Gallery assistants hold an artwork by Spanish artist Pablo Picasso entitled 'Femme au beret et a la robe quadrillee' (Marie-Therese Walter) with an estimate price in the region of 35 million pounds, (50 million dollars), during a photocall at Sotheby's in central London on February 22, 2018
Gallery assistants hold a portrait by Picasso depicting the artist's mistress Marie-Therese Walter that sold for $50 million in 2018. MGM Resorts will auction a second portrait of Walter in Las Vegas this fall.
DANIEL LEAL-OLIVAS/AFP via Getty Images
  • MGM Resorts is auctioning 11 Picasso artworks worth up to $104 million, according to Bloomberg.
  • The works were first collected by Steve Wynn, who then sold his business to MGM.
  • MGM told the Journal that the resort is shifting toward modern art "by women and artists of color."
  • See more stories on Insider's business page.

One of the most anticipated art sales of the fall season won't take place in Manhattan's Upper East Side – instead, MGM Resorts will auction off 11 Picasso works valued up to $104 million in a Las Vegas casino.

The 11 Picasso paintings, sculptures, and drawings were originally collected by Steve Wynn, former casino mogul and ex-head of Wynn Resorts. Wynn sold his Mirage Resorts business to MGM in 2000, and later exited the casino industry in 2018 following allegations of sexual assault and harassment – which he denies – and has kept a low profile ever since.

Sotheby's, one of the world's largest brokers of fine art, will travel to Las Vegas for the event. The Wall Street Journal reported that this will be the first time Sotheby's has hosted an auction outside of major art hubs such as London and New York.

MGM told the Journal that the auction is part of the resort's shift toward contemporary art and works "by women and artists of color."

Picasso’s Nature Morte au Panier de Fruits et aux Fleurs (1942) hangs alongside his Nature Morte aux Fleurs et au Compotier (1943).
Picasso’s Nature Morte au Panier de Fruits et aux Fleurs (1942) alongside his Nature Morte aux Fleurs et au Compotier (1943 in the Bellagio’s Picasso restaurant.
Courtesy Sotheby’s & MGM Resorts. 2021 Estate of Pablo Picasso / Artists Rights Society (ARS), New York

The Picassos originally purchased by Wynn are on display in the Bellagio Hotel & Casino's Picasso-themed restaurant, where the average meal costs around $132 and a premium wine pairing is priced at $133.

The auction's most expensive works include a 1938 portrait of Picasso's mistress, called "Woman in a Red-Orange Beret," which is expected to bring in at least $20 million. A 6-foot portrait titled "Man and Child" is projected to sell for a similarly high price.

Picasso’s Femme au Béret Rouge-Orange (1938
Picasso’s Femme au Béret Rouge-Orange (1938
Courtesy Sotheby’s & MGM Resorts. 2021 Estate of Pablo Picasso / Artists Rights Society (ARS), New York

MGM told the Journal that the auction may demonstrate whether or not collectors are willing to associate themselves with Wynn's collection. However, the resort said it is not intentionally severing itself from Wynn, adding that the former exec "played a pivotal role" in curating the resort's artwork.

MGM Resorts and Wynn Fine Art did not respond immediately to Insider's request for comment.

Read the original article on Business Insider