.
Future of the Artwork
Hodara, the winner, is free to make his own decisions about the painting, whether to keep it, exhibit it, or sell it. Similar to previous winners, he has full rights over his prize, reflecting the artist’s belief in allowing personal freedom with his creations.
Conclusion
- Picasso artwork valued over $1 million sold for $117.
- Ari Hodara won the raffle with ticket number 94715.
- Proceeds benefit Alzheimer’s Research Foundation.
- This is the third edition of the “1 Picasso for 100 euros” initiative.
- “Tête de Femme” exemplifies Picasso’s unique Cubist style.
