Les Noces de Pierrette
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Les Noces de Pierrette is a 1905 painting created by Spanish artist and sculptor, Pablo Picasso. Its title translates as "The marriage of Pierrette" and was created during Picasso's Blue Period; a time when he faced continual depression from the suicide of his friend Carlos Casagemas in 1901 as well as continual poverty early in his career.
[edit] Sales history
The painting was acquired by Josef Stránský, a friend of Picasso and New York collector in 1907. The painting changed hands to Paulo Picasso, son of Pablo which he held it between 1945 to 1962
It then changed hands to the a Swedish born, Swiss based financier Frederick Roo which he donated it to the French Government, who held on to the painting until it was sold to real-estate developer, investment banker and owner of Autopolis racetrack Tomonori Tsurumaki at Binoche et Godeau in Paris, France, on November 30, 1989 for a large sum of $51,670,000, earning it a place as one of the world's most expensive paintings. [1]
With the collapse of Tsurumaki's company, Nippon Tri-Trust, the painting ended up at the hands of construction company Hazama, who was responsible of construction of Tsurumaki's racetrack. The painting ended up at the hands of the Lake Credit Company, the major consumer loan company, as collateral against a loan to Hazama who had fallen through financial difficulties. the painting with 500 others, worth $200 million, passed on to GE Capital whom Lake sold its stake in the mainline consumer loan business. To this day, Picasso's painting remains locked up tight in the vault of Mitsui Trust Bank.
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