On 9 November 1999, a nude painting by Picasso was sold at auction by Christie's for US$45.1 million dollars. At the time this was the fourth highest price ever paid for a Picasso (the record then being the US$51.6 million paid in 1989 when for Picasso's Pierette's Wedding).
The painting concerned was Nude in a Black Armchair (Nu au Fauleuil Noir), a portrait done in 1932 of Picasso's mistress, Marie-Therese Walter, asleep with her arms stretched out above her head. The painting is 65x53 inches (165x135 cm) in size and was the first in a series of paintings Picasso painted of her in the identical pose while living in Boisgeloup, outside Paris.
The painting was among various works from the estate of Madeleine Haas Russell which had been put up for auction by her heirs. Russell, who was the grand-niece of jeans magnate Levi Straus, a philanthropist, and civic leader, had died earlier the year, aged 84. During her lifetime she'd donated some two million dollars' to the San Francisco Museums of Fine Art.
Update: On 4 May 2010, another record price was achieved when Picasso’s painting Nude, Green Leaves and Bust sold for nearly US$106.5 million (US$106,482,500.00 to be exact, including the buyer's premium) at an auction Christie’s International in New York. The painting was completed in 1932, and the subject is Marie-Thérèse Walter, his mistress at the time. The painting was sold to an anonymous phone bidder.
