Pablo Picasso's Auction Guarantee Fund

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2. Have works by the artist been sold under guarantee in the past?
Yes, many works by Picasso have been sold under guarantee in the past. The Auction Guarantee Fund has also guaranteed a work by the artist in the past, Guitare, Verre, Bouteille de Vieuz Marc, which we purchased in May 2014 for $5,373,000 including Buyer’s Premium.

3. Rarity value of the work in question
"The theme of the artist and [their] model, or of art in practice, is a corollary of the studio theme," Marie-Laure Bernadac has written. "It runs like a thread through [Picasso’s] whole career, mostly concealed but sometimes quite explicit" (Late Picasso, exh. cat., Tate Gallery, London, 1988, p. 74).

During the winter of 1927-28 Picasso made two large paintings of an artist

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