The story behind Picasso's 1932 portrait that's up for $55 million at auction

Christie's will sell the portrait of his young lover in a sale in May

Christie's is selling Pablo Picasso’s 1932 portrait of his young lover, 'Femme assise pres d'une fenetre (Marie-Thérèse)', with an estimate of $55 million. Christie's

Pablo Picasso's Femme assise pres d'une fenetre (Marie-Therese) (Woman Sitting Near a Window), a 1932 portrait of his young lover painted in spring-like colours, is going up for auction with Christie's New York in May, with hopes it will fetch at least $55 million.

The May evening sale also boasts a Warhol, from the artist's Nine Multicolored Marilyns (Reversal Series) (1979-86), with an estimate of $7 million, and Claude Monet's Waterloo Bridge, effet de brouillard (1889-1903), whose estimate is available on inquiry.

If there is a 20th-century artist that resonates with a huge variety of people, it's an artist like Picasso

Vanessa Fusco, the senior vice president for Impressionist & Modern Art, and co-head of the 20th Century sale in May, describes the Picasso work as hovering between painting and sculpture, with the voluptuous head of Picasso's young lover Marie-Therese Walther built up in thickly applied white pigment, which was then incised to create the outline of her face.

Walther, who was only 17 when she met Picasso – then in his fifties – looks regal and imposing, in contrast to other images of the period that depict her as the "object of his gaze of his desire", says the New York specialist.

The painting was made at a crucial time in Picasso’s life, when he had felt the pressure of coming up with something as groundbreaking as Cubism had been – and, domestically, felt trapped in a fraught marriage.

“He had just turned 50 years old, and he was a well-established artist,” Fusco says. “Two things happen: he meets Marie-Therese Walther, who is a huge force of energy, and he falls absolutely in love. And you really see this incredible transformation in his work, with 1932 being considered the high point of this outpouring of colour and sensuousness and voluptuous lines that he uses to depict Marie-Therese.”

The work is coming to auction less than a decade after it first made waves for selling at $44.8m, at Sotheby’s London in 2013.

Christie’s has secured a third-party guarantee for it at £55 million, meaning a collector has confirmed to buy it at that amount – though the auction house hopes that bids will drive that price higher.

While there has been a demonstrable appetite from buyers in recent months, auction houses have had more difficulty convincing sellers it is a safe time to put high-value works at auction. The presence of the Picasso and other pieces in the forthcoming sale, however, suggests these fears are beginning to dispel.

The houses are also looking increasingly towards Asia. Picasso's Marie-Therese portrait has now finished a three-day exhibition in Hong Kong, and it is travelling next to London before returning to New York.

“Our touring locations are very strategic for the types of clients we are trying to reach,” says Fusco.

“Picasso is such a draw… if there is a 20th-century artist that resonates with a huge variety of people, it’s an artist like Picasso. And the fact that this is a very timeless image will also help sell it right now.”