It is not clear how much money Enrico Donati had in his pockets when he bought Pablo Picasso's harlequin portrait, but it is safe to assume it was considerably less than the $40 million his heirs expect to sell it for.
It is one of the star lots from his collection going under the hammer at Sotheby's in New York next month.
A spokesperson for the auction house explained Donati, an Italian surrealist who counted some of the most famous names in 20th century art among his friends, first saw the work in Paris and visited Picasso's dealer Daniel-Henry Kahnweiler to ask about it.
They added: "When he explained to Kahnweiler how much he wanted this work and asked its price, Kahnweiler asked him how much he had, and promptly suggested that the price was exactly what Donati had in his pockets. It then remained in his collection for over 60 years."
It is believed he paid around $12,000 for the painting.
Among the other works being sold from the collection, built up by Donati and his wife Adele, are Wassily Kandinsky’s work Red Depth, estimated to fetch $18 million, Yves Tanguy’s Aux Aguets le jour which is estimated to fetch $1.2 million and was a gift from the artist to Donati and an untitled Alexander Calder mobile given to Donati in exchange for one of his drawings and valued at $1 million.