It's a story straight out of Antiques Roadshow. The Evansville Museum recently discovered that a work of art sitting in storage for nearly half a century was a rare and valuable work created by Picasso.
It won't be here long, however.
The cost of caring for such a piece is too great for an institution with a limited budget and the board of trustees on Monday decided to sell it through a New York auction house. The board’s action was approved by the museum’s members at a meeting held Tuesday. The trustees voted to sell the piece through Guernsey's, a New York auction company that was trying to track it down.
"The value is well into the millions," said Guernsey's President Arlan Ettinger.
“Seated Woman with Red Hat” (“Femme assise au chapeau rouge”) c. 1954-1956 – had not been identified as a Picasso in documentation provided to the museum when the piece was gifted in the 1960s. It has been in the museum’s storage area for nearly 50 years.