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Picasso painting sells for $67.5 million at New York auction

Auction house Sotheby's had predicted the Picasso painting, a surrealistic depiction of his muse Marie-Thérèse Walter, to sell in excess of $60 million

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Picasso painting sells for $67.5 million at New York auction
GNN Media: Representational Photo

NEW YORK: The 1932 Pablo Picasso painting "Femme nue couchée" sold for $67.5 million on Tuesday at its auction debut at Sotheby's in New York, the most recent large sale at auction for blue-chip art.

The eight-digit sale price comes a week after Andy Warhol's 1964 silk-screen portrait of Marilyn Monroe fetched $195 million at Christie's, setting a record for a work by an American artist sold at auction.

Auction house Sotheby's had predicted the Picasso painting, a surrealistic depiction of his muse Marie-Thérèse Walter, to sell in excess of $60 million. Tuesday's price falls short of other portraits of Marie-Thérèse, one of which fetched $103.4 million at Christie's last year.

"Femme nue couchée," which translates from French to "Nude Reclining Woman," shows Marie-Thérèse as a many-limbed sea creature with her head tilted back in profile. Her love of swimming and her grace in the water inspired the allusion to the sea, as Picasso himself could not swim, according to Sotheby's.

Marie-Thérèse was 17 years old when she met the 45-year-old Picasso in Paris. They began a secret relationship while he was still married to his first wife, Russian-Ukrainian ballet dancer Olga Khokhlova. Marie-Thérèse became his model for a number of paintings and sculptures and gave birth to his daughter, Maya Widmaier-Picasso.

"Femme nue couchée" was born out of a particularly creative and pivotal year for Picasso. Newly 50, he had already achieved widespread fame by 1932 but ramped up his ambitions to silence critics who questioned "whether he was an artist of the past rather than the future," according to the Tate Modern museum.

Amy Cappellazzo, the former head of Sotheby's global fine art division, purchased the painting at Sotheby's Modern Evening Sale in New York. She left the auction house last year.

The seller acquired the work in 2008 from Picasso's heirs, who had held it for decades, according to Sotheby's. Industry publication Artnet identified the seller as hedge fund billionaire and New York Mets owner Steve Cohen.

A Claude Monet oil painting from 1908 showing a view of Venice, Italy, also sold for $56.6 million on Tuesday.

 

 

SOURCE: REUTERS

 

Business

NA approves amendments in budget to impose Rs 50 levy on petroleum products

There is zero petroleum levy on petroleum products.

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NA approves amendments in budget to impose Rs 50 levy on petroleum products

Islamabad: The National Assembly Wednesday approved amendments in the budget for the fiscal year 2022-23 to impose a Rs 50 levy on petroleum products.

Under the Finance Bill, the government has changed the cap on the petroleum development levy (PDL) from Rs30 per litre to Rs50 per litre.

However, the government hinted about increasing PDL to Rs50 per litre gradually.

At present, there is zero petroleum levy on petroleum products.

On the other hand, Federal Finance and Revenue Minister, Miftah Ismail here on Wednesday clarified that the government has no intention to pass on the full amount of petroleum levy (Rs.50 per liter) as incorporated in the Finance Bill 2022-23 to the consumers. 

“The government has got the permission from you (the house) to impose up to Rs.50 per litter levy on petroleum products but there is no hope and intention to take the levy up to this figure”, he said while speaking in the National Assembly (NA). 

The Minister also informed the members of the house that at present there is zero petroleum levy on the petroleum products.

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NA passes Finance Bill 2022

The NA passed the Finance Bill 2022, giving legal effect to budgetary proposals for the next fiscal year.

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NA passes Finance Bill 2022

Islamabad: The National Assembly (NA) on Wednesday passed the Finance Bill 2022, giving legal effect to budgetary proposals for the next fiscal year.

It was moved by Minister of State for Finance Aisha Ghaus Pasha.

Having a total outlay of 9502 billion rupees, the budget 2022-23 encompasses measures for sustainable economic growth, industrial and agriculture development and relief for the poor people.

The budget envisages Federal Public Sector Development Programme (PSDP) OF 800 billion rupees for the next fiscal year. It has been centered on improvement in sectors such as water resources, transport and communication, energy, higher education, health, science and technology, and balanced regional development.

699 billion rupees have been set aside for targeted subsidies to extend benefit to deprived segments of the society.

The budget of Benazir Income Support Program has been increased to 364 billion rupees.  In addition, 12 billion rupees have been allocated for the provision of subsidy on essential commodities through Utility Stores Corporation.

The salaries of government employees have been increased by fifteen percent along with a merger of adhoc allowances.

As regards taxation, the government has levied super tax on affluent class in order to reduce the budget deficit and take the country towards economic sovereignty.

Taking the floor, Foreign Minister Bilawal Bhutto Zardari said that the Pakistan Peoples Party (PPP) has always led the struggle for democracy, free and fair elections and  the economic rights of the people. He said his party strongly believes in transparent elections.

He said the PPP will also secure victory in the second phase of Sindh local government elections to be held in a month's time.

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No intention to impose whole of petroleum levy: Miftah

At present, there is zero petroleum levy on the petroleum products.

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No intention to impose whole of petroleum levy: Miftah

Islamabad: Federal Finance and Revenue Minister, Miftah Ismail here on Wednesday clarified that the government has no intention to pass on the full amount of petroleum levy (Rs.50 per liter) as incorporated in the Finance Bill 2022-23 to the consumers. 

“The government has got the permission from you (the house) to impose up to Rs.50 per litter levy on petroleum products but there is no hope and intention to take the levy up to this figure”, he said while speaking in the National Assembly (NA). 

The Minister also informed the members of the house that at present there is zero petroleum levy on the petroleum products.

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