S.I. Newhouse's Picasso Sculpture Sells for $48.36m to Deliver a 10% Annualized Return

Pablo Picasso, Tête de femme (Fernande) (1909), sold for $48.36m, more than the low estimate at Christie's in New York on May 18.

The sale beat the previous auction result for this work by $43.86m, equivalent to an annualized return of 10%. It last sold at auction in 2001 for $4.5m at Christie's.

Bronze with dark brown patina. The work has been traded 3 times in the past.