Pablo Picasso Work Sells for $8.2m to Deliver a 1% Annualized Return

Pablo Picasso, Tête de femme (1921), sold for $8.2m (GBP6.19m), more than three times the low estimate at Sotheby's in London on June 24.

The sale beat the previous auction result for this work by $3.8m, equivalent to an annualized return of 1%. It last sold at auction in 1989 for $4.4m at Christie's.

Pastel on paper mounted on board, 64.8 x 50.5cm. The work has been traded 5 times in the past.